Blood gas analyzers measure partial pressure of oxygen in a patient's body, while electrolyte analyzers measure concentration of vital elements such as sodium, potassium, and calcium. These systems 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. According to a recent Transparency Market Research, the global blood gas and electrolyte analyzer market is expected to grow at a formidable CAGR of 8.6% during the forecast period of 2017 to 2023. The report forecasts that the market's revenue will reach US$3,480.3 million at the end of 2023, which is considerably higher than the market's evaluated valuation of US$2,118.4 million as of 2017.
The key factors expected to drive the growth of this market in the near future include
- advancements in technology
- introduction of portable blood gas analyzers, and
- prevalence of chronic diseases
However, the need for blood gas analyzers to achieve greater accuracy and requirement of regular maintenance are among the main challenges that may restrain the market's growth.
North America is set to dominate the market for blood gas and electrolyte analyzer both in terms of revenue and volume and is expected to generate demand worth of US$1,134.6 million by the end of 2023. Owing to factors such as greater awareness of modern analyzers, increasing expenditure on the healthcare industry and a rapidly developing healthcare infrastructure, the Asia Pacific is also expected to open up its doors to new blood gas and electrolyte analyzer devices soon. Per the report, the large scale adoption of electronic health records will also benefit from the implementation of blood gas and electrolyte analyzers that can communicate faster.
Key manufacturers of blood gas and electrolyte analyzers mentioned in the report include Abbott Point of Care Inc., Erba Mannheim, Alere, Inc., and Nova Biomedical.