Blood Gas Electrolyte Analyzers Market Poised to Garner Maximum Revenues by 2023
The demand within the global blood gas and electrolyte analyzers market is expected to expand alongside advancements in testing facilities across the medical industry. The unprecedented need for constantly testing new technologies within medicine has opened new avenues for market growth and maturity. Furthermore, the responsiveness of the medical research fraternity to new and emerging technologies and testing lines has been apt and appreciable. Several contagious as well as non-contagious diseases are diagnosed by analysing blood samples. Henceforth, it is safe to expect that the global blood gas and electrolyte analyzers market would grow at a sturdy pace in the years to follow.
- Blood samples have been the primary aid for diagnosing various types of diseases and disorders. There is little contention about the importance of using blood samples for analysing blood electrolytes and gases. The rising incidence of infectious diseases has created new pathways for growth within the global blood gas electrolyte analyzers market. The medical industry has pushed for improved testing across the domain of medical diagnostics. Therefore, diagnostic facilities have shown tremendous responsiveness in inducting and adopting new technologies. The growth graph of the market in question is slated to tread along an ascending trajectory in the years to follow.
- The outbreak of the covid-19 pandemic has created several avenues for revenue generation with the global blood gas and electrolyte analyzers market. Several governments have invested in procuring and sourcing new technologies that can be used to improve blood testing and diagnosis. In addition to this, the collective efforts of all regional governments to tackle the spread of the coronavirus has generated new opportunities for market growth. The presence of a seamless industry for medical testing and diagnosis shall be a sound gamechanger for the vendors operating in the global blood gas and electrolyte analyzers market.
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Global Blood Gas and Electrolyte Analyzer Market: Analyst’s Estimations
Be it incrementing percentage of geriatrics, unhealthy lifestyle, or simply genetically inherited – the prevalence of chronic diseases is getting stronger by the day. However, advancements that medical science has made in the past few decades are efficient at treating chronic conditions such as chronic obstructive pulmonary diseases (COPD), asthma, heart failure, kidney failure, and uncontrolled diabetes – iff diagnosed early. As the healthcare infrastructure improves across emerging economies – the market for blood gas and electrolyte analyzers is expanding. As per the findings of this business intelligence report, the demand in the global blood gas and electrolyte analyzer market will propagate at a formidable CAGR of 8.6% during the forecast period of 2017 to 2023. Revenue-wise, the stockholders connected to the value chain of the blood gas and electrolyte analyzers market stand to gain from opportunities worth US$3,480.3 million by 2023, substantially more than the market’s evaluated valuation of US$2,118.4 million as of 2017.
Blood gas analyzer measures partial pressure of oxygen in a patient’s body, while electrolyte analyzer measures concentration of vital elements such as sodium, potassium, and calcium. The devices have evolved significantly over the years and are now widely used in intensive care units (ICUs), emergency medical services, and routine diagnosis of various diseases. This report foresees the advancements in technology, advent of portable blood gas analyzers, and prevalence of chronic diseases as some of the primary factors that will sustain a strong demand in the near future. On the other hand, need for blood gas analyzers to achieve greater accuracy and requirement of regular maintenance are a few challenges obstructing the market for blood gas and electrolyte analyzers.
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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 is primed to dominate the market for blood gas and electrolyte analyzer both in terms of revenue and volume during the period of 2017 to 2023. By the end of 2023, the region is estimated to generate a demand worth of US$1,134.6 million. The developed country of the U.S. 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 2017.
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