Global Blood Gas Analyzer Market Overview
The key driver impacting the blood gas analyzer market is the growing prevalence of chronic diseases such as cancer, diabetes, obesity, heart disease across the globe boosting demand for blood gas analyzers in the forecast period. For instance, As per the National Center for Biotechnology Information (NCBI ), around one in three adults suffer from multiple chronic conditions (MCCs). According to the World Health Organisation report, chronic disease comprises 60% of the global burden of disease by 2020. Cancer is the second leading cause of death and accounts for 9.6 million deaths across the globe in 2018. There is one in six deaths that occurred due to cancer. Whereas with regards to volume,the market was calculated XX Metric Units in 2019 and foreseen to grow with a CAGR of XX% during 2020-2026.
Moreover, the growing number of patients being treated in ICUs, NICUs, and emergency departments, is also estimated to be a significant determinant that adds growth to the market.
According to Value Market Research, the global blood gas analyzer market was valued at around USD 615 million in 2019 and is estimated to grow at a CAGR of about 4.5% during the forecast period of 2020-2026.
In addition to this, the rapidly expanding geriatric population across the globe is also predictable to enhance market growth under the forecast period. The older people are most prone to hypoxemia, cardiogenic shock, cardiopulmonary resuscitation, and cardiac arrhythmias. For instance, According to WHO the global elderly population( age group 65 years and above) is estimated to augment from 7% in 2000 to 16% in 2050.
However, the poor reimbursement scenario and high cost of the product may hamper the global blood gas analyzer industry in the long run. Also, the complexity in operation and interpretation of data is negatively impacting the market. The current industry trend, such as rapidly increasing demand for Point of care (POC) and automated devices, growing technological advancements in blood gas analyzer, is expected to create new market opportunities for the key players in the coming years.
The Blood gas analyzer market is vast, with a large number of local and global players. The key leaders follow several strategies to improve their market position, such as increasing product portfolio, expansions, mergers, acquisitions, and product innovations to enlarge their market share at the global level. For instance, In May 2018, OPTI Medical made an announcement regarding the launch of the E-Lyte CCA cassette, to be used on the TS2 Blood Gas and Electrolyte Analyzers and OPTI CCA-TS. This new product launch makes it possible for the company to spread its blood gas and electrolyte analyzers product range and emphasize business revenue. The key players included in the report are Convergent technologies, Abbott, Dalko Diagnostic, Erba Mannheim, Edan Instrument,F. Hoffmann-La Roche, Medica Corporation, OPTI Medical, Siemens, Instrumentation laboratory (Werfen), Radiometer, Tecom Analytical System
In this research report, the blood gas analyzer market is segmented by product, type, and region.
Analysis by Product:
By product, the report is categorized into GEM 4000, GEM 3000, i-STAT, ABL900, ABL90, Cobas b 221, RAPIDLab. The GEM 3000 dominates the type segment in 2019 with a maximum market share. It is due to the extensive adoption of GEM 3000 delivers as it provides real-time system diagnostics. Moreover, it requires low labor-intensive system calibration and removes extended equipment training and probable human errors, thus contributes to the growth of the product segment in the forecast period.
Analysis by Type:
By type, the report is categorized into portable and bench top. The portable segment is accounted for the largest share of 55% in 2019. It is due to the growing demand for point-of-care blood gas and electrolyte analyzers across the globe. Moreover, the increase in demand due to its ability to render immediate test results and faster turnaround time contributes to the growth of the portable segment in the forecast period.
Analysis by Region:
In the regional outlook of the global blood gas analyzer market, the North American region dominates with a maximum market share of 45% in 2019. It is due to the rising prevalence of lifestyle diseases and well-established healthcare infrastructure, and the presence of skilled practitioners in the region. Moreover, the rising number of product approvals due to the strong government support for research and development contribute to the growth of the blood gas analyzer market across North America.
Market Segmentation covered in the Report:
- GEM 4000
- GEM 3000
- cobas b 221
- North America
- the Asia Pacific
- Latin America
- The Middle East and Africa
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