Published: Mar, 2017
The global blood gas and electrolyte analyzer market is extremely consolidated and led by three players accounting for a combined share of 75.0% in 2014. These top companies are Radiometer Medical ApS, Siemens Healthcare, and Instrumentation Laboratory; Radiometer Medical ApS led the market by contributing a whopping share of more than 41% in 2014. Transparency Market Research (TMR) notes that the company held the dominant position by providing a broader portfolio of products and adopting an increased market penetration.
TMR finds that the leading players are intensifying their production activities and making substantial R&D investments for developing point-of-care devices to consolidate their market shares.
The global market for blood gas and electrolyte analyzer is anticipated to rise at 9.66% CAGR during 2015–2023, measured in terms of revenue. The market is poised to attain a valuation of approximately US$3.4 bn by 2023.
Combination Devices Gaining Preference over Conventional Blood Gas and Electrolyte Analyzer Variants
Based on geography, the global market is segmented into Asia Pacific, North America, and Europe. Of these, North America contributed the major market revenue in 2015. The regional market is expected to rise at 9.86% CAGR during 2014–2023. The impressive growth in the regional market is attributed to an increased adoption of wireless networking in various healthcare settings and the extensive demand for point-of-care devices amongst hospitals and healthcare institutions.
Based on device types, the blood gas and electrolyte analyzer market is segmented into blood gas analyzer, electrolyte analyzer, combination analyzer, and consumables. Of these, combination analyzer market is poised to expand at the highest pace. The segment is projected to garner a revenue of US$1.1 bn by the end of 2023. The substantial demand for combination analyzers is due to a superior and advanced analysis spectrum.
Portability of Blood Gas Analyzers to Bolster Uptake
The advent of portable blood gas and electrolyte analyzers was a defining moment in the market. A large number of healthcare providers prefer portable devices and they witnessed wide adoption across emergency and critical care settings.
The global blood gas and electrolyte analyzers market is majorly propelled by a rising geriatric population, the introduction of advanced biomarkers into the devices, and the growing demand for point-of-care diagnosis in different healthcare settings to deliver decentralized patient-centric care. The introduction of point-of-care (POC) analyzers is one of the most prominent technology advancements in the market. There is an extensive demand for POC devices due to several unique benefits: reduced therapeutic turnaround time (TTAT), shorter decision time, and rapid generation of clinical data.
Furthermore, several manufacturers are making efforts to develop blood gas and electrolyte analyzers that more synchronized and automated and offer doctors as well as clinicians advanced functionalities, allowing them to manage patient records.
The study presented here is based on a report by Transparency Market Research (TMR) titled “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 2015 - 2023”
The global blood gas and electrolyte analyzer market is segmented into:
- Blood Gas Analyzer
- Electrolyte Analyzer
- Combination Analyzer
- North America
- Asia Pacific
- Rest of the World
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