The Blood Gas and Electrolyte Analyzers Market size was estimated at $2.68 billion in 2020, projected to grow at a CAGR of 6.7% during the forecast period 2021-2026. Blood gas analyzers are used to measure blood gas, electrolyte, pH and some metabolites in the whole blood specimen. Rapid urbanization, changing lifestyle, wrong eating habits, blood vessel hemorrhage, chronic disorders and technological advancements in blood gas analyzer are the major factors driving the blood gas analyzer market for the period. These analyzers offers various advantages in critical care patients and ideal in point-of-care testing segment. According to the National Heart, Lung and Blood Institute Atherosclerotic Risk in Communities (ARIC) study and Cardiovascular Health Study (CHS) there are 1,260,000 new and recurrent coronary attacks per year- about 37% people experience coronary attack in a given year die from it. The use of these analyzer in medical diagnosis is used to determine a patient disease and help in preventing such critical conditions is contributing to market growth.
Blood Gas and Electrolyte Analyzer Market Segment Analysis - By Modality
By modality, bench top segment was valued at $1.1 billion and is projected to grow at a faster CAGR of 7.6% during the forecast period 2021-2026 as it provides multiple benefits such as lost cost operation and broad test menu however, portable segment accounted for the largest market share in 2020 owing to the ease of availability and its ability to display instantaneously test result. Portable segment offers a wide selection of Blood Gas and Electrolyte Analyzers with features and functionality in order to meet the patient's demands. Technological advancement and growing innovation in portable blood gas analyzers further drive its market growth. Moreover, for medium-to-high volume settings, portable analyzers offer high throughput and reliable automated sample handling with drop and go capability, which means no need to wait at the analyzers for the results and rapid patient and thereby boosting the portable Blood Gas and Electrolyte Analyzer Market.
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Blood Gas and Electrolyte Analyzer Market Segment Analysis - By End Use
Point-of-Care accounted for the largest market share in 2020 and is projected to grow at a CAGR of 5.8% owing to the increasing demand of rapid diagnostic near patient’s bed side and reducing healthcare expenditure by avoiding long hospital stays. Reduction in the length of hospital stay is one of the major advantages of point of care testing; the quick availability of the test result reduces the time to make decision, thereby allowing more prompt screening, treatment or discharge. Increasing number of chronic diseases and rapid patient care that is possible because of point of care testing, along with high demand of the end user for a safe alternative due to the COVID-19 pandemic are the other major factors driving the Point-of-Care segment in Blood Gas and Electrolyte Analyzer Market during the forecast period 2021-2026.
Blood Gas and Electrolyte Analyzer Market Segment Analysis - By Geography
Based on geography, North America dominated the Blood Gas and Electrolyte Analyzer Market with a region share of 40.2% in 2020 followed by Europe and APAC. Rising geriatric population, growing cardiopulmonary resuscitation cases and increasing health concerns are the major factors propelling the growth in this region. The presence of a large number of clinics and easy availability of technologically advanced instruments in this region is further driving the market growth in this region. However, Asia Pacific is set to be the fastest growing region during the forecast period 2021-2026 owing to the increased demand of advanced treatment and a better healthcare structure.
Blood Gas and Electrolyte Analyzers Market Drivers
Increasing incidence of chronic diseases
Increasing incidence of chronic diseases leading to diabetes and other cardiovascular disease is a major factor driving the Blood Gas and Electrolyte Analyzer Market during the forecast period 2021-2026. According to the World Health Organization about 422 million people worldwide have diabetes particularly in low and middle-income countries and 1.6 million deaths are directly attributed to diabetes each year, similarly, an estimated 17.9 million lives are lost each year due to cardiovascular diseases making it the number one cause of death globally. The growing diabetes and cardiovascular patients is leading to the increase in diagnosis and thereby propelling the market.
Technological Advancement in Blood Gas and Electrolyte Analyzer
Technological Advancements in Blood Gas and Electrolyte Analyzer is a major factor driving its market during the forecast period 2021-2025. For example NY based Siemens Healthcare Diagnostic offers the RAPIDPoint 500 Blood Gas System, which provide critical care values in approximately 1 minute with a full test menu from a single sample allowing clinicians to focus on improved patient care. Test parameters include in these technological advanced analyzer include blood gas, electrolytes, metabolites, co-oximetry, and pleural fluid pH moreover these analyzer system can also be set up to record key ventilator settings in critical care setting such as flow, respiratory rate, continuous positive airway pressure, positive end expiratory pressure and Allen test thereby contributing to the growth of its market.
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Blood Gas and Electrolyte Analyzers Market Challenges
High Cost of the Product
High cost associated with the product serves as a major setback for the growth of the Blood Gas Analyzer Market during the forecast period 2022-2026. Blood Gas and Electrolyte Analyzers aspirate blood from the syringe and measure pH and partial pressures of oxygen and carbon dioxide. These results are usually available for interpretation with five minutes. However, high cost associated with the product such as ABL90 Flex Blood Gas Analyzer, RAPIDPoint 500 Blood Gas System and ABL80 Flex Blood Gas Analyzer is a significant challenging factor that is predicted to impede the future market growth.
Blood Gas and Electrolyte Analyzers Market Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Blood Gas and Electrolyte Analyzers Market. Key companies of this market are Abbott Laboratories, Roche Diagnostics, Instrumentation Laboratory, Siemens Healthcare, RadioMeter Medical, Medica Corporation, Edan Instruments, Bayer, Accurex, and Alere, Inc.
Developments:
In May 2020: Roche introduced v-Tac, a new digital diagnostic solution designed to obtain results for arterial blood gas values from patients with respiratory or metabolic abnormalities.
Key Takeaways
Geographically, the North America region held 40.2% of the total market share in 2020 owing to the rising geriatric population, growing cardiopulmonary resuscitation cases and increasing health concerns.
Increasing incidence of chronic diseases leading to diabetes and other cardiovascular diseases is a major driving force for the Blood Gas and Electrolyte Analyzer Market during the forecast period 2021-2026.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Blood Gas and Electrolyte Analyzers Market.
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