Blood Gas and Electrolyte Analyzers Market Worth $715 Million by 2024 - Hexa Research
Global blood gas and electrolyte analyzers market is expected to grow at a CAGR of 4.7% during the forecast period (2016-2024). It is estimated to reach around USD 715 million by 2024.
The worldwide Global Blood Gas And Electrolyte Analyzers Market size is anticipated to reach nearly USD 715 million by 2024. Rise in diseases such as cancer, obesity, diabetes, and respiratory disorders can drive the market during the forecast period (2016 to 2024). These devices help in the diagnosis of diseases, such as chronic obstructive pulmonary disease (COPD), drug overdose, and asthma among others. Demand for portable devices, introduction of newer technologies, and rising healthcare expenditure can impel the industry. Moreover, multi-parameter monitoring devices could favor industry growth.
Increasing geriatric population will also propel market growth. As per the World Health Organization (WHO), the population belonging to the age group of 65 years & above may rise to 16% by 2050 from 7% in 2000. This in turn can increase the demand for point-of-care diagnostic testing which can positively impact the global market in the long run. Lack of trained professionals is a major restraint in the global industry. Additionally, unfavorable reimbursement scenarios and complexities in the interpretation of test results are the other market challenges.
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The blood gas and electrolyte analyzers market is fragmented into products, applications, end-users, and geographies. On the basis of applications, the industry is segmented into electrolyte analyzers and combined analyzers. Combined analyzers may continue dominating the overall market in the forecast period. This segment is projected to grow at a CAGR nearly 5.5%. They provide results for both electrolyte & blood count in samples of blood, serum, creatinine, and dialysate or plasma. Also, these devices can analyze urine, nitrogen, and electrolytes in a single test sample.
Based on products, the blood gas and electrolyte analyzers market is bifurcated into portable analyzers and benchtop analyzers. The segment of portable analyzers can continue leading the industry during the forecast period. Surging demand for automated, portable, low maintenance, and self-monitoring devices may fuel demand till 2024. Portable devices are best suited for mobile & bedside monitoring.
The various end users are hospitals, Point-of-care (POC), clinical laboratories, and diagnostic centers. POC devices are widely popular in critical care departments, cardiothoracic surgical departments, and in emergency transport systems. These devices entail automated sample handling, render users variability, and help minimize errors. Thus, they are estimated to be high on consumer preference.
As per geographies, the market is divided into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa (MEA). North America dominated the overall industry in 2014. Increasing patients in ICUs, hospitals, and in emergency wards can favorably influence the market. It is anticipated that Latin America will expand at a 5.5% CAGR from 2016 to 2024.
Asia Pacific can register a CAGR more than 6.6% over the next eight years. The region is driven by high disposable incomes in countries, like India and China. Government initiatives can also support the market during the forecast period. Rising cases of diabetes, hypertension, and cancer are contributing to greater healthcare awareness & improvements in healthcare infrastructure in Asia Pacific. This could benefit the market significantly.
Key players operating in the global blood gas and electrolyte analyzers market are Abbott Laboratories, Erba Mannheim, Roche Diagnostics, and Siemens Healthcare. Companies resort to strategic business ventures and expansion of product portfolio for better market penetration. In September 2012, Germany based diagnostic devices producer, Erba Mannheim acquired Maxmat S.A., a French company that operated in the area of medical laboratory devices.
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Medical Devices Market Research Report
Feb 08, 2017