Global Blood Gas Analyzers Market, By Product Type (Instruments and Consumables), By Modality (Benchtop and Portable), By Application (Anesthesia Management, Critical Care, Cardiovascular Procedures, and Others), By End User (Hospitals and Clinics, Diagnostic Laboratories, Homecare Settings, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 2.36 Bn in 2023, and is expected to exhibit a compound annual growth rate (CAGR) of 5.6% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Market players are engaged in increasing technological advancements of products, and this is expected to drive the global blood gas analyzers market growth. For instance, in July 2022, Inspira Technologies OXY B.H.N. Ltd., a respiratory support technology company, revealed the development of the HYLA blood sensor. Without the need to take actual blood samples from patients, Inspira Technologies OXY B.H.N. Ltd.'s non-invasive optical blood sensor is being designed to perform real-time and continuous blood monitoring to alert physicians of immediate signs of changes in a patient's clinical condition.
Global Blood Gas Analyzers Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems regarding the transportation of raw materials and manufacturing supplies from one place to another.
The COVID-19 pandemic positively affected the global blood gas analyzers market in several ways:
- Increased Demand: The pandemic led to a surge in demand for blood gas analyzers. With COVID-19 affecting respiratory functions, the need for blood gas analysis to constantly monitor the blood oxygen, carbon dioxide, and pH levels in patients became critical, especially for those with severe symptoms requiring intensive care and ventilation support
- Diagnostic Importance: Blood gas analyzers have played a vital role in diagnosing and managing COVID-19 patients effectively. This has underscored their importance in critical care settings, potentially driving investment and adoption.
- Technological Advancements: To meet the rising demand, companies have accelerated the development of advanced, user-friendly, and rapid blood gas analyzers. Innovations such as point-of-care devices have helped to manage the increasing patient load and the necessity for timely diagnostics
Global Blood Gas Analyzers Market: Key Developments
In June 2021, Siemens Healthineers, a multinational medical technology company, announced plans to expand its manufacturing site in Ottawa, Ontario, which produces the epoc Blood Analysis System. The enlarged facility adds 24,000 square feet to accommodate new manufacturing lines to fulfil rising demand for Siemens Healthineers' Point of Care healthcare business in Canada and over 70 countries worldwide.
In May 2022, Babson Diagnostics, a science-first health care technology company, and BD, a global medical technology company, announced the expansion of a strategic partnership to move blood sample collection into new care settings, including allowing patients to collect blood samples for diagnostic testing at home.
Browse 44 Market Data Tables and 37 Figures spread through 180 Pages and in-depth TOC on “Global Blood Gas Analyzers Market ”- Forecast to 2030, Global Blood Gas Analyzers Market, By Product Type (Instruments and Consumables), By Modality (Benchtop and Portable), By Application (Anesthesia Management, Critical Care, Cardiovascular Procedures, and Others), By End User (Hospitals and Clinics, Diagnostic Laboratories, Homecare Settings, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/blood-gas-analyzers-market-2603
Key Takeaways of the Global Blood Gas Analyzers Market:
- The global blood gas analyzers market is expected to exhibit a CAGR of 6.1% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global blood gas analyzers market.
- Among application, the anesthesia management segment is expected to hold a dominant position in the global blood gas analyzers market over the forecast period. This is due to the increasing use of blood gas analyzers in anesthesia management. Blood gas analyzers play a crucial role in anesthesia management by providing real-time information about a patient's acid-base balance, oxygenation status, and electrolyte levels. Before surgery, blood gas analysis may be performed as part of the preoperative assessment to establish a baseline of the patient's respiratory and metabolic status. During surgery, arterial blood gas (ABG) analysis is often performed at regular intervals to monitor the patient's oxygenation (partial pressure of oxygen, or PaO2) and ventilation (partial pressure of carbon dioxide, or PaCO2). This helps anesthesiologists make adjustments to the ventilator settings to maintain optimal oxygen and carbon dioxide levels.
- Among regions, North America is expected to be the dominant region in the global blood gas analyzers market due to increasing product approvals by regulatory authorities in the region
- The major players operating in the global blood gas analyzers market are Radiometer Medical ApS, Werfen, Nova Biomedical, OPTI Medical Systems, Inc., Accurex Biomedical Pvt. Ltd., Siemens Healthcare GmbH, Medica Corporation, ERBA Diagnostics Inc., F. Hoffmann-La Roche Ltd., Convergent Technologies, Bio-Rad Laboratories, and EKF Diagnostics.
