(I-BusinessNews.Com, March 11, 2021 ) According to the new market research Blood Gas and Electrolyte Analyzer Market is expected to reach USD 636.0 Million by 2021, at a CAGR of 4.6% during the forecast period of 2016 to 2021.
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A number of factors, such as the growing number of patients being treated in ICUs, NICUs, and emergency departments, and the increasing adoption of technologically advanced biosensors and data analysis software for developing next-generation blood gas analyzers are expected to drive the growth of this market in the coming years.
Leading players in Blood Gas and Electrolyte Analyzer Market are focusing on the launch of new and improved products as their key growth strategy. The major players in the global blood gas analyzers market are Abbott Laboratories (U.S.), Alere, Inc. (U.S.), Instrumentation Laboratory (U.S.), Radiometer (Denmark), Roche Diagnostics (Switzerland), and Siemens Healthcare (Germany). Radiometer is expected to command the largest share in this market with the launch of its flagship products ABL800 and ABL90.
Players in the blood gas analyzers market adopted organic (new product launch) as well as inorganic growth strategies (acquisitions and agreements) to increase their market shares. New product launch was the most prominent growth strategy adopted by market players between 2013 and 2016; it accounted for a share of 23.5% of the total number of strategic developments undertaken by market players in this period.
Several players also focused on the strategy of acquisitions to strengthen their market positions and enhance their R&D capabilities. In February 2016, Abbott entered into an agreement with Alere Inc. (a Massachusetts-based leading point-of-care diagnostics company), to acquire it for USD 5.8 billion. With this agreement, Abbott is expected to become one of the leaders in the blood gas analyzers market. ERBA-Transasia Group (India) acquired Lumora, a U.K.-based provider of patented molecular diagnostic products for the clinical and industrial markets, in September 2015. This helped the ERBA-Transasia Group to expand its product portfolio and strengthen its overall market presence.
Companies such as Roche Diagnostics Limited, Nova Biomedical, Abbott Laboratories, and OPTI Medical Systems, Inc. adopted the strategy of new product launch to develop novel blood gas analyzers, strengthen their product portfolios, and address the demands of their customers. In June 2016, Roche Diagnostics launched its blood gas learning application, namely, Blood Gas Learn Your ABGs. The new app helps in learning and interpreting arterial blood gases. This enabled the company to enhance its market visibility. Similarly, Nova launched Stat Profile Prime, a blood gas analyzer, in May 2014. This testing system can be combined with Nova’s zero maintenance cartridge technology, which gives faster and accurate results. The launch of this product helped the company to expand its product offerings in the point-of-care testing market.
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North America is expected to account largest share of the Blood Gas and Electrolyte Analyzer Market, which is primarily attributed to the growing prevalence of lifestyle diseases, increasing number of product approvals, and rising government initiatives in this region. However, the APAC Blood Gas Analyzers market is projected to witness a higher growth during the forecast period due to the growing initiatives by market players, increasing patient population base, and rising number of partnerships and joint ventures.
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