Blood Gas & Electrolyte Analyzer Market
Number of pages: 100 | Report Format: PDF | Published date: March 06, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 1.78 billion |
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Revenue Forecast in 2031 |
US$ 2.71 billion |
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CAGR |
4.78% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Modality, Product, End user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global blood gas & electrolyte analyzer market was valued at US$ 1.78 billion in 2022 and is expected to register a revenue CAGR of 4.78% to reach US$ 2.71 billion by 2031.
Blood Gas & Electrolyte Analyzer Market Fundamentals
Blood gas and electrolyte analysis is an essential tool in the diagnosis and monitoring of both acute and chronic disorders, such as pulmonary, cardiac, endocrine, and renal illnesses. It is a complex laboratory test that analyses the amount of gases, electrolytes, and other chemicals present in the blood. The findings of these tests are used to detect and assess the severity of metabolic, respiratory, and acid-base abnormalities. These measurements are also used to track the effectiveness of various therapies. Blood gas and electrolyte analysis is an important aspect of critical care medicine and is frequently used in emergency settings to examine the acid-base and electrolyte balance. It also tracks therapy progress and ensures the appropriate amount of medicine is administered. Blood gas and electrolyte analyses are generally conducted on arterial or venous blood samples. This test also assesses the efficacy of dialysis, hemofiltration, and extracorporeal membrane oxygenation therapies.
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Blood Gas & Electrolyte Analyzer Market Dynamics
The growing technical developments are a prominent trend gaining traction in the global blood gas & electrolyte analyzer market. Blood gas analysis is commonly utilized in hospital point-of-care settings when urgent and precise findings are necessary. The increased patient population has resulted in more volumes of blood sample testing, which aided the revenue growth of the blood gas & electrolyte analyzer market. Blood tests are also used to determine cholesterol and blood glucose levels, among other things. They can aid in tracking the risk of heart disease, vascular disease, and diabetes, as well as the effectiveness of treatment. As a result of the increased number of patients, more blood samples are being tested, contributing to the revenue growth of the blood gas & electrolyte analyzer market.
The senior population is more vulnerable to various infectious and chronic disorders. Managing these illnesses depends on the precise and prompt evaluation of blood samples. As a result, the number of people obtaining life-saving treatment in emergency departments has skyrocketed. The rising illness burden and a rapidly expanding geriatric population base in developing economies are expected to significantly influence the blood gas & electrolyte analyzer market revenue growth during the forecast period.
However, the high cost of the product is a key impediment to the revenue growth of the blood gas analyzer market.
Blood Gas & Electrolyte Analyzer Market Ecosystem
The global blood gas & electrolyte analyzer has been analyzed from four perspectives: modality, product, end-user, and region.
Blood Gas & Electrolyte Analyzer Market by Modality
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Based on the modality, the global blood gas & electrolyte market can be segmented into benchtop and portable.
The portable segment is expected to account for a significant revenue share in the global blood gas & electrolyte analyzer market during the forecast period. The increasing adoption of portable devices and rising demand for point-of-care blood gas and electrolyte analyzers is estimated to drive the revenue growth of this segment. This medical equipment is convenient, inexpensive, has a simple interface, and provides rapid results. Additionally, advancements in blood gas and electrolyte analysis instruments are expected to propel the market forward during the forecast period.
The benchtop segment of the blood gas & electrolyte analyzer market is a highly competitive arena of the in-vitro diagnostics industry. This segment is characterized by a wide range of products and services designed to meet the needs of both clinical and research laboratories. The segment comprises various products, such as analyzers, analyzer systems, and reagents. These products analyze electrolytes, glucose, hemoglobin, and other gases. The benchtop segment is highly competitive due to the presence of established players and new market entrants. These players have a wide range of products that are designed to meet the needs of both clinical and research laboratories. The growth of the benchtop segment is primarily driven by the increasing prevalence of chronic diseases, rising demand for point-of-care testing, and increasing healthcare expenditure. Technological advancements and innovations are also driving the need for benchtop products. For instance, the introduction of real-time PCR and the development of new reagents have enabled the development of more efficient and accurate tests.
