Blood Gas and Electrolyte Analyzer Market
Blood Gas and Electrolyte Analyzer Market (Device Type - Blood Gas Analyzer, Electrolyte Analyzer, Combination Analyzer, and Consumables) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2023
Press Release :
The demand within the global blood gas and electrolyte analyzers market is expected to expand alongside advancements in testing facilities across the medical industry. The unprecedented need for constantly testing new technologies within medicine has opened new avenues for market growth and maturity. Furthermore, the responsiveness of the medical research fraternity to new and emerging technologies and testing lines has been apt and appreciable. Several contagious as well as non-contagious diseases are diagnosed by analysing blood samples. Henceforth, it is safe to expect that the global blood gas and electrolyte analyzers market would grow at a sturdy pace in the years to follow.
- Blood samples have been the primary aid for diagnosing various types of diseases and disorders. There is little contention about the importance of using blood samples for analysing blood electrolytes and gases. The rising incidence of infectious diseases has created new pathways for growth within the global blood gas electrolyte analyzers market. The medical industry has pushed for improved testing across the domain of medical diagnostics. Therefore, diagnostic facilities have shown tremendous responsiveness in inducting and adopting new technologies. The growth graph of the market in question is slated to tread along an ascending trajectory in the years to follow.
- The outbreak of the covid-19 pandemic has created several avenues for revenue generation with the global blood gas and electrolyte analyzers market. Several governments have invested in procuring and sourcing new technologies that can be used to improve blood testing and diagnosis. In addition to this, the collective efforts of all regional governments to tackle the spread of the coronavirus has generated new opportunities for market growth. The presence of a seamless industry for medical testing and diagnosis shall be a sound gamechanger for the vendors operating in the global blood gas and electrolyte analyzers market.
Global Blood Gas and Electrolyte Analyzer Market: Analyst’s Estimations
Be it incrementing percentage of geriatrics, unhealthy lifestyle, or simply genetically inherited – the prevalence of chronic diseases is getting stronger by the day. However, advancements that medical science has made in the past few decades are efficient at treating chronic conditions such as chronic obstructive pulmonary diseases (COPD), asthma, heart failure, kidney failure, and uncontrolled diabetes – iff diagnosed early. As the healthcare infrastructure improves across emerging economies – the market for blood gas and electrolyte analyzers is expanding. As per the findings of this business intelligence report, the demand in the global blood gas and electrolyte analyzer market will propagate at a formidable CAGR of 8.6% during the forecast period of 2017 to 2023. Revenue-wise, the stockholders connected to the value chain of the blood gas and electrolyte analyzers market stand to gain from opportunities worth US$3,480.3 million by 2023, substantially more than the market’s evaluated valuation of US$2,118.4 million as of 2017.
Blood gas analyzer measures partial pressure of oxygen in a patient’s body, while electrolyte analyzer measures concentration of vital elements such as sodium, potassium, and calcium. The devices have evolved significantly over the years and are now widely used in intensive care units (ICUs), emergency medical services, and routine diagnosis of various diseases. This report foresees the advancements in technology, advent of portable blood gas analyzers, and prevalence of chronic diseases as some of the primary factors that will sustain a strong demand in the near future. On the other hand, need for blood gas analyzers to achieve greater accuracy and requirement of regular maintenance are a few challenges obstructing the market for blood gas and electrolyte analyzers.
North America to Maintain Dominance, Asia Pacific to Show Greater Potential for Use of Blood Gas and Electrolyte Analyzers
North America is primed to dominate the market for blood gas and electrolyte analyzer both in terms of revenue and volume during the period of 2017 to 2023. By the end of 2023, the region is estimated to generate a demand worth of US$1,134.6 million. The developed country of the U.S. has been a key promoter for the use of combination analyzers over the recent past, as opposed to other devices that have a smaller analysis spectrum. North America hospitals and healthcare organizations are showing a high interest for point-of-care devices and the integration of wireless connectivity. The large scale adoption of electronic health records will benefit from the implementation of blood gas and electrolyte analyzers that can communicate faster.
Meanwhile, Asia Pacific is expected to open up its doors to new blood gas and electrolyte analyzer devices soon, due to a greater awareness of modern analyzers, increasing expenditure on the healthcare industry, and a rapidly developing healthcare infrastructure. Currently, a large part of the blood gas and electrolyte analyzer consumption in Asia Pacific is through used or refurbished devices. Most healthcare institutes are finding it difficult to meet the high costs of blood gas and electrolyte analyzers, therefore staying with reusing older devices. A large part of the Asia Pacific blood gas and electrolyte analyzer consumption was made by Japan in 2017.
