Blood gas and electrolyte analyzers are critical tools in clinical diagnostic labs and critical care facilities. While blood gas analyzers are used for measuring the partial pressure of oxygen within the body of a patient, electrolyte analyzers measure the concentration of vital elements in the body. According to a new report from Transparency Market Research, the global blood gas and electrolyte analyzers market, which stood at US$1.4 bn in 2014, will reach US$3.5 bn in 2023. The report predicts that the market will grow at a CAGR of 9.66% during the forecast period 2015-2023.
The key factors boosting the growth of the blood gas and electrolyte analyzer market are identified as:
- Rising number of patients in emergency and critical care departments
- Increasing demand for blood gas testing
- Rising demand for point-of-care testing
- Launch of cutting-edge technologies
- Rising expenditures on healthcare globally and
- Rising global aging population
The introduction of multi-parameter monitoring devices due to the rising demand for small-sized devices and simplified operation of modern analyzers are also prime factors propelling the growth of the market. New technologies make it possible for even non-medical personnel to perform critical diagnoses in the shortest possible time.
Based on product type, the market is divided in to portable and benchtop analyzers. Unlike larger-sized benchtop analyzers, portable analyzers facilitate bedside monitoring and can be used in various locations. Portable analyzers are becoming increasingly popular due to their self-monitoring abilities and low requirement for maintenance, portability, ease of use, reduced risk of manual errors, and task automation.
Geographically, Europe and North America collectively held the largest share of the market - more than 60% in 2015. Advancements in hospital infrastructure and the consequent integration of blood gas analyzers with hospital management software due to government policy changes has also propelled the expansion of this market in two regions.
Key players in the market for blood gas and electrolyte systems include Siemens, Abbott, Medica, Samsung Medison, Erba, Radiometer Medical, Alere Medical, Convergent Technologies, Afford Medical, Dalko Diagnostics, and Accurex Biomedical Pvt. Ltd.