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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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.
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.
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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.
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