According to a recent survey by Transparency Market Research, the global blood gas and electrolyte analyzer market, which was valued at US$1.44 billion in 2014, will reach US$3.48 billion in 2023 at a CAGR of 9.66 % from 2015 to 2023.
Ranging from single parameter table-top devices to compact point-of-care devices, blood gas and electrolyte analyzers are versatile lab instruments. While blood gas analyzers measure the amount of oxygen and carbon dioxide in the blood, electrolyte analyzers determine electrolyte levels in the human body to detect metabolic imbalances and measure renal and cardiac function. These tests help in the detection of various diseases such as asthma, chronic obstructive pulmonary disease (COPD), kidney failure, heart failure, uncontrolled diabetes, severe infections, and drug overdose.
The demand for handheld analyzers has fuelled the market growth. Advanced blood gas and electrolyte analyzers equipped with wireless connectivity for integration with other hospital management software help in minimizing errors and also save time and effort. Other factors driving the growth of this market are-
- Discovery of novel biomarkers
- Simplified operation enabling non-medical personnel to perform critical diagnosis in shortest possible time
North America and Europe account for the largest share (over 60%) of the market, followed by Asia Pacific and Japan. Key players in the market include Abbott Point of Care Inc., Alere, Inc., Erba Mannheim, Instrumentation Laboratory, Medica Corporation, Nova Biomedical, Radiometer Medical ApS, Roche Diagnostics, and Siemens Healthcare.
According to the report, established manufacturers are trying to expand the scope of application of blood gas and electrolyte analyzers through constant innovation. For instance, in April 2015, Abbott received FDA approval for the i-STAT Total β-HCG test. This is the first and only handheld point of care test which detects the human chorionic gonadotropin (hCG) hormone which determines pregnancy within 10 minutes.