As per the analysis offered by Market Research Future (MRFR), Global Point of Care Blood Gas and Electrolyte Market Will Capture an impressive growth rate during the review period (2019-2023).
Global Point of Care Blood Gas and Electrolyte Market is estimated to garner USD 2,543.1 million during the forecast period (2017-2023). The global market is considered to demonstrate 7.8% CAGR owing to the increasing prevalence of chronic diseases, asserts Market Research Future (MRFR).
One of the innovative concepts introduced in the field of critical care settings, point of care blood gas and electrolyte analyzers measure several parameters of whole blood samples like electrolytes, pH, and blood gas (pCO2 and pO2). Such devices play an important part in the field of healthcare and reduces therapeutic turnaround time, accuracyand quick test, enhances patient satisfaction, and improve hospital operations. These devices are generally used in the area of hospitals where patients are ventilated.
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Drivers and Constraints Impacting the Market:
With growing number of treatments in ICUs, Cardiovascular Operating Room (CVOR), NICUs, and emergency department, the point of care blood gas and electrolyte devices market is considered to flourish during the estimated period.
The increasing incidence of cancer and other chronic diseasesalso stimulates the market growth.Advent of favorable regulatory initiatives aimed towards promoting Point of Care diagnostics is considered to accelerate the marketgrowth. For instance, the introduction of Clinical Laboratory Improvement Amendments for certain products and point of care diagnostic tests triggers the adoption of POC devices.
Moreover, the augmenting funding by multiple sources, including NIH, the U.S. Department of Defense (DOD), and private foundations such as the Bill & Melinda Gates Foundation, is further estimated to stimulate the POCT market during the appraisal period.Additionally, with the rising prevalence of target diseases such as diabetes, cancer,infectious diseases, and cardiovascular diseases, the point of care blood gas and electrolyte marketis estimated to flourish.
On the flip side, POC diagnostic procedures are very costly for healthcare facilities dealing with high test volumes. This is considered to dampen the market growth to a great extent in the coming years.
The prominent players operating the globalpoint of care blood gas and electrolyte market are F.Hoffman-La Roche Ltd., Instrumentation Laboratory, Siemens, Edan Instruments Inc., Nova medical, Abbott, and Radiometer.
December 28, 2018: ova Biomedical has been recently awarded with a multi-year group purchasing agreement for critical care blood gas analyzers. The agreement offers Premier members access to Nova’s latest Stat Profile Prime Plus critical care blood gas analyzer.
The global point of care blood gas and electrolyte market has been segmented on the basis of type, mode, and end-user.
By mode of type, the global point of care blood gas and electrolyte market has been segmented into instruments and consumables. Among these, the consumables segment is further sub-segmented into cartridges, reagents,and others. The instruments segment is sub-segmented into portable and benchtop devices.
By mode of end-users, the global point of care blood gas and electrolyte market has been segmented intohome care, hospitals & clinics, research institutions, and others. Among these, the hospitals & clinics segment is estimated to occupy the largest market share owing to the substantial number of CLIA-waived tests available which can be implemented effectively within the clinics. With decentralization of primary care services becoming a common trendin several regional markets, the segment is considered to propel.
Geographically, the point of care blood gas and electrolyte market span across regions namely, America, Europe, Asia Pacific, and the Middle East and Africa.
Among all the regions, America is presumed to dominate the global point of care blood gas and electrolyte market. The growth is attributed wo the presence of a huge patient population coupled with increasing prevalence of chronic diseases such as kidney and liver disease, and diabetes.Moreover, rising government support for R&D activities is further contributing to the market growth in this region. High concentration of leading market players in this region also drives the market globally.
The European region is estimated to occupy the second largest market due to the presence of well-developed healthcare sector, high healthcare expenditure, and strong government support for R&D activities.
The Asia Pacific region is presumed to experience a rapid growth owing to the rapidly increasing diabetic & obese population coupled with accelerating healthcare expenditure. As per the WHO, around 60% of world’s total diabetic population dwells in the Asia Pacific region. Moreover, with the presence of rapidly developing economies such as China and India, the market is considered to flourish in this region.
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