Albany, NY , Feb. 17, 2016 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research “Blood Gas and Electrolyte Analyzer Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023”, global blood gas and electrolyte analyzer market was valued at US$1.44 Bn in 2014 and is projected to reach US$3.48 Bn in 2023 at a CAGR of 9.66 % from 2015 to 2023
Blood gas and electrolyte analyzers are gaining popularity as the most versatile diagnostic devices globally. Diagnosis results from these devices, in combination with other tests have helped in accurate diagnosis of various chronic conditions such as asthma, chronic obstructive pulmonary disease (COPD), kidney failure, heart failure, uncontrolled diabetes, severe infections, and drug overdose.
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Currently, the market for analyzers with narrow analysis profile is in early maturity phase, and is being gradually replaced by devices with wider analyte profile. Although demand for handheld blood gas and electrolyte analyzers is increasing rapidly, these devices would not completely replace traditional table-top analyzers. Combination blood gas and electrolyte analyzer market was estimated to be the fastest growing market segment, and also accounted for largest market share in 2014.
Leading players are trying to expand the scope of application of blood gas and electrolyte analyzers through constant innovation. In April 2015, Abbott Point of Care, Inc. received the U.S. FDA clearance for i-STAT Total β-HCG test. The blood analyzer helps detection of human chorionic gonadotropin (hCG) hormone that helps determine pregnancy within 10 minutes. Nova Biomedical’s blood gas analyzer Stat Profile Prime received the U.S. FDA clearance in June 2015. Radiometer also launched advanced ABL90 FLEX PLUS blood gas analyzer, capable of testing extremely small volume blood samples. Consistent product developments has kept the market in constant flux. However, this has also led to shorter life cycles of older products.
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New technology blood gas and electrolyte analyzers are also armed with wireless connectivity for integration with other hospital management software. This has helped in minimizing errors and save time and efforts. Discovery of novel biomarkers is expected to further expand the scope of application of blood gas analyzers in the near future. Simplified operation enabling non-medical personnel to perform critical diagnosis in shortest possible time is another factor driving the global blood gas and electrolyte market.
Increasing prevalence of diseases and alarming loss of human capital due to aging population has raised serious health concerns across all nations. Obesity is also a prime predisposing factor for cardiovascular diseases, arthritis, and diabetes, among others. Hence, governments are encouraging innovation in medical technology to curb this crisis.
Major Key Players:
Key players in the market include Abbott Point of Care Inc., Alere, Inc., Erba Mannheim, Instrumentation Laboratory, Medica Corporation, Nova Biomedical, Radiometer Medical ApS, Roche Diagnostics, and Siemens Healthcare.
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Global Blood gas and electrolyte analyzer market has been segmented as below:
- Global Blood Gas and Electrolyte Analyzer Market Revenue, by Device Type,
- Blood Gas Analyzer
- Electrolyte Analyzer
- Combination Analyzer
- Consumables (Cartridges, Electrolytes and Electrodes)
Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research