Growing demand for coagulation testing, during the COVID-19 outbreak to promote the development of Global Coagulation Testing MarketDownload Sample Reports Overview
This outbreak of COVID has positively affected the global coagulation testing market and is anticipated to witness a noticeable growth during this outbreak. This expected growth is attributed to recent studies suggest that respiratory problems in COVID-19 patients is not only reason for the development of acute respiratory distress syndrome in patients and this respiratory issue are also happen because of blood coagulation. Also, serious novel COVID-19 pneumonia patients have thrombosis (blood clot) and this requires continuous monitoring of patients during treatment. This aspect is eventually fueling the demand for coagulation testing procedures, which is expected to accelerate the market growth in the COVID-19 outbreak. Moreover, several government bodies are implementing various initiatives during the COVID-19 lockdown period. For instance, in recent times, the government of U.S. has announced new unemployment insurance waiver in Ohio. According to this scheme, unemployment insurance benefits are available for eligible candidates, who are applied through local health authority, or quarantined as a symptom of COVID-19 or also not actually diagnosed with coronavirus.
This study provides comprehensive overview of the impact of COVID-19 on global coagulation market. Our report includes:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
As per new study done by Research Dive, the global coagulation testing market is expected to register for $3,814.3 million revenue by 2026 and rising at a 7.1% CAGR throughout the forecast period from 2019 to 2026. The global market segmentation is done on the basis of product type, application, end use and region. This study designed to offer complete insights about drivers, opportunities, restraints, segmentation and prominent players in the overall market.
Factors affecting the market growth
As per our analysts, rising occurrence of cardiovascular diseases and blood related disorders are major driving factors for the growth of the market. Nevertheless, high cost related to the coagulation testing is restricting the market growth.
Instruments segment will be the most lucrative during the forecast timeframe
The coagulation testing market has been segmented on the basis of product type into instruments and consumables. In both of these, consumables product type held the global market share in the previous years and is estimated to account for $1,975.8 million by 2026. Consumables contains strains and reagents, all testing procedure requires reagents, thereby wide consumption and repeated orders of consumables for coagulation testing, this factor projected to drive the market size. Instruments segment will witness to grow at a healthy rate of 7.4% CAGR and is estimated to reach up to $1,838.5 million by 2026. Growing diagnosis centers and developments in diagnostic analyzers along with enhanced monitoring procedures are projected to drive demand for instruments.
Prothrombin time application held the global market share
By application, the global market is categorized into prothrombin time, activated partial thromboplastin time (APTT), thrombin time and activated clotting time. Among these, the market for prothrombin time application accounted for highest coagulation testing market size in 2018 and is projected to generate a revenue of $2,648.1 million till 2026. This growth is attributed to wide usage of coagulation testing procedures for prothrombin time application in hospitals to evaluate the hemostatic system. Besides prothrombin time, the market for APTT accounted for second highest market share in the global market and is expected to register for $639.2 million in 2026.
Hospitals segment held the significant revenue share in previous years
Based on end use, the global market has been classified into hospitals, clinical laboratories, point-of-care testing and others. Among these, hospitals end use accounted for majority of the coagulation testing market share in 2018, which was about 37.0% and is projected to continue its growth during the forecast years. Increasing number of patients admitting in hospitals due to growing prevalence of chronic disorders required continuous monitoring, this factor is projected to enhance the market size in the forecast years. Point-of-care testing segment will witness to grow at a significant CAGR of 8.0% and is projected to create lucrative opportunities in the global market. This expected growth is attributed to government supports along with increasing number of point-of-care testing centers for diagnosis.
Europe region has dominated the global coagulation testing market size in 2018, it was valued at $672.4 million and is projected to account for $1,171.0 million by 2026. Presence of well-developed healthcare infrastructure and increasing geriatric population coupled with rise in occurrence of chronic diseases are projected to drive the market growth in the Europe region. Asia-Pacific market will witness to grow at a notable CAGR of 7.5% and is estimated to reach up to a revenue of $907.8 million by 2026. Increasing awareness on early diagnosis and government supports for development of healthcare infrastructure are the favorable factor for the growth of market in Asia-Pacific region.
The prominent players in the global coagulation testing market include Helena Laboratories Corporation, Thermo Fisher Scientific Inc., Micropoint Biosciences, F. Hoffmann-La Roche Ltd, Medtronic, NIHON KOHDEN CORPORATION, Sysmex Corporation, Abbott and Danaher among others.