May 04, 2020
According to the research report titled ‘Blood Gas and Electrolyte Analyzers Market Size By Modality, By Product, By End-use Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, worldwide blood gas & electrolyte analyzers market is expected to surpass USD 5 billion by the year 2024.
Escalating healthcare expenditure for treatment of chronic conditions and rising number of patients in intensive care units are major factors driving the growth of blood gas & electrolyte analyzers industry. Surge in elderly population who need intensive care has fostered the demand for integrated and high throughput solutions. Rise in advanced diagnostic laboratories and rising per capita income are further fueling the market size.
By modality, portable device segment was worth USD 2 billion in 2017 and is poised to record a momentous growth rate through 2024. Advancements in technology pertaining to blood gas & electrolyte analyzers have allowed for development of innovative equipment such as handheld point-of-care devices, which in turn is aiding the growth of the segment.
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As per product type, blood gas analyzer market segment is presumed to expand with a CAGR of 5.5% during 2018-2024. The devices help in evaluating partial oxygen pressure in patient’s body. It is extensively used in routine diagnosis for numerous health conditions as well as in intensive care units.
Citing the end-use landscape, point-of-care segment held 44.6% revenue share in 2017, primarily due to patient preference for advanced healthcare facilities. Emphasis on minimizing hospital stays as well as reducing healthcare spending is boosting the demand of blood gas & electrolyte analyzers for point-of-care testing.
Considering the geographical landscape, blood gas and electrolyte analyzers industry in the U.S. is anticipated to record 6.2% CAGR through 2024. Increasing patient awareness along with availability of state-of-the-art healthcare infrastructure are swaying the business dynamics in the U.S.
Siemens, Samsung Medison, Roche, Radiometer Medical, Nova Stat, Medica, Edan Instruments, Dalko Diagnostics, Convergent Technologies, Bayer, Alere Medical and Allele Biotech are the major contenders in blood gas & electrolyte analyzers industry.