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Blood Gas and Electrolyte Analyzer Market will Register a CAGR of 9.66% through 2023
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A major driver of blood gas and electrolyte analyzer production rates is the growing demand by healthcare organizations. The ongoing growth of the geriatric population, coupled with the growing number of non-geriatric demographics falling seriously ill, will create an accelerated increase in demand over the coming years.
Another expected propellant for blood gas and electrolyte analyzer sales is the imminent introduction of key biomarkers into blood gas analyzers. This will allow the analyzers to diagnose a wider array of diseases a lot faster.
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The global blood gas and electrolyte analyzer market is, therefore, expected to progress at a CAGR of 9.66% between 2015 and 2023 in terms of revenue. This market is expected to be valued around US$3.4 bn by 2023, and is expected to be valued at US$1.89 bn by the end of 2016.
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North America to Maintain Dominance, Asia Pacific to Show Greater Potential for Use of Blood Gas and Electrolyte Analyzers
North America has dominated blood gas and electrolyte analyzer revenue and volume in terms of overall size as well as growth rate from 2015 to 2023. North America 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 2014.
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 11.50 between 2015 and 2023. It had already held the larger market revenue share in 2015 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.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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