The blood gas and electrolyte analyzers market size is set to exceed USD 700 million by 2023, according to Global Market Insights. Growing prevalence of chronic diseases has led to significant increase in traffic of emergency cases creating a huge demand for blood gas and electrolyte analyzers. Combined analyzers are identified as the most lucrative application segment of the market, projected to grow at a CAGR of 5.5 percent from 2017 to 2023.
The market is witnessing introduction of technological advancements in devices such as compact nature, and more sensitive test results, along with growing demand for multiparameter monitoring equipment with high throughput. Point-of-care (PoC) analyzers offer significant growth potential, with over USD 240 million expected by 2023. The growth in PoC devices market is set to push the demand for blood gas and electrolyte analyzers market. The use of PoC analyzers is driven by shift in healthcare delivery trend of delivering utmost patient care at lower costs, by reducing their visits to hospitals and clinics.
The United States is the leading market with revenue share of over 34 percent of the overall industry. The region has shifted to a patient-centric healthcare approach by adopting PoC diagnostics, leading to a huge demand for blood analyzers. Asia-Pacific and Latin America are likely to offer a potential blood gas and electrolyte analyzers market growth platform in the coming years, due to huge presence of underserved asthma and COPD patients and tremendous improvement in healthcare infrastructure and facilities. India was the fastest growing country in APAC and will register a CAGR of 10.5 owing to rise in awareness regarding diagnosis of asthma, and other respiratory disorders.
The increasing prevalence of COPD in countries such as India increases the cost burden of disease on the government and productivity leading to economic losses. Over 90 percent of COPD deaths occur in low and middle income countries, since most of the population here is exposed to harmful pollutants, occupational chemicals, and there is a high rate of smoking.