Albany, NY -- (SBWire) -- 04/11/2019 --Be it incrementing percentage of geriatrics, unhealthy lifestyle, or simply genetically inherited – the prevalence of chronic diseases is getting stronger by the day. However, advancements that medical science has made in the past few decades are efficient at treating chronic conditions such as chronic obstructive pulmonary diseases (COPD), asthma, heart failure, kidney failure, and uncontrolled diabetes – iff diagnosed early. As the healthcare infrastructure improves across emerging economies – the market for blood gas and electrolyte analyzers is expanding. As per the findings of this business intelligence report, the demand in the global blood gas and electrolyte analyzer market will propagate at a formidable CAGR of 8.6% during the forecast period of 2017 to 2023. Revenue-wise, the stockholders connected to the value chain of the blood gas and electrolyte analyzers market stand to gain from opportunities worth US$3,480.3 million by 2023, substantially more than the market's evaluated valuation of US$2,118.4 million as of 2017.
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Blood gas analyzer measures partial pressure of oxygen in a patient's body, while electrolyte analyzer measures concentration of vital elements such as sodium, potassium, and calcium. The devices 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. This report foresees the advancements in technology, advent of portable blood gas analyzers, and prevalence of chronic diseases as some of the primary factors that will sustain a strong demand in the near future. On the other hand, need for blood gas analyzers to achieve greater accuracy and requirement of regular maintenance are a few challenges obstructing the market for blood gas and electrolyte analyzers.
North America is primed to dominate the market for blood gas and electrolyte analyzer both in terms of revenue and volume during the period of 2017 to 2023. By the end of 2023, the region is estimated to generate a demand worth of US$1,134.6 million. The developed country of the U.S. 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 America hospitals and healthcare organizations are showing a high interest for point-of-care devices and the integration of wireless connectivity. The large scale adoption of electronic health records will benefit from the implementation of blood gas and electrolyte analyzers that can communicate faster.
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Meanwhile, 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. Currently, a large part of the blood gas and electrolyte analyzer consumption in Asia Pacific is through used or refurbished devices. Most healthcare institutes are finding it difficult to meet the high costs of blood gas and electrolyte analyzers, therefore staying with reusing older devices. A large part of the Asia Pacific blood gas and electrolyte analyzer consumption was made by Japan in 2017.
The conventionally used standalone blood gas and electrolyte analyzers are rapidly nearing maturity in multiple regions and especially in the economically developed ones. The conventional tabletop analyzers are now being replaced by the improved portable and combination analyzers. The segment of combination blood gas and electrolyte analyzers is expanding at the second-highest CAGR of 10.4 between 2017 and 2023. It had already held the larger market revenue share in 2017 and will be expected to do the same till 2023, owing to a high demand for the user-friendly and convenient combination analyzers.
The overall development rate of blood gas and electrolyte analyzers is high. Although it comes at the cost of shorter product life cycles, it allows for a higher rate of product improvements. This is keeping the sales of blood gas and electrolyte analyzers at a higher rate and allowing players to invest more into development of new technologies.
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The top manufacturers of blood gas and electrolyte analyzers include Abbott Point of Care Inc., Erba Mannheim, Alere, Inc., and Nova Biomedical.
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Blood Gas and Electrolyte Analyzer Market - Prevalence of Chronic Diseases and Advancements in Technology to Boost the Market Growth