According to the latest report published by Credence Research, Inc. “Blood Gas and Electrolytes Market (Product Type: Benchtop Analyzers, Portable Analyzers and Consumables; Applications: Blood Gas Analysis, Blood Electrolyte Analysis and Hybrid Testing; Usage Area: Hospital Laboratories and Point-of-Care Testing ): Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global blood gas and electrolytes analyzers market was valued at US$ 532.9 Mn in 2016, and is expected to reach US$ 791.7 Mn by 2025, expanding at a CAGR of 4.4% from 2017 to 2025.
Browse the full report Blood Gas and Electrolytes Analyzers Market: Growth, Future Prospects and Competitive Analysis, 2017-2025 report at https://www.credenceresearch.com/report/blood-gas-and-electrolytes-analyzers-market
The blood gas and electrolytes analyzers market is characterized by perpetual product improvements and innovations, which has become a key factor contributing to the growth of this market. Technological advancements in the nature of analyzers has led to development of innovative devices such as evolution from benchtop analyzers to the current availability of portable point-of-care devices. The modern point-of-care devices offer rapid arterial blood gas analysis at the patient location at the shortest turnaround time. The requirement for augmented test menus is further integrating functionalities of both blood electrolyte and blood gas analysis in order to offer multiple testing of creatinine, electrolytes, bilirubin, nitrogen, etc. from a single sample.
Growing number of patients in need of critical care and high demand for blood gas testing, and increasing demand for point-of-care testing in the light of containing healthcare expenditure are some of the key driving factors allowing growth of the blood gas and electrolytes analyzers market. Between benchtop and portable analyzers, the later segment is observed to be the fastest growing segment due to augmented demand for portable multi-parameter monitoring systems, rise in geriatric population, miniaturization of devices and convenience in use are the key growth facilitators to this segment.
Between hospitals laboratories and point-of-care locations, hospitals currently have the largest market share in the global blood gas and electrolytes analyzers market. Need for performing large volume of diagnostics being performed in central laboratories and is the key growth driver for this segment. On the other hand, point-of-care testing is anticipated to progress at the fastest growth rate during the forecast period on the ground of growing urge to minimize hospital stays in order to attain optimum treatment cost containment and reduce overall healthcare expenditure. In addition, among the application types, hybrid blood gas and electrolytes analyzes experience the highest demand across all usage areas and regions. The segment is also expected to experience faster growth rate that solo blood gas analyzers and blood electrolytes analyzers.
Based on geographical distribution, North America (comprising the U.S. and Canada) is the largest regional market for blood gas and electrolytes analyzers. Presence of evolved healthcare infrastructure, better awareness in both patients and care givers, high government funding and favorable reimbursement system are the key drivers allowing the dominance of North America in the market. Additionally, Asia Pacific is observed to the fastest progressing regional market for blood gas and electrolytes analyzers during the forecast period. Presence of high unmet needs, rapid improvement of healthcare infrastructure and rising healthcare expenditure majorly support the growth of this region