Europe and Middle East market for blood gas and electrolyte analyzers will expand at a CAGR of 4.7% in terms of revenue from 2016 to 2024. Expanding at this pace, the market is expected to rise from a valuation of US$114.4 mn in 2015 to US$170.5 mn by 2024. In terms of volume, the market is exhibit a slightly higher 5.0% CAGR over the said period.
EME Blood Gas and Electrolyte Analyzers Market: Trends and Opportunities
With a surge in point-of-care diagnostic devices due to obvious advantage of faster disease diagnosis, the market for blood gas and electrolyte analyzers is expected to witness growth. Blood gas and electrolyte analyzers are point-of-care diagnostic devices employed for blood testing. The blood gas analyzer measures partial pressure of oxygen in a patient’s body, while the electrolyte analyzer measures concentration of vital elements such as sodium, potassium, and calcium. Results of these tests help in accurate diagnosis of various conditions such as asthma, chronic obstructive pulmonary disease (COPD), kidney failure, heart failure, uncontrolled diabetes, severe infections, and drug overdose. Blood gas and electrolyte analyzers have been useful in assisting in accurate diagnosis of numerous diseases. Hence, usage of these devices has increased considerably in the recent past. Hence, these devices have become an integral part of intensive care units (ICUs) and emergency medical services.
Increase in demand and innovation in the medical devices technology have led to evolution of devices into compact, multi-component analyzer devices. This advancement in technology has driven the market for devices measuring narrow parameters such as blood gas and electrolytes. The blood gas analyzers market is constantly evolving due to technological advancements in medical devices. Modern, miniaturized blood gas analyzers are capable of analyzing an array of parameters and provide results in shorter turnaround time. Faster diagnosis helps prescribe accurate therapy at an early stage of disorder, which helps avoid complications.
The combination analyzers segment of the blood gas and electrolyte analyzers market is expected to expand at the maximum growth rate during the forecast period. Portability of blood gas analyzers has extended their application in emergency and ambulatory care. Point-of-care diagnosis has created a prominent position in the health care industry due to its advantage of bed-side care. Furthermore, synchronization of blood gas analyzers has made the patient record management more convenient.
EME Blood Gas and Electrolyte Analyzers Market: Segmentation
The blood gas and electrolyte analyzers market has been segmented based on modality, product, end-user, and geography. Based on modality, the market has been segmented into laboratory, benchtop, and portable. Portable analyzers are gaining wider acceptance in Europe and Middle East. This segment is expected to propel the market in the next few years. In terms of product type, the market has been categorized into blood gas analyzers, electrolyte analyzers, combination analyzers, and consumables. The demand for combination analyzers is increasing gradually and is expected to grow at maximum rate in coming years. Based on end-users, the market has been segmented into hospitals, diagnostic centers, clinics, and ambulatory surgical centers. Geographically, the market in Europe and Middle East has been segmented into three regions: EU5, Nordics, and Middle East. EU5 accounted for the maximum share of the EME blood gas and electrolyte analyzers market.
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EME Blood Gas and Electrolyte Analyzers Market: Competitive Landscape
Major players in the market are Abbott Laboratories (U.S.), Medica Corporation (U.S.), Nova Biomedical (U.S.), Radiometer Medical ApS (Denmark), F. Hoffmann-La Roche Ltd. (Switzerland), Siemens Healthcare (Germany), Alere Inc. (U.S.), ERBA Diagnostics Mannheim GmbH (Germany), and Instrumentation Laboratories (Werfen) (U.S.). Top three players account for more than 60% of the blood gas and electrolyte analyzers market.
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