Blood gas analyzers are medical devices used to measure levels of oxygen, carbon dioxide, pH, electrolytes, and glucose in the arterial or venous blood. Such analyzers find widespread application in intensive care units, emergency rooms, operating rooms and physician office laboratories. They help clinicians in assessing the acid-base status and respiratory functions in patients suffering from conditions like lung diseases, heart failure and diabetes. The demand for blood gas analyzers has witnessed robust growth in recent years due to rising incidence of chronic respiratory disorders like asthma and COPD along with cardiovascular illnesses globally.
The Global Blood Gas Analyzers Market is estimated to be valued at US$ 2.07 Bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Blood Gas Analyzers are Richel Group, Argus Control Systems Ltd, Rough Brothers Inc., Certhon, Logiqs BV. These market leaders are focusing on new product launches and geographical expansions to strengthen their market positions. For instance, in 2021, Certhon launched its mobile Nova Gas Circuit for point-of-care blood gas analysis.
The growing geriatric population suffering from age-related medical conditions and increasing ICU admissions present notable growth opportunities in the market. Furthermore, rising healthcare investments and developing healthcare infrastructure in emerging nations of Asia Pacific and Latin America will aid the global expansion of players in the blood gas analyzers industry.
Market Drivers
Growing prevalence of chronic respiratory disorders such as COPD and asthma is a major market driver. According to WHO, over 313 million people suffered from asthma globally in 2019. Continuous technological advancements in Blood Gas Analyzer Market Growth designs for faster, portable and precise analysis is further fueling the market growth.
Market Restrain
High costs associated with advanced blood gas analyzers could hinder the market growth, especially in price-sensitive developing regions. Ensuring accurate calibration and maintenance of delicate analyzer equipment also poses challenges. Stringent regulatory approvals for new entrants could act as a roadblock for market expansion.
Segment Analysis
Point-of-Care blood gas analyzers segment is currently dominating the market as these analyzers enable clinicians to gain rapid test results and take quick clinical decisions at the patient's bedside or in emergency rooms and operating rooms. These analyzers offer high precision, quick results, and are portable in nature which make them suitable for immediate clinical use.
Central laboratory blood gas analyzers segment is also expected to grow significantly during the forecast period. Increasing volume of blood gas tests performed in hospitals and centralized clinical laboratories is driving the demand for central laboratory blood gas analyzers. These analyzers offer advanced automation, connectivity for interfacing with hospital information systems, high throughput of samples, and are used in reference laboratories where large number of blood gas tests are performed on daily basis.
Global Analysis
North America region currently holds the largest share in the global blood gas analyzers market due to continuously growing elderly population suffering from chronic diseases, widespread adoption of technologically advanced medical devices, and heavy investments made by government and leading players on research activities. Europe region also captures notable market share and is expected to grow at significant pace during the forecast period owing to increasing number of surgical procedures, rising incidence of cardiovascular and respiratory disorders, and growing healthcare expenditure. Asia Pacific region is emerging as one of the fastest growing markets for blood gas analyzers globally due to large patient pool, rising medical tourism, improving healthcare infrastructure, and growing investments by major players to tap market potential in developing Asian countries.
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