EME Blood Gas and Electrolyte Analyzers Market to Become Worth US$170.5 mn by 2024

The Europe and Middle East (EME) blood gas and electrolyte analyzers market 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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Combination Devices Segment to Lead to Most Promising Returns

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. 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.

Rising Patient Burden in Healthcare Facilities Set to Bolster Adoption Rate of Advanced Analyzers

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.

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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.

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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Blood Gas and Electrolyte Analyzers Market: Market in EU5 Countries to Hold on to Maximum Share in Overall Market

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. 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.

Europe and Middle East Blood Gas and Electrolyte Analyzers Market: Snapshot

Blood gas and electrolyte analyzers have been subject to significant advancements over the years, witnessing a massive transformation from central laboratory applications to treatment for respiratory ailments and point-of-care diagnostic uses. Blood gas testing has been significant for critically ill patients for several years now and manufacturers of analyzers are conscious of the needs of the critical care testing, and offer devices that are easy-to-use and provide quick and accurate results. Moreover, manufacturers have focused on offering smaller sized, multi-parameter monitoring devices with expanding test menus due to increasing demand for advanced analyzers.

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Time- and Cost-effective Portable Analyzers Gain Increased Focus

For the study, the blood gas and electrolyte analyzers market has been segmented based on modality, product type, end-user, and geography. Based on product modality, the market has been segmented into laboratory analyzers, benchtop analyzers, and portable analyzers. Of these, the segment of laboratory analyzers presently leads, holding a 38% of the market in 2015. The segment, however, is losing market owing to the dearth of skilled laboratory staff in many countries across Europe and the Middle East and the relatively slower nature of laboratory analyzers.

These factors have shifted the preference of consumers to portable analyzers that can be used in point-of-care sites. Portable blood gas and electrolyte analyzers are easy to transport and prove to be the most cost effective when employed in test locations with a low test volume per day. Owing to these factors, the segment of portable analyzers is expected to gain wider acceptance in Europe and Middle East and exhibit a more than 5% CAGR in terms of volume as well as revenue over the forecast period.

Market in EU5 Countries to Hold on to Maximum Share in Overall Market

Geographically, the market in Europe and Middle East has been segmented into three regions: EU5, Nordics, and Middle East. The market in the EU5 region accounted for a massive share of 74% of the EME blood gas and electrolyte analyzers market in 2015. The region is expected to retain its dominant stance in the market in the near future as well, chiefly owing to the sophisticated health care sector, with major focus on quality of care in countries in Europe. Europe is the second largest medical devices market, and is also identified as a rapidly growing point-of-care diagnostics market. Germany dominated the EU5 market with nearly 36% share in 2015 and is expected to be at the forefront in the next few years.

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The Nordics region, comprising countries such as Denmark, Iceland, Finland, Norway, and Sweden, accounted for a minimal share in the market in 2015. The Middle East accounted for a moderate 12.4% share in the market in the said year. The region offers opportunities in the blood gas and electrolyte analyzers market due to growing prevalence of a number of diseases leading to increase in patient burden. In the past few years, countries in the Middle East have rapidly developed their health care sectors and are making significant investments to improve the quality of health care in order to become attractive destinations for medical tourism.

In the largely consolidated competitive landscape of the EME blood gas and electrolyte analyzers market, some of the most impactful vendors are Abbott Laboratories, Nova Biomedical, Radiometer Medical ApS, Medica Corporation, ERBA Diagnostics Mannheim GmbH, Siemens Healthcare, Instrumentation Laboratories, and F. Hoffmann-La Roche Ltd.