Dry Chemistry Analyzer Market
Number of pages: 100 | Report Format: PDF | Published date: February 20, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 12.2 billion |
|
Revenue Forecast in 2030 |
US$ 17.7 billion |
|
CAGR |
4.28% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product Type, Application, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global dry chemistry analyzer market was valued at US$ 12.2 billion in 2021 and is expected to register a revenue CAGR of 4.28% to reach US$ 17.7 billion by 2030.
Dry Chemistry Analyzer Market Fundamentals
Dry chemistry analyzers rely on pre-measured reagent packets combined with the sample before analysis, therefore, do not require liquid reagents. These analyzers are extensively used in clinical laboratories to assess many aspects of patient health, such as blood glucose levels, cholesterol levels, and liver function.
The analyzer begins by turning the sample into a dry powder. The powder is then introduced into a reaction chamber and mixed with a reagent solution. The combination is then allowed to react before the reaction products are measured. The analyzer measures the amounts of numerous compounds in the sample by using several methods, such as spectroscopy, mass spectrometry, and nucleic acid hybridization. The dry chemistry analyzer can be used to conduct various analytical tasks, such as evaluating the purity of a chemical compound or the identity of an unknown molecule, by precisely measuring the quantities of the various chemicals in a sample.
Medical researchers also use analyzers in their research activities to examine the structure and detect and determine many activities of different biomolecules within cells, such as lipids, enzymes, and nucleic acids. As a result, fully featured medical equipment have become an essential tool for medical research and the pharmaceutical industry, assisting in robust drug investigations/development, clinical research advancement, and diagnostic or therapeutic product commercialization.
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Dry Chemistry Analyzer Market Dynamics
The global dry chemistry analyzer market is primarily driven by its high demand in pharmaceutical and hospital laboratories.
In the pharmaceutical industry, dry chemistry analyzer offers several advantages over laboratory equipment, such as accurate results and less maintenance. Additionally, compared to many other laboratory equipment, the dry chemistry analyzer is far less expensive, increasing its adoption in hospitals. In addition, with greater demand for a health-centric environment, dry chemistry analyzers are being utilized to detect various clinical disorders, including liver function, renal function, and hemoglobin levels. Moreover, leading healthcare companies use dry chemistry analyzers to get fast and accurate results.
Technological advancements are resulting in the launch of new analyzers supporting the global dry chemistry analyzer market. For instance, in May 2022, Mindray (Shenzhen, China) introduced the new BS-600M, a strong yet economical chemical analyzer designed to provide greater productivity, efficiency, and dependability to medium-volume laboratories.
Government bodies in many developing and developed countries are funding to advance their research and development activities, eventually leading to the launch of new treatments for many diseases. The usage of dry chemistry analyzers in research and development offers many advantages, such as user-friendliness and the potential to deliver accurate results quickly with less sample volume.
However, the high cost of products and stringent regulations are the most prominent restraints in the global dry chemistry analyzer market.
Dry Chemistry Analyzer Market Ecosystem
The global dry chemistry analyzer market has been analyzed from three perspectives: product type, application, and region.
Dry Chemistry Analyzer Market by Product Type
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Based on product type, the global dry chemistry analyzer market has been segmented into semi-automatic and fully automatic.
The semi-automatic segment accounted for the majority of the market revenue share in 2021. This is attributed to the high usage of semi-automatic dry chemistry analyzers in laboratories and clinics. Semi-automatic analyzers can handle a smaller number of samples at once. These analyzers have several advantages since they offer significant flexibility when testing types change and necessitate using different reagents each time. Moreover, semi-automatic analyzers are faster, more accurate, less expensive, and small while still being able to perform tests on whole blood, serum, plasma, cerebrospinal fluid, and urine samples. Semi-automatic analyzers are more suitable for usage in smaller laboratories and medical clinics. Moreover, due to low costs, these devices are more affordable.
The fully automatic analyzer segment is expected to show high revenue growth during the forecast period. This is attributed to the advantages offered by the fully automated devices, which are intended to ease laboratories works. Newly created, fully automated models are incredibly simple, economical, and effective. Additionally, fully automated analyzers provide accurate results without human errors. The latest automated dry chemistry analyzer models also have various extra built-in capabilities, such as a multi-test panel.
Dry Chemistry Analyzer Market by Application
Based on application, the global dry chemistry analyzer market has been segmented into hospitals, blood banks, diagnostics laboratories, and others.
The hospitals segment dominates the global dry chemistry analyzer market. Dry chemistry analyzers are widely used in hospitals to provide rapid, reliable, and accurate results for many important tests. These analyzers offer several advantages, such as their pace to offer precise results over traditional laboratory techniques, making them an asset to any healthcare facility. This helps physicians to make specific decisions about patient care. These analyzers are equipped with sophisticated sensors that detect small amounts of substances in samples, allowing for more accurate results. This accuracy can be critical in diagnosing and treating various medical conditions.
Dry Chemistry Analyzer Market by Region
Based on region, the global dry chemistry analyzer market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the global dry chemistry analyzer market owing to the high demand for laboratory testing, the growing aging population, and the rising prevalence of chronic conditions. Moreover, the demand for rapid and accurate diagnostics has increased the need for cost-effective and efficient clinical laboratory testing offered by dry chemistry analyzers. The presence of many top players in the region has helped in the launch of many new products with more automated, accurate, and sensitive features providing precise results. Furthermore, technological advancements have enabled market players to launch more user-friendly instruments.
The Asia Pacific dry chemistry analyzer market is anticipated to grow with a high revenue CAGR during the forecast period. This is attributed to the increasing demand for dry chemistry analyzers in the pharmaceutical and healthcare industries. Additionally, many new players are launching the latest and advanced products. For instance, Transasia Bio-Medical Ltd., an Indian diagnostic company, offers various products in this range. Its EM 360 analyzer is intended to meet the most rigorous productivity, speed, and operational ease requirements.
Dry Chemistry Analyzer Market Competitive Landscape
The prominent market players in the global dry chemistry analyzer market include:
Increasing diagnostic activities, growing incidence of infections and chronic diseases, and technological advancements are the key factors boosting revenue growth in the global dry chemistry analyzer market.
Sysmex Corporation, Erba Mannheim, F. Hoffmann -La Roche Ltd., Ortho Clinical Diagnostics, and HITACHI, Ltd. are among the top market players.
The market in Asia Pacific is expected to mark the highest revenue CAGR during the forecast period from 2022 to 2030.
The high cost of products and stringent regulations are the major restraints in the global dry chemistry analyzer market.
*Insights on financial performance are subject to the availability of information in the public domain