Global Fully Automatic Electrolyte Analyzers Market Driven by Surge in Demand for Point-of-Care Testing
Posted on 20 Sep 2023
Fully automatic electrolyte analyzers can measure the levels of electrolytes in various bodily fluids like blood and plasma. Electrolytes are ions that have an electrical charge and are essential for multiple bodily functions such as balancing fluids, transmitting nerve signals, and aiding in muscle contraction and relaxation. Electrolyte analyzers work on the principle of ion-selective electrodes, which can specifically identify certain ions and generate an electrical output corresponding to their concentration. Factors like technological innovations, the rising prevalence of chronic diseases, and the growing demand for point-of-care (POC) testing are driving the growth of the global market for fully automatic electrolyte analyzers. The market was valued at USD 0.44 billion in 2022, and is projected to reach USD 0.77 billion by 2032, registering a CAGR of 5.7% from 2023 to 2032.
These are the latest findings of Allied Market Research (Portland, OR, USA), a full-service market research and business-consulting firm.
Several factors are contributing to the growth of the fully automatic electrolyte analyzers market. Among them are the increasing global demand for POC testing, a growing tendency to adopt fully automatic analyzers, and rising imports of these devices in developing nations. POC testing is gaining traction because it offers quick and precise results right where the patient is, thereby further fueling market growth. However, the steep prices of these automated analyzers are limiting market growth. Despite this, an increased emphasis on preventive healthcare is likely to create new opportunities for market players in the coming years.
On the basis of product type, the integrated segment held the lion's share in 2022, accounting for close to two-thirds of total market revenue. This segment is expected to maintain its leading position and is also projected to grow at the fastest CAGR of 6%, due to increasing preference for integrated over standalone devices. These integrated systems offer quicker processing times and easier data handling because they can be connected to laboratory information systems.
Based on modality, the benchtop segment held the largest share in 2022, accounting for over two-thirds of market revenue. This segment is expected to maintain its dominant position largely due to the extensive range of benchtop models provided by major companies. The portable segment, however, is expected to grow at the fastest CAGR of 6.3% during the forecast period due to the increasing demand for POC testing, which in turn is boosting the demand for portable electrolyte analyzers.
Based on end user, diagnostic centers held the largest market share in 2022, accounting for more than two-fifths of the total revenue. These centers favor automatic analyzers as they allow for quick processing of multiple samples, thereby enabling timely reporting to healthcare professionals. Meanwhile, the hospitals segment is likely to experience the highest CAGR of 6.1% in the forecast period, as rising patient admissions are spurring the adoption of these analyzers in hospital environments.
Based on region, North America led the market in 2022, accounting for nearly two-fifths of the global market revenue and is expected to maintain its dominant position during the forecast period. The North American fully automated electrolyte analyzers market is witnessing notable growth, owing to an increase in the prevalence of chronic diseases such as diabetes and cardiovascular diseases. On the other hand, the Asia-Pacific market is expected to witness the fastest CAGR of 6.5% during the forecast period, owing to an increase in the prevalence of hypertension and rise in adoption of advanced fully automatic electrolyte analyzers in the region.
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