According to a report by Grand View Research, Inc., the blood gas and electrolyte analyzers market is estimated to achieve USD 653.5 million by 2022. High demand for advanced diagnostic techniques from hospitals and clinical centers owing to rising cases of cancer and other chronic diseases can propel market growth. Such equipment can offer multi diagnostic features to expedite the process and can reduce chances of complexity. In addition, rising demand for high turnaround time in diagnosis to deliver accurate and quick results can also impel growth over the forecast period (2012 to 2022).
Rising number of patients in emergency departments, advanced care sections, and operation theatres are anticipated to propel market growth in the coming years. High demand for integrated and high throughput systems is likely to stimulate growth of the blood gas and electrolyte analyzers market. Increasing adoption of advanced diagnostic solutions can foster market growth during next few years. Favorable government initiatives to reduce healthcare expenses by spreading awareness among patients for regular diagnosis can further impel market growth.
Capability of advanced analyzers to integrate with electronic health records (EHRs) and electronic medical records (EMRs) systems to reduce errors and to improve workflow may influence market growth in near future. Rising cases of chronic disease owing to increasing number of geriatric population is presumed to impel expansion of the market. Emergence of multi-parameter and portable diagnostic devices owing to increasing number of tests can bode well for the market during the forecast period. Steady technological improvements and rising R&D investments from key players can create lucrative opportunities.
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The global blood gas and electrolyte analyzers market can be segregated on the basis of product type, application, end-use, and region. Based on product type, the market can be divided into benchtop electrolyte and blood gas analyzers and portable electrolyte and blood gas analyzers. In the coming years, portable analyzers are expected to witness significant growth owing to provision of instantaneous test results and continuous innovations. Such technological improvements and innovations are likely to offer shift in novel devices from benchtop to highly compact and point-of-care (POC) devices. POC devices can deliver rapid analysis when required owing to their portability and accuracy.
Based on application, the market for blood gas and electrolyte analyzers can be classified into blood gas analyzers, electrolyte analyzers, and combined analyzers. In the coming years, combined analyzers are expected to generate maximum revenue owing to high demand and less expenses on maintenance and service. In 2015, combined analyzers dominated the market as compared to other segments owing to wide portfolio of commercialized products and rising number of tests. Blood gas analyzers segment accounted for around 15.3% market share owing to the fact that genetic testing is carried out in critical care units and emergency departments of hospitals.
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Based on end-use, the market can be segmented into clinical laboratories and point-of-care. In 2015, clinical laboratories segment dominated the market owing to high prevalence of diagnostic tests. However, the point-of-care segment is expected to witness significant growth in the coming years owing to rising demand for quick diagnosis and growing initiatives to reduce hospital staying. In addition, such devices can offer accuracy, short turnaround time, ease-of-use, and portability.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In 2015, North America dominated the market by generating revenue equal to USD 190.5 million. High prevalence of practitioners and growing awareness among patients are expected to fuel market growth. In addition, favorable government initiatives and well-established healthcare facilities can further impel demand.
In Asia Pacific, the market is expected to witness maximum growth during the forecast period owing to rising demand for advanced clinical needs and healthcare expenditures in India and China.
Some of the leading companies operating in the global blood gas and electrolyte analyzers market are Siemens, Edan Instruments, Radiometer Medical, Medica, and Samsung Medison. To expand product portfolio and market share in different regions, most leading companies are focusing on mergers and acquisitions activities to gain greater market share.
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