SAN FRANCISCO, A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Blood Gas and Electrolyte Analyzers – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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ABSTRACT-
Global Blood Gas and Electrolyte Analyzers Market to Reach $985 Million by 2026
Blood gas and electrolyte analyzers are commonly used to test numerous parameters in the blood for identifying drug consumption, diabetes and blood vessel hemorrhage. Growth in the global market is led by factors such as improving infrastructure in diagnostic centers, hospitals and clinical laboratories and rise in integration of critical equipment such as analyzers in ICUs, NICUs, and emergency and trauma units. Market growth is significantly boosted by the rising number of patients in critical care units and intensive care units (ICU); and the increasing demand for integrated, high-throughput systems that measure multiple parameters (such as creatinine, urea, nitrogen) in a short time, which is crucial for emergency situations.
Another driver for the global market is increasing adoption of these devices across hospitals, emergency wards and diagnostic centers. The growing relevance of point-of-care diagnosis within the healthcare industry due to its numerous advantages such as bedside care is poised to propel the market demand. Increasing spending on handheld, compact blood gas analyzers offering faster results and addressing needs of critical care services, operation rooms and emergency healthcare services will further boost global demand. Advanced devices are expected to facilitate functions like self-monitoring along with little intervention of lab or respiratory staff through automation. Ongoing advances in sensor and analyzer technology are anticipated to bring devices and testing of blood gas closer to patients, while allowing medical professionals to efficient monitor different conditions.
Amid the COVID-19 crisis, the global market for Blood Gas and Electrolyte Analyzers estimated at US$814.7 Million in the year 2022, is projected to reach a revised size of US$985 Million by 2026, growing at a CAGR of 5.1% over the analysis period. Portable, one of the segments analyzed in the report, is projected to record 5.8% CAGR and reach US$681.6 Million by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Benchtop segment is readjusted to a revised 3.8% CAGR for the next 7-year period. The growing penetration of Point-of-Care (PoC) patient monitoring instruments, coupled with continued innovations and technology improvements taking place in the portable / handheld blood gas analyzers is encouraging end users to switchover to the PoC version.
Benchtop blood gas analyzer, also known as central laboratory analyzer, is generally placed in central laboratories of large hospitals, to undertake high volumes of blood gas testing. Due to the time critical nature of blood gas tests, especially in critical care departments, benchtop analyzers are moving out of the central laboratory and are being placed in near-patient locations in critical care areas such as ICU, CCU, ED, and OR.
The U.S. Market is Estimated at $234.9 Million in 2022, While China is Forecast to Reach $111.7 Million by 2026
The Blood Gas and Electrolyte Analyzers market in the U.S. is estimated at US$234.9 Million in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$111.7 Million by the year 2026 trailing a CAGR of 6.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 4.3% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 4.7% CAGR. Demand for sophisticated medical infrastructure and favorable reimbursement plans of consumers drive the US market. Asia-Pacific presents high growth potential owing to the vast population, high unmet needs of patients, and higher disposable incomes. Introduction of favorable government initiatives, increasing prevalence of various chronic medical conditions and increasing number of new hospitals is also expected to drive growth. More
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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