It is estimated that the EME blood gas and electrolyte analyzers market will expand at a CAGR of 4.7% in terms of revenue from 2016 to 2024. At this pace, the market, which held an opportunity of US$114.4 mn in 2015, is expected to rise to US$170.5 mn by 2024.
Transparency Market Research estimates that the Europe and Middle East market for blood gas and electrolyte analyzers will expand at a CAGR of 4.7% in terms of revenue from 2016 to 2024. Expanding at this pace, the market is expected to rise from a valuation of US$114.4 mn in 2015 to US$170.5 mn by 2024.
In terms of volume, the market is exhibit a slightly higher 5.0% CAGR over the said period.
Rising Patient Burden in Healthcare Facilities Set to Bolster Adoption Rate of Advanced Analyzers
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Increase in geriatric population and the rising incidences of a number of chronic diseases affecting this demographics in Europe and Middle East has led to rise in the number of patients receiving critical care in intensive care units, emergency departments, and operation rooms.This shift in patient demographics is translating into increased market opportunities for the field of blood gas and electrolyte testing.
The vast rise in the number of diagnostic hospitals and centers in the region is helping unburden the rising number if patients receiving critical care. Moreover, the market is also vastly driven by technological enrichments and innovations in blood gas and electrolyte analysis devices.
In the past few years, vast funds have also been directed towards the development of fast and reliable solutions that offer improved diagnosis for patients and clinicians in the least possible timeframe. The success of these efforts can be assessed from the fact that the market has devices capable of testing blood gas in less than a minute, with also a significant reduction in the amount of blood sample needed for test.
The rising demand for such portable and fast blood gas analyzers is expected to have a significant impact on the market’s overall development in the next few years.
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Dearth of Trained Resources to Hamper Adoption of Blood Gas and Electrolyte Analyzers across EME
Despite having mostly positive growth prospects, the EME blood gas and electrolyte analyzers market is expected to be restrained to a certain extent owing to the death of trained personnel in remote areas. The complex functioning and the need for understanding of data for these analyzers remains a challenge that limits the adoption of a variety of blood gas and electrolyte analyzers in home care locations.
Other factors such as the recent economic crises in Europe, which had negative impact on the invitro diagnostics (IVD) industry and cost containment measures by health care facilities are also expected to hamper the growth of the blood gas and electrolyte analyzers.
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Combination Devices Segment to Lead to Most Promising Returns
Of the key product varieties of blood gas and electrolyte analyzers in the EME market, the segment of combination analyzers is expected to be the most promising segment, expanding at a 6.1% CAGR from 2016 to 2024. In terms of overall market valuation, the segment of blood gas analyzers dominates, holding over a 50% of the market in 2015.
Geographically, the market in the EU5 region holds the dominant position, accounting for a massive 74% of the overall market in 2015.
The Europe and Middle East (EME) market for blood gas and electrolyte analyzers features a highly consolidated competitive landscape, wherein the top three vendors: Radiometer, Siemens Healthcare, and Instrumentation Laboratories, held more than 65% of the market in 2015, observes Transparency Market Research (TMR) in a recent report. The market has seen a remarkable shift in consumer preference from traditional table-top devices to handheld portable ones in the past few years.
This factor is expected to direct the focus of key manufacturers and a vast share of their research and development funds and activities to the latter in the near future. “However, the choice of blood gas and electrolyte analyzing devices is largely governed by the suitability of a particular type for the concerned healthcare facility.
Thus, although portable point-of-care devices will conquer majority of the market of traditional devices, they will not be able to completely replace them, especially when it comes to applications requiring high volume measurements with a high rate of accuracy.” points a TMR analyst.
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