Blood Gas and Electrolyte Analyzers Market Expected to Reach $2,625.23 Million by 2030 | CAGR of 4.4%

According to a new report published by Allied Market Research, titled, "Blood Gas and Electrolyte Analyzers Market by, Product Type and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global blood gas and electrolyte analyzers market size was valued at $1,698.7 Million in 2020, and is projected to reach $2,625.23 Million by 2030, registering a CAGR of 4.4% during the forecast period.  

A blood gas test is performed on the blood gas and electrolyte to measure pH and blood gas that is concentration of hydrogen ions (pH), partial pressure of carbon dioxide (pCO2), and partial pressure of oxygen (pO2), in whole blood. It also measures electrolytes and metabolites. Imbalance in the oxygen, carbon dioxide, and pH levels in the blood of an individual can indicate the presence of certain medical conditions. These may include kidney failure, heart failure, uncontrolled diabetes, hemorrhage, chemical poisoning, a drug overdose, shock, asthma, and COPD.

The growth of the blood gas and electrolyte analyzers market is majorly driven due to the rise in prevalence of chronic diseases, rise in global geriatric population, and increase in awareness for early diagnosis. In addition, growing number of patients being treated in NICUs, ICUs, and emergency departments, rapid urbanization, and consumption of unhealthy food significantly boost the blood gas and electrolyte analyzers market growth.

Furthermore, according to World Health Organization (WHO) report from 2021, 1 in every 6 person globally will be 60 or older by 2030. At this point, the proportion of the population aged 60 and beyond s expected to rise from 1 billion in 2020 to 1.4 billion by 2050. The global population of adults aged 60 and above is predicted to have doubled that is about 2.1 billion. The number of people aged 80 and more is predicted to triple between 2020 and 2050, reaching 426 million. It is believed the aging population will generate more demand for blood gas and electrolyte analyzers as diagnostic testing use tends to increase as a person ages.

Moreover, in March 2020, Siemens Healthineers announced that the USFDA gave clearance for RAPIDPoint 500e Blood Gas Analyzer. The analyzer provides blood gas, electrolyte, metabolite, CO-oximetry, and neonatal bilirubin results, which are used to diagnose and monitor critically ill patients in the intensive care unit, operating room, or emergency room It delivers fast, accurate results and increases workflow efficiencies. Thus, such approvals increase the availability and significantly boost the growth of the market.

However, high cost of the analyzers and issues regarding regulation and reimbursement are expected to impede the market growth. Conversely, high market potential in the untapped emerging economies, rise in various product launch, partnerships, collaborations among the government and key players, and development of pipeline products are expected to provide many opportunities for blood gas and electrolyte analyzers market growth during the forecast period.

By product type, the blood gas and electrolyte analyzers market is categorized into analyzers/instruments and consumables. The analyzers/instruments are further segmented into type and modality, where type comprises of blood gas analyzers, electrolyte analyzers, and combined analyzers. Modality comprises of laboratory, portable, and benchtop. The consumables segment generated maximum revenue in 2020, accounting $1,125.48 million. The analyzers segment is expected to witness highest CAGR of 4.8% during the forecast period.

By end user, the market is segmented into hospitals, clinics, ambulatory surgical centers, and others. The hospitals segment generated maximum revenue in 2020, accounting $801.3 million. The clinics segment is expected to witness highest CAGR of 5.1% during the forecast period.

North America accounted for a majority of the global blood gas and electrolyte analyzers market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to increase in prevalence of chronic disease, technological advancements, presence of key players, and rise healthcare expenditure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to rise in geriatric population, rise in R&D activities, and increase in investments in the healthcare sector in the region.

Key Findings Of The Study

• By product type, consumables were the highest contributor to the market in 2020.
• By end user, hospitals were the highest contributor to the blood gas and electrolyte analyzers market in 2020.
• By region, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.