Blood Gas & Electrolyte Analyzer Market by Product
Based on the product, the global blood gas & electrolyte analyzer market can be segmented into analyzers and consumables.
The consumables segment of the blood gas & electrolyte analyzer market is estimated to witness the highest revenue growth during the forecast period owing to the increasing demand for high-quality consumables. Consumables are essential reagents, kits, and disposables used in blood gas and electrolyte testing. These consumables ensure accuracy and consistency and reduce the chances of any errors in test results. The availability of a wide array of consumables, such as reagents, sample collection kits and tubes, and disposables, is expected to drive the segment revenue growth.
The analyzers segment is expected to depict lucrative growth during the projected timeframe. This segment can further be sub-segmented into blood gas analyzer, electrolyte analyzer, and combined analyzer. Blood gas analyzers are among the most important medical equipment in hospitals, laboratories, and other healthcare settings. These instruments measure the levels of oxygen, carbon dioxide, and other gases in the blood, providing critical information to healthcare professionals. The accuracy and reliability of the readings provided by these devices are highly important for precise diagnosis and effective treatment of patients. The most important advantage of a blood gas analyzer is its ability to provide precise and comprehensive measurements of a patient’s vital signs. Another advantage of blood gas analyzers is their ease of use. These devices are highly automated, requiring minimal training to operate. This makes them ideal for use in emergency rooms and other healthcare settings, where they can be quickly and easily deployed to provide quick and accurate readings. Furthermore, these machines are relatively portable and can be used in various settings, providing healthcare professionals the flexibility they need to respond to any situation. Finally, blood gas analyzers are highly reliable and provide accurate readings. Modern machines can take readings quickly and accurately, allowing for fast and effective diagnosis and treatment. This accuracy is especially important in emergencies, where a quick and accurate diagnosis is essential for the patient’s safety. Furthermore, these machines are highly durable and can withstand repeated usage in healthcare settings.
Blood Gas & Electrolyte Analyzer Market by End-user
Based on the end-user, the global blood gas & electrolyte analyzer market can be segmented into hospitals, clinical laboratories, point-of-care, diagnostic centers, and others.
The clinical laboratories segment dominates the blood gas & electrolyte analyzer market. The existence and availability of diverse diagnostic test choices drive market expansion. Due to the increased need for innovation, the requirement for testing diagnostics is expected to contribute to a greater market share during the forecast period. Moreover, the rising prevalence of chronic illnesses and hospital admission rates are expected to increase the demand for blood gas and electrolyte analyzers in hospitals. Furthermore, increased government initiatives towards healthcare programs to raise awareness among the young population are projected to fuel the product demand during the forecast period. Moreover, increased patient demand for critical care units due to emergencies and trauma is expected to drive market expansion.
Blood Gas & Electrolyte Analyzer Market by Region
Based on the region, the global blood gas & electrolyte analyzer market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The North America blood gas & electrolyte analyzer market accounts for the largest revenue share. Strong regional growth in the United States and Canada can be ascribed to well-developed healthcare facilities, the availability of enormous treatment alternatives, and key market players in this region. The rising need for portable point-of-care devices with wireless connections is also expected to boost market development in the upcoming years. Furthermore, the increased incidence of lifestyle disorders, such as obesity and diabetes, necessitates regular checkups, which raises the usage of analyzers.
Blood Gas & Electrolyte Analyzer Market Competitive Landscape
The prominent players operating in the global blood gas & electrolyte analyzer are:
Blood Gas & Electrolyte Analyzer Market Strategic Developments
The blood gas & electrolyte analyzer market was valued at US$ 1.78 billion in 2022.
Blood gas and electrolyte analyzer analysis is an essential tool in the diagnosis and monitoring of both acute and chronic disorders. It is a complex laboratory test that analyses the amounts of gases, electrolytes, and other chemicals in the blood.
Abbott Laboratories, F. Hoffmann-La Roche Ltd., Medica Corporation, and Siemens Healthcare are among the top market players.
The consumables segment dominates the global blood gas & electrolyte analyzer market.
North America accounts for the largest revenue share of the global market.
*Insights on financial performance are subject to the availability of information in the public domain