Blood Gas and Electrolyte Analyzers Market to reach $700mn by 2023
- The research report "Blood Gas and Electrolyte Analyzers Market Size By Product (Benchtop, Portable), By Application (Blood Gas Analyzers, Electrolyte Analyzers, Combined), By End-User (Central Laboratories, Point-of-care) Industry Analysis Report, Regional Outlook (U.S., Germany, France, Spain, India, China, Japan, Brazil, Mexico, South Africa), Growth Potential, Price Trend, Competitive Market Share & Forecast, 2016 - 2023", by Global Market Insights, Inc., says Blood Gas and Electrolyte Analyzers Market is estimated to witness a CAGR of 4.5% over the period of 2016-2023.
Increase in geriatric population and rising prevalence of chronic diseases is accelerating blood gas and electrolyte analyzers industry. The growing trend (Point of Care) technology will further stimulate the demand for blood gas and electrolyte analyzers worldwide. Diagnostic outcomes gained with the help of these analyzers have led to accurate diagnosis of various chronic diseases, which in turn is fueling the blood gas and electrolyte analyzers industry growth.
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Blood gas and electrolyte analyzers market will significantly expand, owing to its end-use in Central Laboratories and Point-of-care (PoC). PoC setting is racing ahead of the central laboratories application due to its functioning in less time and minimum error. Furthermore, Combined Analyzers is the most lucrative application segment gaining significant popularity due to its ability to perform dual functions of electrolyte analyzing and blood gas testing. It is projected to witness a CAGR of 5.5% over 2016-2023.
On the product front, portable and benchtop are the two types of blood gas and electrolyte analyzers. The portable analyzers are the dominant product type which is driven by its beneficial features such as quick turnaround time and faster results. Moreover, the product performs accurate analysis and calibration thereby reducing the manual errors.
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U.S. blood gas and electrolyte analyzers market led the overall regional landscape and is projected to surpass USD 200 million by 2023, having had 34% share in 2015. Rising frequency of patients into emergency wards & CCU due to growing prevalence of chronic diseases will stimulate the product demand.
China, India, and South Korea are the leading countries in the Asia Pacific region driving the blood gas and electrolyte analyzers industry. High prevalence of cancer, hypertension, and diabetes with increasing unmet medical needs will generate heavy adoption rate. Shifting patients’ demographics and improving healthcare facilities will propel the blood gas and electrolyte analyzers market size.
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The market is witnessing immense growth with the rising presence of local participants, and market giants with strong financial muscle. This will create a strong competition among the manufactures in the blood gas and electrolyte analyzers industry in terms of product portfolio and geographic reach. Notable industry participants include Instrumentation Laboratories, Radiometer, Roche Diagnostics, Siemens Healthcare, and Alera Medical.
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