Blood coagulation testing is a medical procedure done to measure the ability of blood to clot and the time required for blood clotting. Blood clotting simply refers to the thickening of the blood gushing out of a wound from liquid to solid state. Hemostasis, which causes blood clotting, thus helps in preventing excessive blood loss due to injuries. Blood coagulation testing is done prior to almost every major surgery, as surgeries involve cutting or tearing some part of the body to perform certain medical procedures. Hence, coagulation tests are done before surgeries for having an idea about the blood clotting ability of the patient’s blood.
Forecast Analysis of the Global Market
A growing demand for specialized hematology and coagulation laboratories is predicted to help the coagulation testing market to register a huge growth in the 2022-2031 timeframe. Along with this, technological advancements including fluorescence microscopy, microfluidics, electrochemical sensing, etc. are expected to boost the market further. Furthermore, the increasing prevalence of chronic blood diseases is predicted to offer numerous growth opportunities to the market in the analysis timeframe. However, high cost of coagulation devices may hamper the growth of the coagulation testing market in the estimated timeframe.
Regionally, the coagulation testing market in the Europe region is expected to be the most profitable in the forecast period. The growing incidence of cardiovascular diseases such as strokes, heart attacks, etc., is expected to be the primary growth driver of the market in this region.
As per a report by Research Dive, the global coagulation testing market is expected to reach a revenue of $8,777.3 million in the 2021–2031 timeframe, thereby growing at a stunning CAGR of 11.5% by 2031. Some prominent market players include Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, Sysmex Corporation, Helena Laboratories Corporation, Nihon Kohden Corporation., BD., Micropoint Biosciences, Abbott, Danaher, Micropoint Biosciences, and many others.
Covid-19 Impact on the Coagulation Testing Market
The Covid-19 pandemic and the subsequent lockdowns have had a catastrophic impact on various businesses and markets worldwide. The coagulation testing market, however, has been an exception. Since there has been an overall increase in demand for blood coagulation tests during the pandemic years, the market registered high growth during these years and is expected to continue on this growth trajectory in the coming period.
Significant Market Developments
The key players of the market are adopting various business strategies such as partnerships, mergers & acquisitions, and launches to gain a leading position in the market, thus helping the coagulation testing market to flourish. For instance:
- In April 2020, Haemonetics Corporation, a healthcare company, announced that it was acquiring Enicor, a German blood coagulation test system manufacturing company. The acquisition is predicted to boost the market share of the acquiring company in the coming period.
- In July 2020, Sysmex Europe GmbH, a laboratory equipment supplier, launched two blood coagulation testing analyzers, the CN-6000 and CN-3000. These products help the patients to swiftly diagnose the blood coagulation ability of their blood sample. Many medical experts consider the launch of these two products to be a pathbreaking step in the blood coagulation testing methodologies.
- In October 2021, Trivitron Healthcare, a leading medical device manufacturing company, announced that it was partnering with Diagon- Vanguard Diagnostics, a diagnostics healthcare company. This partnership is aimed at launching Diagon's coagulation analyzers in the market which is anticipated to help both companies to increase their foothold in the industry in the coming years.