Blood Gas Electrolyte Analyzers Market is Expected to Demonstrate a CAGR of 9.0% from 2018 to 2026
Transparency Market Research (TMR) has published a new report titled, “Blood Gas and Electrolyte Analyzers Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global blood gas and electrolyte analyzers market was valued at US$ 1.7 Bn in 2017 and is projected to expand at a CAGR of 9.0% from 2018 to 2026. Increase in preference for portable or hand-held point-of-care analyzers is likely to drive the global market from 2018 to 2026. North America and Western Europe are anticipated to account for dominating share of the global market due to rapid adoption of technologically advanced products in these regions. Increase in geriatric patients and rise in incidence of chronic diseases in emerging markets such as China and India are expected to boost the growth of the blood gas and electrolyte market in Asia Pacific from 2018 to 2026.
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Rise in Adoption of Portable Analyzers to Augment Global Market
Increase in usage of portable blood gas analyzers in emergency and ambulatory care is likely to boost market growth. Point-of-care diagnosis has acquired a prominent position in the health care industry due to its advantage of bedside care. Demand for compact point-of-care handheld blood gas analyzers is high, as these offer quick results and cater to critical care services, emergency department services, and operation rooms. Furthermore, portable blood gas analyzers are cost-effective and easy to transport in health care settings, where lower number of tests are conducted, making these an attractive option. Increase in focus of leading players toward development of advanced blood gas analyzers for enhanced patient care is also likely to drive the global market. Abbott developed i-STAT hand-held portable diagnostic testing system which provides rapid results, thereby increasing efficiency and productivity.
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Combination Analyzers to be Most Lucrative Segment
The report offers detailed segmentation of the global blood gas and electrolyte analyzers market. In terms of product type, the combination analyzers segment is poised to account for leading share of the global market during the forecast period from 2018 to 2026. The segment is projected to grow at a rapid pace due to high demand for user-friendly and convenient combination analyzers. The development rate of combination analyzer is higher than other types. However, the product is expensive compared to conventional ones. Rise in demand for combination analyzers has induced players to invest more in the development of new technologies. The consumables segment accounted for a small share of the global market in 2017. The segment is anticipated to witness strong growth and account for over 8.0% market share by 2026. Increase in usage and development of cost-effective consumables such as electrodes, electrolytes, cartridges, and accessories for arterial blood gas analysis is anticipated to augment the segment’s market share by 2026.
Asia Pacific to Witness Strong Growth and Offer High Incremental Opportunity
In terms of revenue, North America was the largest market for blood gas and electrolyte analyzers in 2017. High demand for point-of-care combination analyzers and the ability to afford expensive treatments in the U.S. are attributed to the region’s high share. However, the market in Asia Pacific is expected to witness strong growth in the next few years owing to presence of large patient pool suffering from chronic ailments and rise in health care spending in emerging markets such as China and India. Presence of local manufacturers such as Techno Medica in Japan developing advanced and automated analyzers for blood gas analysis is likely to contribute to Asia Pacific’s high market.
Highly Consolidated Market, with Top Three Players Accounting for over 65.0% Share
The report provide profiles of leading players operating in the global blood gas and electrolyte analyzers market. These include Radiometer, Instrumentation Laboratory, Siemens Healthineers, F. Hoffmann-La Roche Ltd., and Abbott Laboratories. Expansion of product portfolio by developing new as well as enhanced versions of analyzers is a key strategy adopted by these players. For instance, in September 2017, Radiometer Medical ApS launched new compact blood gas analyzer, ABL9, which is specifically developed for critical care environments that only run a few blood gas tests per day.