Global Blood, Gas and Electrolyte Analyzers Market Projected to Reach Nearly USD 3.50 Billion by 2023
By Labmedica International staff writers
13 Sep 2021
The global blood, gas and electrolyte analyzers market is projected to grow at a CAGR of 8.6% from more than USD 2.10 billion in 2016 to nearly USD 3.50 billion by the end of 2023, driven by rapid developments in the healthcare sector that are resulting in the implementation of technologies to help care providers and patients in treating diseases. For instance, hospitals are implementing technologies like AR and VR that can provide real-time simulation of human body that can help them understand the anomaly of patients. However, the need for blood, gas analyzers to achieve greater accuracy and the requirement of regular maintenance are expected to hinder market growth.
These are the latest findings of Transparency Market Research (Albany, NY, USA), a next-generation market intelligence provider.
Blood and gas analyzers measure the partial pressure of oxygen in a patient’s body, while electrolyte analyzers measure the concentration of vital elements such as sodium, potassium, and calcium. These devices have evolved significantly over the years and are now widely used in intensive care units (ICUs) and for emergency medical services as well as routine diagnosis of various diseases. Blood samples are primarily used for diagnosing various types of diseases and disorders. The rising incidence of infectious diseases has created new pathways for growth within the global blood, gas and electrolyte analyzers market. With the medical industry demanding improved testing across the medical diagnostics field, diagnostic facilities have responded by inducting and adopting new technologies.
The COVID-19 pandemic has created several revenue generation avenues for the global blood, gas and electrolyte analyzers market. Governments across the world are investing heavily in procuring and sourcing new technologies that can be used to improve blood testing and diagnosis. Additionally, the collective efforts of all regional governments to tackle the spread of the coronavirus are generating new opportunities for market growth. The presence of a seamless industry for medical testing and diagnosis is expected to become a game changer for the players in the global blood, gas and electrolyte analyzers market.
Also, the prevalence of chronic diseases is increasing due to a growing geriatric population, unhealthy lifestyle, or genetic inheritance. However, advancements in medical science in the past few decades are effective in treating chronic conditions such as chronic obstructive pulmonary diseases (COPD), asthma, heart failure, kidney failure, and uncontrolled diabetes if they are diagnosed early. As the healthcare infrastructure improves across the emerging economies, the market for blood, gas and electrolyte analyzers is expanding.
The use of conventional standalone blood, gas and electrolyte analyzers is rapidly nearing maturity in most regions, especially in economically developed countries. Conventional tabletop analyzers are now being replaced by improved portable and combination analyzers. Based on device type, the combination analyzers segment is expected to record the second-highest CAGR of 10.4% between 2017 and 2023. The combination analyzers segment held the largest share of the blood, gas and electrolyte analyzers by revenue in 2017 and is expected to maintain its position until 2023, owing to the high demand for user-friendly and convenient combination analyzers. The overall development rate of blood gas and electrolyte analyzers is high, although this comes at the cost of shorter product life cycles, thus allowing for a higher rate of product improvements. This has helped keep the sales of blood, gas and electrolyte analyzers at higher levels and allowed the market players to increase investments in the development of new technologies.
Geographically, North America is expected to dominate the global market for blood, gas and electrolyte analyzers both in terms of revenue and volume during the forecast period. By the end of 2023, the North American blood, gas and electrolyte analyzers market is estimated to be worth nearly USD 1.15 billion. Within North America, the US has been a key promoter of the use of combination analyzers in the recent past, as compared to other devices with a smaller analysis spectrum. North American hospitals and healthcare organizations show higher interest in point-of-care devices and the integration of wireless connectivity. The large scale adoption of electronic health records in the region is expected to benefit from the increased use of blood, gas and electrolyte analyzers that can communicate faster.
Meanwhile, Asia Pacific is expected to soon open its doors to new blood, gas and electrolyte analyzers due to greater awareness of modern analyzers, increasing expenditure by the healthcare industry, and rapidly developing healthcare infrastructure. Currently, a large part of the blood, gas and electrolyte analyzers consumption in Asia Pacific is comprised of used or refurbished devices. Most healthcare institutes are finding it difficult to meet the high costs of blood, gas and electrolyte analyzers, thus forcing them to continue reusing older devices.
Transparency Market Research