Market Research Report
Blood Gas and Electrolyte Analyzers Market Size By Modality, By Product, By End-use Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 - 2024
|Blood Gas and Electrolyte Analyzers Market Size By Modality, By Product, By End-use Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 - 2024|
Published: January 3, 2019
Global Market Insights Inc.
Content info: 175 Pages
Delivery time: 2-3 business days
Blood Gas and Electrolyte Analyzers Market Size By Modality (Bench Top, Portable), By Product (Blood Gas Analyzers, Electrolyte Analyzers, Combined Analyzers, Consumables), By End-use (Central Laboratories, Point-Of-Care, Diagnostic Centers) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, India, China, Japan, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2018 - 2024.
Escalating demand for integrated systems and high throughput coupled with growing elderly population are major impact rendering factors for business growth. The geriatric population has been on a rise. According to World Population Aging 2017, the global population aged 60 years or over was 962 million in 2017. Growing elderly population has led to an increase in the number of patients in emergency departments and critical care units receiving critical care.
Rising healthcare expenditure for the treatment of chronic diseases is expected to drive business growth over the forecast period. Moreover, escalating number of patients in intensive care units will foster business growth. In addition, growing number of well-equipped diagnostic laboratories, and increasing affordability of patients will stimulate blood and gas analyzers industry growth over the coming years.
Portable blood gas and electrolyte analyzers segment was valued at USD 2.0 billion in 2017 and is projected to grow considerably during the forecast timeline. The growth of the segment is attributed to continuous innovations and technology improvements in blood gas and electrolyte analyzer devices. Moreover, technological advancements have given rise to the development of novel devices including handheld point-of-care devices thereby, propelling segmental growth during projected timeframe.
Blood gas analyzer segment will experience 5.5% CAGR by 2024. Blood gas analyzer measures partial oxygen pressure in a patient's body. The devices are widely used in intensive care units and routine diagnosis of various diseases. Furthermore, advancements in blood gas analyzers devices and prevalence of chronic diseases are some of the contributing factors for segmental growth.
Point-of-care segment accounted for 44.6% revenue share in 2017 owing to increasing patient preference towards well-equipped advanced healthcare facilities. In addition, increasing initiatives to reduce hospital stays and to control healthcare spending are contributing factors for business expansion. Moreover, growing incidences of chronic diseases will propel segmental growth over the coming years.
U.S. blood gas and electrolyte analyzers market will witness 6.2% CAGR by 2024. The growth of the segment is attributed to rising patient awareness levels and well-established healthcare infrastructure. Furthermore, increasing government support for R&D activities will boost business growth over the coming years.
China blood gas and electrolyte analyzers was valued at USD 170.5 million in 2017 and is estimated to experience considerable growth due to rising healthcare expenditures and increasing patient awareness in the country. As per World Bank Data 2015, the R&D expenditure in China was 2.07% of GDP, comparatively higher than other countries.
Some of the prominent business players operating in blood gas and electrolyte analyzers market include Allele Biotech, Alere Medical, Bayer, Convergent Technologies, Dalko Diagnostics, Edan Instruments, Medica, Nova Stat, Radiometer Medical, Roche, Samsung Medison and Siemens. Industry competitors are mainly focusing on inorganic strategies such as partnership, merger and acquisitions to escalate their market position as well as strengthen product offerings.