Coagulation Testing Market Size is Projected to Surpass a Revenue of $8,777.3 Mn by 2031Download Sample Reports Overview
The global coagulation testing market is predicted to be valued at $8,777.3 million by 2031, surging from $3,101.7 million in 2021, at a noteworthy CAGR of 11.5%.
Impact Analysis of COVID-19 on the Coagulation Testing Market
The COVID-19 pandemic has led to severe disruptions that have affected many businesses negatively and disrupted demand, supply, and import-export across the globe. People lost their jobs, which spiked the unemployment rate, and the mortality rate also increased due to the outbreak. There were restrictions such as lockdowns and quarantines that prevented people from traveling outside. The COVID-19 outbreak has favorably influenced the worldwide coagulation testing industry.
Many researchers are working on determining the behavior of coagulopathy related to the new coronavirus. In this study, researchers are accountable to monitor numerous coagulation tests such as prothrombin time (PT), platelet count, fibrinogen, and D-dimer techniques to identify the sensitivity of coagulation testing in hospitalized patients due to COVID-19. They have found that patients who have a higher D-dimer have significant likelihood of dying. This aspect is considerably driving the need for coagulation testing techniques for early diagnosis and is predicted to boost the growth of the market during this crisis time.
Global Coagulation Testing Market Analysis
The main factors that contribute to the growth of the coagulation testing market include an increase in the prevalence of blood disorders & cardiovascular diseases, a rise in the geriatric population, high demand for point-of-care coagulation testing, and technological advancements such as faster and easy-to-use devices with advanced sensors technology. Moreover, new technology in coagulation testing is providing fuel to the growth of the market. Furthermore, rise in the prevalence of liver illness, thrombophilia, and hemophilia are anticipated to boost the coagulation testing market growth. The global coagulation testing market share is expected to grow significantly over the forecast period due to an increase in the prevalence of blood diseases. Moreover, an increase in expansion of healthcare infrastructure in established and emerging nations is one of the primary driving factors aiding to the growth of the market.
There are factors such as high costs of devices, availability of expensive therapy, severe regulatory changes, and inadequate reimbursement policies in the emerging parts of the world that may hinder market expansion.
Rise in demand for disposable coagulation testing equipment is giving profitable business prospects in near future. Distribution channels are playing a key role in the growth of the coagulation testing industry. The disposable coagulation testing kit is commonly available at offline pharmacy stores. Meanwhile, the rise in e-commerce platforms is improving the visibility of the commodity. Cost-effectiveness and highly dependable kits are going to fuel market growth in the next year.
Global Coagulation Testing Market, Segmentation
The global coagulation testing market is segmented based on type, application, end-use industry, and region.
The type segment is further classified into instruments and consumables. The instruments sub-segment is anticipated to grow at a significant rate during the forecast period. The demand for instruments has risen tremendously as they are equipped with new technologies that play a major role in efficiently determining blood clotting time. For instance, the latest generation of coagulation analyzers is entirely automated and integrates various technologies into the same device. Additionally, the combination of numerous assay processes in a single piece of equipment and various commercially available analyzers that are capable of performing tests such as prothrombin time, activated partial thromboplastin time, D-Dimer, and fibrinogen is anticipated to propel the coagulation testing market size in the upcoming years.
The application segment is further classified into prothrombin time, activated partial thromboplastin time, thrombin time, and activated clotting time. Among these, the prothrombin time sub-segment accounted for the highest revenue share. Growth in this market segment may be related to the increased use of prothrombin time tests in determining the time it takes for blood to clot. These tests are used to monitor patients implanted with mechanical heart valves, ventricular assist devices, persistent atrial fibrillation, venous embolism and thrombosis of deep veins of the lower limbs, deep venous thrombosis, and pulmonary embolism.
The end user segment is further classified into hospitals, clinical laboratories, point-of-care testing, and others. Among these, the point-of-care testing sub-segment is predicted to show the fastest growth during the forecast period. This growth is majorly owing to the growing need for rapid screening for infectious diseases like HIV, dengue fever, malaria, and influenza. Infectious disease tests are useful in community clinics and remote or resource-limited areas where there may not be access to a central lab or where infrastructure is limited for transporting samples. Infectious disease testing at the point of care can also result in faster treatment, preventing infections from spreading When time is of the essence, such as in emergency departments or at accident sites, point-of-care diagnostics give quick information on blood gases, electrolytes, or troponin.
The coagulation testing market in North America region is projected to show a significant growth rate. The factors contributing to the high growth of this market include the rise in incidence/prevalence of blood-related disorders and increasing government initiatives for the development of efficient blood coagulation kits. Furthermore, advancements in information technology related to the healthcare system has a significant influence on the development of point of care (POC) testing, creating prospective opportunities for expansion. Moreover, the rapidly growing geriatric population and the subsequent increase in the incidence of thalassemia, sickle-cell anemia, and leukemia are anticipated to boost the North America coagulation testing market size in the upcoming years.
Key Players in the Global Coagulation Testing Market
Some of the significant coagulation testing market players include
- Thermo Fisher Scientific Inc.
- Helena Laboratories Corporation
- Micropoint Biosciences
- F. Hoffmann-La Roche Ltd.
- Nihon Kohden Corporation
- Sysmex Corporation
In December 2020, Nihon Kohden, has launched MEK-1305 Celltac α+, an Automated Hematology and ESR Analyzer, in overseas markets. This is the world’s first hematology analyzer that can measure complete blood count.