The introduction of portable blood gas and electrolyte analyzers is one of the more recent developments in the medical lab equipment industry. With advancements in technology, blood gas analyzers have become smarter and enable patient record management more easily. According to Transparency Market Research, the global blood gas and electrolyte analyzer market is expected to progress at a CAGR of 9.66% between 2015 and 2023 in terms of revenue and is expected to be valued around US$3.4 bn by 2023.
The main factors that will create an accelerated increase in demand for the market over the coming years include:
- Growing demand by healthcare organizations
- Ongoing growth of the geriatric population
- Growing number of non-elderly falling seriously ill
Key restraints to the growth of the market include the use of badly calibrated blood gas analyzers, especially the portable ones and issues related to the use of faulty samples by personnel. Inexperienced non-laboratory personnel using these devices without regular maintenance and recalibration has increased the risk of errors in diagnosis.
Geographically, North America is expected to maintain its leading position till 2023. North America has been a key promoter for the use of combination analyzers over the recent past, as opposed to other devices that have a smaller analysis spectrum. North American hospitals and healthcare organizations are showing an increased interest in point-of-care devices and the integration of wireless connectivity.
Asia Pacific is expected to open up its doors to new blood gas and electrolyte analyzer devices soon, due to a greater awareness of modern analyzers, increasing expenditure on the healthcare industry, and a rapidly developing healthcare infrastructure.
Conventional tabletop analyzers are now being replaced by the improved portable and combination analyzers. The segment of combination blood gas and electrolyte analyzers had already held the larger market revenue share in 2015 and is expected to do the same till 2023, owing to the high demand for the user-friendly and convenient combination analyzers.
Top manufacturers listed in the report include Abbott Point of Care Inc., Erba Mannheim, Alere, Inc., and Nova Biomedical. During 2014, Radiometer Medical ApS led the market, followed by Siemens Healthcare and Instrumentation Laboratory.