Blood Gas and Electrolyte Analyzer Market to Reach US$ 5.7 Bn by 2030; Supply Chain Issues Due to COVID-19 Crisis Impacting Market Growth
Published : 29 Sep 2020 Industry: Healthcare
Rise in awareness of blood gas and electrolyte analyzers and increasing geriatric population are some of the key drivers for the growth of the blood gas and electrolyte analyzer market. Other factors such as technological advancements in products, thereby increasing efficiency and accuracy, are also crucial aspects that will affect market growth in a positive way. One such advancement is portable blood gas and electrolyte analyzers, which have greatly enhanced convenience and ease of access of the product.
Based on a Fact.MR study, the leading product type in the market is blood gas analyzers owing to their popularity and wide array of applications in the healthcare sector. The market has witnessed increased demand of these analyzers across hospitals, clinics, etc., thereby boosting overall growth. As such, the blood gas and electrolyte analyzer market is projected to expand at an impressive CAGR of around 9% though 2030.
Key Takeaways from Blood Gas and Electrolyte Analyzer Market Study
- North America is the dominant region holding a massive value of over US$ 800 million in the market, as of 2019.
- Population growth and technological advancements of blood gas and electrolyte analyzers will be key driver of the market during the forecast period.
- The segment of combined blood gas and electrolyte analyzers is predicted to expand at a 10.4% CAGR over the forecast period.
- The market in Asia Pacific is predicted to show the fastest growth rate, i.e. 2X, as compared to other regions.
- Key players such as Siemens Healthcare, Abbott Laboratories, and Roche Diagnostics occupy 70% of the total market share.
- The leading product type segment of the market, i.e. blood gas analyzers, occupies 45% of the total market.
- Supply chain issues due to the COVID-19 pandemic will adversely affect the blood gas and electrolyte analyzer market in the short term.
“Developments in technology, accuracy, and cost-effectiveness of products are predicted to be important driving factors for the market over the forecast period,” says a Fact.MR analyst.
Expansion of Product Portfolio to Remain Priority
Key players such as Siemens Healthcare are devoted to market expansion through means of diversifying their blood gas and electrolyte analyzer product portfolio by upgrading it with enhanced technologies - minimal operator support, fully-automated systems, more accurate results, etc. This is a key aspect in the market growth of the product, and has opened doors for more competition among key players.
More Valuable Insights on Blood Gas and Electrolyte Analyzer Market
Fact.MR, in its new offering, presents an unbiased analysis of the global blood gas and electrolyte anazlyer market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the blood gas and electrolyte anazlyer market on the basis of type (blood gas analyzers, electrolyte analyzers, combines analyzers, and consumables) across major regions of the world (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
About the Healthcare Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the healthcare team at Fact.MR assists clients with unique business intelligence needs on a global level. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the healthcare industry lucidly in 50+ countries for over a decade. The healthcare team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations.