Benchtop and handheld blood gas analyzers are used to measure the concentration of hydrogen ions (pH), partial pressure of oxygen (pO2), and the partial pressure of carbon dioxide (pCO2). These devices can also measure metabolites and electrolyte parameters in whole blood specimens. According to a May 2018 report from Radiant Insights, the global blood gas analyzer market is expected to grow at a significant CAGR of 6.6% during 2018-2023.
The report lists the key factors driving the growth of blood gas analyzer market as:
- rising demand for personalized medicines
- growing number of retail clinics
- rising use of innovative diagnostic equipments and
- developing whole genome technology
The presence of alternatives could restrain overall market growth in the years to come, notes the report.
The blood gas analyzer market is segmented on the basis of product type, application, and region. Based on product type, it is expected that benchtop and portable analyzers will lead the overall market growth in the future. Owing to the rising use of point-of-care (POC) testing, the portable analyzer segment may account for the significant share of the blood gas analyzer market, and is expected to continue its dominance during the forecast period 2018-2023. Based on applications, the market is also categorized into academia, clinics, hospitals, and others.
Geographically, this market is segmented into the Americas (North America, South America), Europe (Eastern Europe, Western Europe), Asia Pacific (India, China, Japan, New Zealand, and Australia), Middle East (UAE, Saudi, and Qatar) and Africa (South Africa). The report notes that, globally, North America may account for the substantial market share of blood gas analyzer and may lead the overall market growth through 2023. The major reasons for the overall market growth could be growing several R&D activities and development of new diagnostic procedures. The major consumers of blood gas analyzer in this region are the United States and Canada.
Europe and the Asia Pacific are also estimated to have a positive influence on future growth. While Europe is the second largest region with a significant market share, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Developing countries like India and China are the major consumers of blood gas analyzer in this region.
The key players of this market are Siemens Healthineers, Radiometer, Abbott Laboratories, Roche Diagnostics, Accurex Biomedical, Samsung Medison, Medica, Instrumentation Laboratory, and Nova Biomedical. According to the report, these players are concentrating on inorganic growth to sustain themselves amidst fierce competition.