Global Blood Gas and Electrolyte Analyzers Market: Key Players Develop New Products with Advanced Features to Drive Market at 9.66% CAGR
As versatile diagnostic devices, blood gas and electrolyte analyzers have gained immense popularity across the medical fraternity. Diagnostic outcomes gained with the help of these devices, coupled with other tests, have led to accurate diagnosis of various chronic diseases such as uncontrolled diabetes, asthma, chronic obstructive pulmonary disease (COPD), and drug overdose. The global blood gas and electrolyte analyzer market is estimated to expand at a CAGR of 9.66% during the period between 2015 and 2023. The overall market was worth US$1.44 bn in 2014 and is anticipated to stand at a valuation of US$3.48 bn by 2023.
Demand for Handheld Blood Gas and Electrolyte Analyzers Increasing Rapidly
Some of the key devices available in the global blood gas and electrolyte analyzer market are combination analyzer, blood gas analyzer, electrolyte analyzer, and consumables including electrolytes, cartridges, and electrodes. It has been observed that the demand for analyzers with narrow analysis profiles is slowing down and the market is being flooded by devices with wider analysis profiles. The demand for handheld blood gas and electrolyte analyzers is rapidly increasing but these devices would not replace the traditional table-top analyzers completely. In 2014, the combination analyzer segment accounted for the largest share in the market and is expected to grow at the fastest rate in the coming years.
Market Players Focus on Product Innovation to Expand Business
Some of the key players in the global blood gas and electrolyte analyzer market are Medica Corporation, Nova Biomedical, Abbott Point of Care Inc., Erba Mannheim, Alera Inc., Instrumentation Laboratory, Roche Diagnostics, Siemens Healthcare, and Radiometer Medical ApS. Product innovation is the key for market players to expand their business. Some of the recent products developed by the market players are as follows:
- In April last year, Abbott Point of Care Inc. received the clearance from the U.S. FDA for i-STAT Total β-HCG test. The blood analyzer developed by Abbott helps to detect the presence of human chorionic gonadotropin (HCG) hormone within 10 minutes.
- In June 2015, Stat Profile Prime, the blood gas analyzer developed by Nova Biomedical has received the clearance from the FDA.
- The advanced ABL90 FLEX PLUS blood gas analyzer launched by Radiometer Medical can test extremely small volume of blood sample.
- ChroMedX Corp., another player in the global blood gas and electrolyte analyzer market, has been developing a handheld blood analyzer called HemoPalm. The point-of-care (PoC) testing device replicates the kind of CO-oximetry and blood gas analysis traditionally performed using bench-top analyzers. The device is expected to lower the cost of blood gas analysis significantly.
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The advanced blood gas and electrolyte analyzers developed by the market players are also equipped with wireless connectivity for integration with other hospital management software. The introduction of novel biomarkers is anticipated to further expand the scope of application of blood gas analyzers in the coming years.