Point of care blood gas and electrolyte system aims to give patients access to decentralized, patient-centric health care systems. Point-of-care blood gas and electrolytic analyzers can be used to evaluate a variety of blood sample parameters, including blood gas (pCO2 and pO2), pH, electrolytes, and various aberrant rates of metabolites present in the blood.
The market worth of POC blood gas and electrolyte in 2021 was USD 1.08 billion, and it will be worth USD 4.16 billion by 2030, growing at a 7.89% CAGR during the forecast period.
The American Lung Association estimates that 9.0 million people, or 3.6% of those 18 or older, had chronic bronchitis in 2018. As per the World Health Organization, chronic diseases also kill more than 1.7 million people annually in the United States, accounting for seven out of ten fatalities.
The healthcare sector benefits from these technologies because they speed up and accurately deliver point-of-care electrolyte testing, increase patient satisfaction, and speed up hospital operations. Due to the huge rise in emergency cases, there is a high demand for analyzers.
Market Dynamics
Drivers
The market for point of care blood gas and electrolyte devices market will rise during the forecast period due to an increase in treatments in ICUs, Cardiovascular Operating Rooms (CVOR), Neonatal Intensive Care Units (NICUs), and emergency departments.
The rising rate of chronic disorders and cancer is also promoting market expansion. Introducing beneficial regulatory actions to encourage Point of Care diagnostics will hasten market expansion. For instance, the use of POC devices is sparked by the development of Clinical Laboratory Improvement Amendments for certain products and point-of-care diagnostic assays.
Restraints
The cost of changing terminals, pump tubes, and valves in POC blood gas and electrolyte products adds up quickly in clinics and laboratories, negatively affecting operations. As a result, the high cost of replacement and maintenance may limit market expansion.
Opportunity
- Global demand will also rise as investments are made in more compact point-of-care blood gas analyzers that deliver quicker results and cater to the needs of operating rooms, emergency rooms, and critical care services.
- The use of POC devices in hospitals, ERs, and diagnostic facilities will increase as the global population ages, which will be crucial for the market’s growth.
Market Segmentation
On the basis of type, the POC blood gas and electrolyte market is divided into consumables and instruments. The consumables segment held a significant position in the market. On the other hand, the instruments segment will grow at a robust 6.3% during the forecast period.
On the basis of end-user, the market is segmented into home care, hospitals & clinics, research institutes, and others. In the year 2020, the hospitals & clinics segment ruled the entire market with the largest revenue share of 58.4%.
Regional Insights
In the year 2020, North America held the largest market position, with 41.79% of the revenue share. The largest market share of North America is due to the huge patient population, rising prevalence of chronic diseases such as kidney, diabetes, and liver disease, and increasing government support for R&D. In 2015, 30.3 million Americans had diabetes, per the Centers for Disease Control and Prevention.
Europe is the second-largest market due to the highly developed healthcare sector, significant government investment for research and development, and high healthcare expenditures, followed by Asia Pacific. The Asia Pacific Market is expanding due to rising healthcare costs and a population that is becoming increasingly obese and diabetic. The Asia Pacific region is home to 60% of the world’s diabetic population, according to the World Health Organization.
Key Players
- Fortress Diagnostics
- Edan Instruments
- Erba Diagnostics
- Medica
- Nova Biomedical
- Bayer
- F. Hoffmann-La Roche
- Abbott
- Instrumentation Laboratory
- Convergent Technologies
- Radiometer
- JOKO
- LifeHealth
- Cornley
The market worth of POC blood gas and electrolyte system in 2021 was USD 1.08 billion, and it will be worth USD 4.16 billion by 2030, growing at a 7.89% CAGR during the forecast period. The market growth is driven by the increasing prevalence of diabetes worldwide, the high acceptance of personalized medicine, and the rising use of handheld devices in homecare settings.
