The global coagulation testing market accounted for $2,241.4 million in 2018; it is expected to generate a revenue of $3,814.3 million by the end of 2026, growing at a rate of 7.1% CAGR.
The global coagulation testing market has experienced a noteworthy growth, owing to increasing demand for coagulation procedures in the treatment of cardiovascular diseases. The coagulation testing market will experience a potential growth, owing to increasing awareness among the people, the benefits of early diagnosis, and potential application in the monitoring of blood flow in COVID-19 affected patients. The market is predicted to continue its growth even after control of COVID-19, due to developing innovative and advanced point-of-care units. During this unexpected situation, we are helping market players to understand the behavior of global coagulation testing market during this time of crisis.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|5.9%||7.1%||111||USD 2,501.5 Million||USD 2,555.1 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Coagulation testing is the procedure to measure the ability of blood to clot and find the change in physical characteristics of the blood. Coagulation testing plays a significant role and helps the doctor to assess risk of developing blood clots. Due to benefits of coagulation testing, wide utilization of coagulation testing procedures in the hospitals and clinical laboratories for hematology and diagnosis for thrombosis is growing; this factor will drive the market growth in the forecast years. In addition, growing prevalence of blood disorders and cardiovascular are expected to increase the demand for coagulation testing procedures; such disorders require continuous monitoring and testing of blood flow and bleeding in the patient’s body, which is expected to boost the demand for coagulation testing procedures. Growing trend for technical advancements and incorporation of electrochemical sensing elements along with photoacoustic detection are creating most cost-effective and faster analyzers for the testing; this factor is further projected to accelerate the market growth.
However, high cost associated with the treatment and analyzers are expected to restrain the growth of the market. Also, lack of skilled professionals to perform coagulation tests may limit the market growth.
The COVID-19 pandemic has positively affected the global coagulation testing market. Many researchers are concentrating on finding the behavior of coagulopathy associated with the novel coronavirus. In this study, researchers are responsible to monitor several coagulation tests such as prothrombin time (PT), platelet count, fibrinogen and D-dimer methods to find the sensitivity of coagulation testing in hospitalized patients due to COVID-19. They have found that patients who have higher D-dimer have high chance of mortality. This factor is significantly driving the demand for coagulation testing procedures for early diagnosis and is projected to drive the growth of the market during this crisis period.
In addition, many of the government bodies are taking several initiatives to support the businesses to sustain during coronavirus crisis. For instance, in recent times, the government of China has introduced a new set of development technologies to support emerging industry verticals such as cloud computing, internet of things, industrial internet and artificial intelligence under state-owned enterprises (SOE) technologies. Also, the government has decided to reinforce innovations in sectors like telemedicine, life science, pharmaceutical and healthcare sectors.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global coagulation testing market is predicted to witness a considerable growth in 2020 and the coagulation testing market will continue its trend even after the control of coronavirus. This growth is attributed to blood coagulation testing, which is expected to play key role in detecting hemorrhages, evolving anticoagulant drugs along with evaluating bleeding risk in crucial surgeries & dialysis and examining the effectiveness of hemostatic therapies. In addition, many of the researchers are concentrating on technology advancements in coagulation measurements for especially point-of-care diagnosis testing centers. Growing trend for incorporation of innovative technologies including fluorescent microscopy, micro fluidics, and micro & nano electro-mechanical systems have been adopted to develop extremely accurate, cost-effective and robust point-of-care instruments. For instance, in March 2020, Abbott launched new device with the approval of U.S. Food and Drug Administration (FDA) that detects coronavirus in just five minutes.
Increasing trend for smart mobile based coagulation testing procedures are also projected to drive the market growth in the upcoming years. In these procedures, the self-testing technology allow the patients directly check monitor their blood flow in anticoagulation therapy. Also, emerging markets due to high demand for coagulation testing devices especially in developing nations are further will accelerate the market growth.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Coagulation Testing Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity