Blood Gas and Electrolyte Analyzer market is expected to reach USD 3.5 billion by 2030
The growing prevalence of chronic diseases worldwide contributes to the growth of the blood gas and electrolyte analyzer market.
According to Next Move Strategy Consulting, the global Blood Gas and Electrolyte Analyzer Market was valued at USD 1.8 billion in 2022, and is expected to reach USD 3.5 billion by 2030, with a CAGR of 6.9% from 2023 to 2030.
The rising incidence of chronic diseases worldwide leads to the growth of the blood gas and electrolyte analyzer market. For instance, according to the latest World Health Organization (WHO) report, non-communicable diseases (NCDs) have caused 41 million deaths yearly, contributing to 74% of the total deaths worldwide.
Moreover, healthcare providers are investing in advanced diagnostic and monitoring technologies, including blood gas and electrolyte analyzers. This factor further propels the growth of the market. For instance, according to the latest report by the Centers for Medicare & Medicaid Services, the national health expenditure reached USD 4.3 trillion in the U.S. in 2021. One of the primary reasons for this growing healthcare expenditure is the increasing demand for quality healthcare services. Patients and healthcare professionals emphasize on accurate and timely diagnostic information in improving patient outcomes. This factor boosts the growth of the market.
In addition, the growing geriatric population worldwide is a significant factor driving the growth of the blood gas and electrolyte analyzer market. As the global population ages, there is an increased prevalence of age-related health conditions and chronic diseases among older adults. According to the latest report published by the World Health Organization in 2022, the number of people aged above 60 reached 1.4 billion globally in 2020. It is anticipated to reach 2.1 billion by 2050. Geriatric individuals are often prone to respiratory disorders, such as pneumonia and chronic obstructive pulmonary disease (COPD), requiring continuous blood pressure monitoring for effective management.
However, the initial investment required for these instruments and the ongoing costs of calibration, maintenance, and reagents create a barrier for healthcare providers, especially smaller facilities or those operating with limited budgets. This factor restrains the market growth.
On the contrary, the introduction of non-invasive sampling techniques and improved sensor technology in the blood gas and electrolyte analyzer will create significant growth opportunities in the coming years. These advancements offer compelling advantages, including enhanced accuracy, sensitivity, and specificity of measurements, improved patient comfort, and reduced complications.
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According to the report, the leading market players in the blood gas and electrolyte analyzer industry include Roche Diagnostics, Siemens Healthineers, Radiometer Medical ApS (Danaher Corporation), Abbott Laboratories, Nova Biomedical Corporation, i-SENS, Edan Instruments, Techno Medica Co., Medica Corporation, OPTI Medical Systems, and others.
For instance, in July 2022, Radiometer partnered with Technicon to develop a robotic solution for blood testing. They combined their expertise in medical diagnostics and laboratory automation. The collaboration aims to streamline workflow, minimize errors, and improve turnaround time for test results. By integrating Radiometer's analyzers with Technicon's automation technology, the partnership seeks to revolutionize blood testing processes and enhance patient care in laboratories.
Also, in July 2022, Edan Instruments, Inc. unveiled its advanced next-generation arterial blood gas (ABG) solutions at the Annual Meeting and Clinical Lab Expo (AACC) 2022 event. These cutting-edge ABG solutions offer enhanced capabilities for clinical settings, allowing precise analysis of blood gas parameters.
In July 2022, OPTI Medical Systems Inc unveiled its next generation of blood gas and electrolyte analyzers at the Annual Meeting and Clinical Lab Expo (AACC) 2022 event. These advanced analyzers offer enhanced features and capabilities, providing healthcare professionals with rapid and accurate analysis of blood gases and electrolytes.
In April 2020, Siemens Healthineers received the U.S. Food and Drug Administration (FDA) clearance for its RapidPoint 500e Blood Gas Analyzer. The device provides fast and accurate measurements of critical blood parameters, benefiting critical care patients. Its user-friendly interface and compact design improve workflow efficiency, while advanced sensor technology ensures precise results with minimal sample volume.
Key Insights from the Blood Gas and Electrolyte Analyzer Report:
The information related to key drivers, restraints, and opportunities and their impact on the blood gas and electrolyte analyzer market is provided in the report.
The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
The market share of key players in the global blood gas and electrolyte analyzer along with their competitive analysis are provided in the report.