Global Point of Care Blood Gas and Electrolyte Market Information, By Product Type (Consumables and Instruments), By End Users (Hospitals & Clinics, and Research Institute) - Global Forecast till 2023
Market Highlights
Point of care blood gas and electrolyte analyzers is the new technology, which helps in reducing therapeutic turnaround time, enhancing patient satisfaction, accuracy, and help to improve hospital operations. Rising prevalence of chronic diseases and cancer across the globe, increasing the treatment of NICUs, ICUs, Cardiovascular Operating Room (CVOR), and emergency department, which drives the global point of care blood gas and electrolyte devices market growth. In 2017, due to changes in the regulatory policies of the U.S., R&D investment is affected to some extent. In 2016, R&D spending of the US was 527.5 billion, which grew by 1.6% in 2017. Currently, the major shares of the global market are dominated by few leading players, and they can fluctuate the costs of the products. In developing regions such as Asia Pacific the suppliers are trying to provide their products at affordable price.
The global point of care blood gas and electrolyte devices market is expected to grow at a CAGR of 7.8% during the forecast period 2017-2023.
Segmentation
The global point of care blood gas and electrolyte gas devices market has been segmented on the basis of types and end users.
On the basis of the types, the market is segmented into consumables and Instruments. The instrument type is sub-segmented into benchtop and portable devices. The consumable devices are further segmented into reagents, cartridges, and others.
On the basis of the end users, the market is segmented into hospitals & clinics, home care, research institutions, and others.
Key Findings:
- Consumables product segment accounts for the largest market share of 61.5% while the instruments segment is projected to grow at a CAGR of 6.3% during the forecast period from 2017 – 2023
- Hospitals & clinics dominates the global POC blood gas and electrolyte market with nearly 58.4% share of the global market, by end users
- Americas POC blood gas and electrolyte market is estimated to be USD 600.2 million in 2016
Regional Analysis
The Americas dominate the global market owing to a huge population with chronic diseases such as diabetes, kidney, and liver disease, increasing government support for research & development, and high health care expenditure. According to the WHO, in 2014, 9.7% of the total America population is having diabetes. Thus, increasing prevalence of diabetes has boosted the market growth. Additionally, changing lifestyle and the presence of major players in the market have fuelled the growth of the market.
Europe is the second largest point of care devices market across the globe, which is followed by Asia Pacific. Asia Pacific is the fastest growing market and majorly driven by India and China owing to a huge number patients with chronic diseases and rapidly growing economy. According to the WHO, 60% of the global diabetic population lives in Asia Pacific region. The healthcare expenditure of Asia Pacific has increased over the last few years, which has contributed to the growth of the market.
The Middle East and Africa region account for the least share of the global market. Whereas, Africa holds the least share of the global market due to limited availability of medical facilities and poor economic condition of the region.
Key Players
Some of the major players in this market: Siemens, Abbott, F. Hoffman-La Roche Ltd., Radiometer, Nova medical, Edan Instruments Inc., and Instrumentation Laboratory
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