Coagulation testing market would register approximately 6.5% CAGR by 2023
Blood Coagulation/ Clotting prevents excessive bleeding during an injury or surgery. Coagulation tests measure blood’s ability and the duration it takes to clot. These tests help clinicians to assess the risk of excessive bleeding or developing clots (thrombosis) in the blood vessels. Clinicians frequently order coagulation tests to assess blood clotting function in patients before performing surgeries or in treatments of disorders related to arteries.
Coagulation tests help in determining the probable bleeding rate in the perioperative or postoperative period. These laboratory tests are also helpful in elucidating the cause of unexplained bleeding and predicting blood clotting or thrombosis in the absence of vessel injury. The global blood coagulation testing market appears to be well-established with the availability of many well-described assays. The market is growing pervasively over the past few years.
According to Market Research Future (MRFR), the global blood coagulation testing market is expected to grow exponentially by 2023. In its recently published study, MRFR also asserts that the market would register approximately 6.5% CAGR throughout the assessment period (2017 – 2023). Growing liver failure cases foster market growth, driving the demand for blood coagulation tests.
The market is predominantly driven by the rising prevalence of the liver disease, von Willebrand disease (vWF), and hemophilia and increasing per capita healthcare expenses. Significant technological strides in testing devices led by the substantial investments transpired by the private & public organization are escalating the market on a global level, driving R&D activities.
Well-spread awareness about various diseases and disorders related to liver, hemophilia, and vWF driven through various governmental initiatives acts as a major tailwind pushing the growth of the blood coagulation testing market, further. Additional factors, such as the increasing population, sedentary lifestyle, and urbanization support market growth.
Conversely, high costs of these tests and poor reimbursement policies are the two significant growth constraining factors. Moreover, the unmet clinical needs and the unavailability of external funding, especially in developing regions, obstruct the growth of the market. Nevertheless, improving economic conditions would support the growth of the market, availing access to excellent healthcare, and increasing healthcare expenditures.
Blood Coagulation Testing Market – Segmentations
The report is segmented into five key market dynamics to widen the scope of understanding,
By Product : Automated Testing, Semi-Automated Testing, and Clinical Laboratory Testing, among others.
By Application : Acquired Bleeding Disorders, Congenital Bleeding Disorders, Hemophilia, and Von Willebrand Disease, among others.
By Test Type : Testing Kits {segmented into prothrombin time (PT), activated clotting time, D dimer, and fibrinogen (FIB)}, and others.
By End-users : Hospitals, Academic Institutions, and Diagnostic Laboratories, among others.
By Regions : Europe, North America, APAC, and the Rest-of-the-World (RoW).
Blood Coagulation Testing Market – Regional Analysis
North America is forecasted to retain its leading position in the global blood coagulation testing market throughout the review period. The presence of prominent market players and well-developed healthcare sectors in the region influence the market growth, significantly.
Besides, rising prevalence of the liver disease, von Willebrand disease (vWF), and hemophilia alongside, the high healthcare expenditures, especially in the US & Canada, drive the market growth. Simultaneously, huge technological advances and increasing government support for research & development are impacting the growth of the regional market, positively.
Europe takes the second-leading position in the global blood coagulation testing market. Factors such as the presence of a large number of well-established players and their investments in R&D activities foster the growth of the regional market. Well-spread awareness driven by private and public organizations about various diseases and disorders related to liver, hemophilia, and vWF acts as a major tailwind for the European blood coagulation testing market.
The Asia Pacific blood coagulation testing market is rapidly emerging as a lucrative market globally. Factors substantiating the growth market include increasing healthcare expenditures and favorable government policies in the region. Substantial investment transpired into R&D activities, rapidly developing healthcare infrastructure and government support boost the growth of the APAC blood coagulation testing market. Furthermore, huge patient population alongside the augmenting demand for quality medical would increase the growth of the regional market.
Global Blood Coagulation Testing Market – Competitive Analysis
Fiercely competitive blood coagulation testing market appears fragmented due to many large and small players churning the competition in the market. Through the strategic partnership, acquisition, expansion, product & technology launch, and collaboration, these players try to gain a competitive edge.
Major Players:
Players leading the global blood coagulation testing market include including Alere Inc. (US), Siemens Healthcare Private Limited (Europe), F. Hoffmann-La Roche Ltd. (Europe), CoaguSense, Inc. (US), HomoSonics LLC. (US), Accriva Diagnostics (US), Instrumentation Laboratory (US), SenGenix Inc. (US), iLine Microsystems. (Europe), Bio/Data Corporation (US), and Sienco, Inc. (US), among others.
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