Combination Devices to Steadily Replace Older Blood Gas and Electrolyte Analyzer Variants
The conventionally used standalone blood gas and electrolyte analyzers are rapidly nearing maturity in multiple regions and especially in the economically developed ones. The conventional tabletop analyzers are now being replaced by the improved portable and combination analyzers. The segment of combination blood gas and electrolyte analyzers is expanding at the second-highest CAGR of 10.4 between 2017 and 2023. It had already held the larger market revenue share in 2017 and will be expected to do the same till 2023, owing to a high demand for the user-friendly and convenient combination analyzers.
The overall development rate of blood gas and electrolyte analyzers is high. Although it comes at the cost of shorter product life cycles, it allows for a higher rate of product improvements. This is keeping the sales of blood gas and electrolyte analyzers at a higher rate and allowing players to invest more into development of new technologies.
The top manufacturers of blood gas and electrolyte analyzers include Abbott Point of Care Inc., Erba Mannheim, Alere, Inc., and Nova Biomedical.
Global Blood Gas and Electrolyte Analyzer Market: Overview
Blood gas analyzer measures partial pressure of oxygen in a patient’s body, while electrolyte analyzer measures concentration of vital elements such as sodium, potassium, and calcium among others. New technology combination analyzers measure an array of parameters including blood gas as well as electrolytes. The blood gas and electrolyte analyzer market has evolved drastically from single parameter table-top devices to multiple component analyzer compact point of care devices. Latest technology devices also require small quantity of blood sample for analysis. Increasing prevalence of diseases and alarming loss of human capital due to aging population has raised serious health concerns across all nations.
Obesity is also a prime predisposing factor for cardiovascular diseases, arthritis, and diabetes, among others. Hence, governments are encouraging innovation in medical technology to curb this crisis. Blood gas and electrolyte analyzers is a technology driven market. Large medical device manufacturers can expand product portfolio to include blood gas and electrolyte analyzers. Furthermore, these companies can also enter the market through mergers and acquisitions. Low competition and faster market growth has made the market attractive.
The blood gas and electrolyte analyzer market report analyzers current trends and provides market estimation and forecast of diagnostic devices used for analysis of concentration of oxygen and carbon dioxide, and key electrolyte in blood. The blood gas and electrolyte analyzer market has been segmented by device type as well as by geography. The report on blood gas and electrolyte analyzers provides market for devices including blood gas analyzer, electrolyte analyzer, combination analyzer and consumables which include cartridges, electrolytes and electrodes. The global blood gas and electrolyte analyzer market is also segmented by major geographical regions including North America, Europe, Asia Pacific and Rest of the World.
Global Blood Gas and Electrolyte Analyzer Market: Key Research Aspects
Market for each of the geographical region is further segmented for major countries and blood gas and electrolyte analyzer device types. North America blood gas and electrolyte analyzer market is sub-segmented in the U.S. and Canada; Europe in the U.K., Germany and Rest of Europe; Asia Pacific market comprises Japan, China and Rest of Asia Pacific; while Rest of the World market is sub-segmented into Latin America, the Middle East, and Africa.
The global blood gas and electrolyte analyzer market for each of the aforementioned segments and sub-segments is provided in US$ Mn, considering 2015 and 2016 as base years and forecast is provided for 2017 to 2023. The global blood gas and electrolyte analyzer market has been estimated using top down approach, in which global point-of-care diagnostics market is further segmented to arrive at blood gas and electrolyte analyzers market estimates. The market estimation methodology also considers market share of leading players such as Radiometer and Instrumentation Laboratory to estimate total market size and overall growth rate. The market so estimated is further refined through interaction with industry experts and key opinion leaders located globally.
The blood gas and electrolyte analyzer market report identifies and explains key factors driving and restraining the market. Moreover, the report also details lucrative opportunities from global market perspective. The report also includes Porter’s five forces analysis for comprehensive market understanding providing details on bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and competitive rivalry. Furthermore, market share analysis provides market share of six major players in the global blood gas and electrolyte analyzer market. Market attractiveness analysis provides insights to most attractive regional markets to invest in the future.
Global Blood Gas and Electrolyte Analyzer Market: Competitive Landscape
Lastly the blood gas and electrolyte analyzer market report profiles major players considering attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. This sections also provides insights to major mergers and acquisitions and other strategic agreements in the recent past. Key players profiled in the report include Abbott Point of Care Inc., Alere, Inc., Erba Mannheim, Medica Corporation, Nova Biomedical, Radiometer Medical ApS, Roche Diagnostics, and Siemens Healthcare. Companies have differentiated their products by expanding analyte profile and designing compact devices for point-of-care application.