The global fully automatic electrolyte analyzers market is experiencing growth due to technological advancements in fully automatic electrolyte analyzers, increase in prevalence of long-term diseases, and surge in demand for point-of-care testing.
PORTLAND, Ore., Sept. 19, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Fully Automatic Electrolyte Analyzers Market by Type (Standalone, Integrated), Modality (Portable, Benchtop), End User (Hospitals, Diagnostic Centers, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". The global fully automatic electrolyte analyzers market was valued at $439.7 million in 2022, and is projected to reach $766.5 million by 2032, registering a CAGR of 5.7% from 2023 to 2032.
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The concentration of electrolytes in the blood, plasma, and other bodily fluids can be determined using a fully automatic electrolyte analyzer. Electrolytes are electrically charged ions that play a crucial role in various bodily functions, including regulating fluid balance, transmitting nerve impulses, and facilitating muscle contraction and relaxation. These analyzers operate based on the principle of ion-selective electrodes, which can selectively detect specific ions and produce an electrical signal that is proportional to their concentration.
Prime determinants of growth
The global fully automatic electrolyte analyzers market is experiencing growth due to several key factor such as increase in demand for point-of-care testing globally, rise in adoption of fully automatic electrolyte analyzers, and increase in import of fully automatic electrolyte analyzers in developing countries such as India. In addition, there is a surge in demand for point-of-care testing platforms as it provides rapid and accurate results at the patient's location, which also contributes to the market growth. However, the high cost of fully automated electrolyte analyzers restrains the growth of the market. Nevertheless, growth in focus on preventive healthcare will provide remunerative growth opportunities in the upcoming years.
Report coverage and details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $439.7 Million |
Market Size in 2032 | $766.5 Million |
CAGR | 5.7 % |
No. of Pages in Report | 236 |
Segments covered | Type, Modality, and End User |
Drivers | Technological advancements in fully automatic electrolyte analyzers Increase in prevalence of long-term diseases Surge in demand for point-of-care testing |
Opportunities | Growth in focus on preventive healthcare |
Restraints | High cost of fully automated electrolyte analyzers |
What is the Impact of Recession 2023 on Fully Automatic Electrolyte Analyzers Market?
- Economic recession has moderate impact on the fully automatic electrolyte analyzers market as technological advancements in the medical device industry has ability to withstand recession.
- However, demand for electrolyte analyzers may decrease as medical facilities cut spending and prioritize essential services.
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The integrated segment to maintain its leadership status throughout the forecast period
Based on type, the integrated segment held the highest market share in 2022, accounting for nearly two-thirds of the global fully automatic electrolyte analyzers market revenue and is expected to retain its dominance throughout the forecast timeframe. The same segment is expected to witness the fastest CAGR of 6.0% from 2023 to 2032. This is due to an increase in use of integrated automatic electrolyte analyzers over standalone automatic electrolyte analyzers. The integration of multiple functions into a single instrument allows for faster turnaround times and seamless data management through integration with laboratory information systems.
The benchtop segment to maintain its lead position during the forecast period
Based on modality, the benchtop segment accounted for the largest share in 2022, accounting for more than two-thirds of the global fully automatic electrolyte analyzers market revenue and is projected to rule the roost throughout the forecast timeframe. The wide availability of benchtop analyzers offered by the key players such as F. Hoffmann-La Roche AG, Medica Corporation, Agappe Diagnostic Ltd, and Accurex Biomedical Pvt. Ltd in the market is the key factor driving the segmental market growth. On the other hand, the portable segment is anticipated to showcase the fastest CAGR of 6.3% from 2023 to 2032. during the forecast period, owing to the increase in demand for point-of care testing that fuels the demand for portable automatic electrolyte analyzers.
The diagnostic centers segment to maintain its lead position during the forecast period
Based on end user, the diagnostic centers segment dominated the market in 2022 with more than two-fifths of the total market and is expected to remain dominant throughout the forecast period. These automatic analyzers enable diagnostic centers to process a large number of samples quickly and provide timely results to healthcare professionals, thus driving the market growth. However, the hospitals segment is expected to portray the highest CAGR of 6.1% from 2023 to 2032. This is attributed to the increase in patient admission, which is the key factor driving the adoption of automatic electrolyte analyzers in hospital settings.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global fully automatic electrolyte analyzers market revenue and is projected to rule the roost from 2023 to 2032. North America is witnessing notable growth trends, owing to an increase in prevalence of chronic diseases such as diabetes and cardiovascular diseases. On the other hand, Asia-Pacific region is anticipated to showcase the fastest CAGR of 6.5% from 2023 to 2032, which is owing to the increase in prevalence of hypertension and rise in adoption of advanced fully automatic electrolyte analyzers.
Leading Market Players:
- Agappe Diagnostics Ltd
- Accurex Biomedical Pvt. Ltd.
- Caretium Medical Instruments Co.
- Diamond Diagnostics
- Medica Corporation
- Neomedica
- F. Hoffmann-la Roche Ltd.
- Abbott Laboratories
- HD Consortium India Limited
- Siemens AG
The report provides a detailed analysis of these key players in the global fully automatic electrolyte analyzers market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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