Blood Gas Analyzers Market

Global Blood Gas Analyzers Market Size (2023 to 2028)

The global market size of blood gas analyzers is predicted to be worth USD 796 million in 2023 and USD 1110 million by 2028, growing at a CAGR of 6.88% from 2023 to 2028.

Global Blood Gas Analyzers Market Share Insights:

• Based on product, the portable segment had the leading share of the blood gas analyzers market in 2022.
• Based on the end-user, the hospital segment accounted for a significant market share in 2022.
• The north american blood gas analyzers market had a leading share of the global blood gas analyzers market during the forecast period.

Impact of COVID-19 on the blood gas analyzers market:

The COVID-19 pandemic has significantly impacted the market for blood gas analyzers, particularly in the context of critical care diagnostics. The outbreak led to a surge in severe respiratory illnesses, particularly among COVID-19 patients, necessitating an increased focus on blood gas testing and analysis. Blood gas analyzers played a crucial role in evaluating respiratory symptoms and monitoring oxygenation levels in these patients. However, despite the heightened demand in critical care settings, the overall sales of blood gas analyzers were hindered by the COVID-19 pandemic. The overwhelming influx of COVID-19 patients strained healthcare systems and resulted in a diversion of resources, attention and funding toward essential COVID-19 diagnostics and treatments. Consequently, non-essential diagnoses and treatments, including routine blood gas testing and non-COVID-related applications of blood gas analyzers, experienced a decline. This decline had a significant impact on the overall market development for blood gas analyzers.

MARKET DRIVERS:

The growing incidence of respiratory disorders is one of the major factors propelling the growth of the blood gas analyzers market. The increasing prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma and acute respiratory distress syndrome (ARDS) is fuelling the demand for blood gas analyzers. These conditions necessitate routine monitoring of arterial blood gases to assess respiratory function, guide treatment decisions and track disease progression. Blood gas analyzers provide precise and real-time measurements of parameters such as oxygen (O2) and carbon dioxide (CO2) levels, pH, and electrolyte concentrations, thereby assisting clinicians in effectively managing respiratory disorders. The growing population suffering from respiratory diseases worldwide is anticipated to fuel the demand for blood gas analyzers and contribute to market growth.

The growing usage of POC testing fuels the blood gas analyzers market growth. Point-of-care (POC) testing has acquired a great deal of importance in healthcare settings due to its capacity to provide swift and on-site analysis, allowing for immediate treatment decisions. Particularly in emergency departments, intensive care units, and operating rooms, blood gas analyzers perform an essential role in POC testing. These analyzers provide rapid results for blood gas measurements, enabling healthcare professionals to monitor patients' conditions in real-time and intervene promptly. The widespread adoption of point-of-care blood gas analyzers is a result of their convenience and efficacy drives the market expansion.

Technological advancements contribute to the growth of the blood gas analyzer market. The market for blood gas analyzers has been significantly impacted by technological advancements, which have driven innovation and enhanced the performance of these devices. Manufacturers have introduced analyzers with enhanced features, including greater accuracy, quicker analysis times, increased automation, and connectivity options. The integration of wireless connectivity and data management systems, for instance, enables seamless transmission of results to electronic health records (EHRs) and enables remote monitoring of blood gas parameters in patients. In addition to expanding their applications beyond traditional healthcare settings, the introduction of portable and handheld blood gas analyzers has enabled point-of-care testing in ambulances, home care and other non-hospital settings.

MARKET RESTRAINTS:

The high cost of these analyzers and their consumables is a major factor restraining the market for blood gas analyzers. Blood gas analyzers are sophisticated and specialized instruments that require substantial initial investment as well as continual maintenance and consumable costs. The cost of the analyzers themselves, as well as the reagents, cartridges, and other testing consumables, can be substantial. This high cost can be problematic for healthcare institutions with limited budgets or settings with limited resources. The cost of procuring and maintaining blood gas analyzers can impede the affordability and accessibility of these devices, especially in smaller healthcare facilities and low-income areas. Blood gas analyzers can be prohibitively expensive for prospective purchasers, particularly if the testing volume is low or if alternative methods are available.

REPORT COVERAGE:

This research report on the global blood gas analyzers market has been segmented and sub-segmented based on the product, end-user and region.

Blood Gas Analyzers Market - By Product:

• Portable
• Benchtop

Based on the product, the portable segment is anticipated to hold the leading share of the global market during the forecast period. The ability of portable blood gas analyzers to provide swift results at the bedside of the patient is one of the major factors driving segmental growth. In emergency and critical care contexts, these analyzers are indispensable due to their portability, user-friendliness and instant access to vital diagnostic information. The portability and point-of-care capabilities of these analyzers establish them as a segment leader.

Blood Gas Analyzers Market - By End-Use:

• Hospitals
• Clinics and Diagnostic Laboratories
• Ambulatory Surgical Centers
• Academic and Research Institutions
• Homecare Settings

Based on end-use, the hospitals segment is expected to play a major role in the global market during the forecast period owing to their extensive use of these analyzers in critical care settings. The growth of the hospital segment is majorly driven by the requirement for real-time monitoring and assessment of respiratory and metabolic parameters in patients, particularly those in intensive care units and emergency rooms.

The clinics and diagnostic laboratories segment is estimated to hold a considerable share of the global market during the forecast period. These facilities conduct routine blood gas analysis to evaluate patient conditions, monitor chronic respiratory diseases, and direct treatment. Typically, the analyzers used in these environments are designed for moderate testing volumes and provide accurate, user-friendly results.

Blood Gas Analyzers Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

North America held the major share of the global market in 2022 and is estimated to grow at a healthy CAGR during the forecast period. The presence of a well-established healthcare infrastructure, a growing patient population suffering from respiratory diseases and the presence of key market participants majorly drive the North American market growth.

Owing to the growing healthcare awareness, increasing number of healthcare infrastructure and rising incidence of respiratory diseases, the Asia-Pacific blood gas analyzers market is expected to grow at the highest CAGR during the forecast period. Benchtop blood gas analyzers dominate the Asia-Pacific market because to their user-friendliness, better throughput, and more complete test menus, making them appropriate for high-volume facilities.

KEY MARKET PLAYERS:

Radiometer (a subsidiary of Danaher Corporation), Siemens Healthineers, Abbott Laboratories, Roche Diagnostics, Nova Biomedical, Instrumentation Laboratory (a Werfen Company), Erba Mannheim, OPTI Medical Systems (a subsidiary of IDEXX Laboratories), Edan Instruments and Convergent Technologies are some of the major companies in the global blood gas analyzers market.

RECENT HAPPENINGS IN THE MARKET:

• In April 2021, Radiometer Medical introduced the ABL9 blood gas analyzer, a device designed for testing at the point-of-care in a variety of healthcare contexts. The analyzer is appropriate for use in critical care and emergency departments due to its small size, user-friendliness, and rapid and reliable results.
• The RAPIDPoint 500e blood gas analyzer from Siemens Healthineers was approved by the FDA in September 2020. The analyzer is simpler to operate and maintain due to its sophisticated user interface, integrated quality management systems, and enhanced connectivity.