Infectious diseases are rising at a rapid pace over the years. In addition, healthcare fraternity is reacting positively to novel advancements. Thus, based on these factors, the blood gas and electrolyte analyzer market is expected to observe steady growth during the forecast period of 2017-2023.
Blood samples play a crucial role in diagnosing both contagious and non-contagious diseases. The blood gas and electrolyte analyzers measure blood gas, pH, electrolytes, and metabolites in blood samples. Thus, owing to these capabilities, the blood gas and electrolyte analyzer market is expected to experience a stable growth trajectory based on the growing demand.
The advent of innovative technologies across the healthcare sector has led to extensive advancements in the blood gas and electrolyte analyzer market. The players are involved in research and development activities for deriving new formulations and upgrades in the analyzers, which helps in increasing the revenues. In addition, mergers and acquisitions also play a wider role in building the growth structure of the blood gas and electrolyte analyzer market. The activities help in strengthening the influence of the players, eventually increasing the growth rate.
Factors like rising geriatric population and an unhealthy lifestyle have resulted in an increase in the prevalence of chronic diseases like diabetes, asthma, kidney failure, heart failure, and others. These diseases and disorders, if detected early can be controlled and cured. Thus, the rising awareness about early diagnosis of these diseases is helping in boosting the demand for blood gas and electrolyte analyzers.
Transparency Market Research’s (TMR’s) report on the blood gas and electrolyte analyzer market has every component that will assist the stakeholder in understanding the current scenario. The overall market research survey on blood gas and electrolyte analyzer by TMR suggests a stable growth period.
According to the TMR experts, the market for blood gas and electrolyte analyzer is prognosticated to expand at 8.6% CAGR during the forecast period of 2017-2023. In the context of valuation, the blood gas and electrolyte analyzer market is estimated to reach a valuation of US$ 3,480.3 Mn by 2023. It was valued at US$ 2,118.4 Mn in 2017.
Replacement of Traditional Analyzers with Advanced, Portable, and Combination Analyzers Brings Profitable Growth
The user-friendly aspect of combination analyzers and the benefits associated with them are leading to an increase in the demand. Various healthcare facilities are replacing conventional blood gas and electrolyte analyzers with combination analyzers. This aspect will propel the combination blood gas and electrolyte analyzers segment to expand at a CAGR of 10.4% during the forecast period of 2017-2023.
North America to Emerge as Dominant Region
In the context of revenue and volume, North America’s blood gas and electrolyte analyzer market is expected to witness a dominating stance. The region is projected to generate demand worth US$ 1,134.6 Mn by 2023. The most promising country in the North American region is the U.S. Presence of a well-established healthcare infrastructure and the growing interest for point-of-care devices will invite a plethora of opportunities.
The growing popularity of blood gas and electrolyte analyzer market in the Asia Pacific will result in profitable growth opportunities. The growing focus on developing a good healthcare infrastructure is expected to offer good growth opportunities.
COVID-19 Pandemic to Invite Considerable Growth for Blood Gas and Electrolyte Analyzer Market
The advent of the COVID-19 pandemic has pushed many countries to improve blood testing capabilities across the healthcare facilities. Many governments are investing in sourcing and supporting novel technologies that can be used for enhancing blood testing diagnosis. Thus, these factors will add value to the growth trajectory of the blood gas and electrolyte analyzer market.
Some well-established players in the blood gas and electrolyte analyzer market are Nova Biomedical, Abbott Point of Care Inc., and Erba Mannheim, Alere, Inc.
The global blood gas and electrolyte market is segmented on the basis of:
- Device Type
- Blood Gas Analyzer
- Electrolyte Analyzer
- Combination Analyzer
- North America
- Asia Pacific
- Rest of the World
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