Worldwide blood gas and electrolyte analyzers market is anticipated to cross US $5 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Growing demand for high throughput and integrated systems along with rising elderly population are the main factors augmenting the blood gas & electrolyte analyzers market.According to World Population Ageing 2017 by UNO, the worldwide population aged 60 years or above was around 962 million in the reporting year. Geriatric population is vulnerable to diseases and needs intensive care, hence leading to increasing admission cases in critical care units and emergency departments.
According to the report, increasing healthcare expenditure for the treatment of chronic diseases is predicted to drive business growth during the projected timeframe. Other factors aiding the market growth are increasing number of well-equipped diagnostic laboratories, and greater affordability of patients.
Based on modality, portable blood gas and electrolyte analyzers segmentwas worth US $2 billion in 2017 and is expected to register significant growth over the projected timeframe. The segmental growth is attributed to constant technological improvements and innovations in these devices. In addition, high-tech advancements have escalated the development of novel devices including handheld point-of-care devices, thus boosting market growth.
Based on product type, blood gas analyzer segment is presumed to grow with a CAGR of 5.5% by the year 2024, owing to the device’s ability to measure partial oxygen pressure in a patient’s body. It is extensively used in intensive care units and routine diagnosis of several diseases. Increasing instances of chronic diseases, along with the developments in blood gas analyzers will foster the segmental demand.
Considering the end-use spectrum, blood gas &electrolyte analyzers market from point-of-care segment held 44.6% revenue share in the year 2017, due to rising patient preference for well-equipped advanced healthcare services. Surging cases of chronic diseases, along with the growing initiatives to control healthcare expenditures and to reduce hospital stays will contribute towards the market growth.
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Based on the regional landscape, U.S. blood gas and electrolyte analyzers market is projected to grow with a CAGR of 6.2% over the analysis period, pertaining to rising awareness among the patients and the availability of developed healthcare infrastructure in the region. Growing government support for research and development activities will propel the regional market growth.
Moreover, China blood gas and electrolyte analyzers market was worth US $170.5 million in 2017 and is estimated to witness substantial growth in the upcoming years owing to growing healthcare spending and rising patient awareness in the country. According to the World Bank Data 2015, China’s R&D expenditure accounted for 2.07% of country’s GDP, which was relatively higher than other countries.
Some of the eminent companies functioning in blood gas and electrolyte analyzers market include Alere Medical, Convergent Technologies, Allele Biotech, Bayer, Dalko Diagnostics, Medica, Edan Instruments, Siemens, Nova Stat, Samsung Medison, Roche, and Radiometer Medical among others. Market competitors are mainly concentrating on strategic collaborations to enhance their market position and strengthen product offerings.