The blood coagulation testing market could achieve healthy growth at a rate of 6.5% from 2020 to 2027, believes Market Research Future (MRFR).
The heightened demand for special coagulation and hematology laboratory can be a major growth booster for the blood coagulation testing industry. Innovative technologies including microfluidics, fluorescent microscopy, photoacoustic detection, and electrochemical sensing, are extensively utilized for the development of robust, cost-effective, point of care (POC) devices. POC devices primarily calculate the mechanical, electrochemical and optical, parameters of the clotting blood. Such technological advances will be favorable for the blood coagulation testing market. Other than this, the exponential surge in cardiovascular issues along with chronic blood disorders would enhance the global market share.
On a dim note, the substantial costs associated with the blood coagulation devices along with the shortage of skilled professionals could be a major growth deterrent in the coming years.
One of the anticipated opportunities in the market can be the emergence of smartphone-based blood coagulation tests. This self-testing technology involves the device monitoring the blood flow in the patients that are undergoing the anticoagulant therapy. The device allows the patients to conduct the right at home. Two primary coagulation indexes include activated partial thromboplastin time (APTT) and prothrombin time (PT), which can be calculated using this platform.
The outbreak of covid 19 is causing unprecedented changes in the global markets. It is causing much pressure to industries. The economic crisis is leading to revenue losses in various markets. Further, health emergency is affecting the daily operations of the business. The supply chain disruptions are massive for many companies. The governmental restriction is causing delays to meet the customer demand.
Blood coagulation is facing a few difficulties during this period. Most of these tests happen in hospitals and laboratories. However, the health sector is occupied in covid patient care. Also, covid treatment and vaccination are disrupting other treatments. In 2020 several patients were allowed to hospitals for emergency conditions. Treatment for thrombosis and cardiovascular problems is delayed in many hospitals. As per blood coagulation testing market analysis the growth of the blood coagulation testing market is more in this period. Post covid 19, the blood coagulation testing will have exceptional demand. Also, the production and supply activities are expected to be massive.
The prevalence of cardiovascular and blood disorders is a crucial driver for the blood coagulation testing market. In recent times, the rate of blood disorders is surging. Cardiovascular diseases and their symptoms require blood coagulation testing’s. Also, blood disorders require this testing process for further treatment. Furthermore, the need for effective treatment for haemophilia, liver disease and thrombophilia is tremendous. These conditions can lead to excessive bleeding. All these conditions require blood coagulation testing to make the blood plasma into solid gels.
The demand for blood coagulation for these treatments will lead to remarkable demand in the blood coagulation testing market. Further, government investments to enhance health infrastructure is a crucial driver. The governmental initiative is exceptional support to the health industry. Through these investments installation of new medical devices is possible.
The blood coagulation testing market has higher adoption due to a rise in investment. Adoption of these testing technologies leads to effective and efficient treatment for blood disorders. The expansion of health care facilities is bringing favourable changes in the blood coagulation testing market. With a high number of clinic and hospitals, the treatment for these problems is quick. Also, with more hospitals, the adoption of blood coagulation testing rises.
The technological developments in the blood coagulation testing market will lead to high growth opportunities. There are plenty of innovations in blood testing techniques. The advanced technologies will create more demand in the upcoming years. These enough end technologies are photo detection, fluorescent microscopy, electrochemical sensing and micro fluids.
These technologies make the blood testing process cost-effective and efficient. All these factors will lead to robust growth opportunities in the blood coagulation testing market. Furthermore, smartphones enabled blood coagulation will lead to more growth possibilities. It is a self-testing technology that can track patient’s conditions under anticoagulant therapy.
This facility helps to test patients at home. Visiting hospitals for a very checkup is reduced by this technology. The prothrombic and thromboplastin procedure is tracked through the technology. These results are highly reliable and accurate. This innovation in the blood coagulation testing market can lead to enormous supply rates. Due to these growth possibilities, the blood coagulation revenue rates will be higher.
The stringent regulatory process in the blood coagulation testing market is a restraining factor. To carry out blood coagulation testing there are plenty of regulations. This process requires expert’s supervision or it can be a life threading procedure. Due to this, the regulatory process for the process is high.
Only certain levels of medication are used to change the blood from soluble state into the gel. The medical norms and governmental norms during this procedure create disruptions. Delay to get approval and high time consumption are some factors affecting the growth. It retains of the blood coagulation testing market can affect the demand rate.
The high cost incurred in blood coagulation testing is a significant challenge. Blood coagulation is the advanced producer. It is a procedure that requires various checkups and steps. The entire blood coagulation process is expensive. Only some part of the population can afford ties treatment. This can lead to less demand for the test in the forecast period. Further, the poor reimbursements in many regions for blood coagulation testing can cause hindrance.
North America is a region that offers various reimbursements for medical procedures. However, developing regions such as the Asia Pacific market has poor reimbursements. The lack of these policies makes it tough to afford the treatment. No assistance from the government through reimbursements can affect the overall growth of the blood coagulation testing market.
The blood coagulation testing market trends remain steady in the forecast period. The adoption of blood coagulation testing is massive in several hospitals and health facilities. The prevalence of blood disorders and cardiovascular conditions is leading to high adoption. The crucial drivers of the blood coagulation testing market such as the governmental investments for the health industry are leading to gig her developments.
Further, the expansion of the health industry leads to more adoption of medical devices. All these factors ultimately impact his blood coagulation testing market positively. However, the high cost and stringent regulatory norms are drawbacks in the market. The growth opportunities that are technological advancements will lead to exceptional developments.
The North American regions dominate with blood coagulation testing market share. The healthcare scenarios are favourable for blood coagulation testing market growth. The top key players in the region bring innovation and cost-effectiveness to the audience.
The prevalence of deep vein thrombosis is driving demand in North America. Canada and US Rae regions have higher investments in the market. Furthermore, advanced medical devices, health centres and experts create more developments. North America will be the early adopter for new blood coagulation techniques. Also, exceptional reimbursements for blood testing will lead to higher growth.
The competition in the blood coagulation market is expected to grow in the forecast period. There will be competition in adopting the new techniques of blood coagulation technique. Also, price competition is expected to be high in the upcoming years. Technological advancements and innovations are the key strategies in the market. Also, market accusations, expansion and internships will happen in upcoming years.
The crucial regions in the blood coagulation market are Asia Pacific, Europe and North America. North America will continue to lead the market with higher demand. Further, high investments in the region can lead to product launches. Also, the prevalence of the chronic disease will lead to higher demand North America is a region that will record the highest revenue rates.
Asia pacific will have a higher demand for blood coagulation testing in the forecast period. Road accidents are the deriving factors for these tests. Also, Europe is another market with high demand due to chronic heart problems. The death rate due to heart problems is amounting to 3.9 billion in Europe. It is leading to plenty of medical advancements in the region. Also, the Middle East has high growth scope for the blood coagulation market.
The key players in the blood coagulation testing market are
Researcher team at the University of Washington has come up with the latest blood-clotting test that make use of just one drop of blood along with a smartphone camera and vibration motor. This system has a plastic attachment with a tiny cup underneath the camera. The team has tested the blood from around 80 anonymized patients from Harborview as well as the University of Washington medical centers. The test yields accurate results, almost in the range of the commercial tests.
Cardiovascular Systems is planning to create a complete range of minimally invasive medical hardware developed for removing blood clots. The company has joined hands with Innova Vascular for assistance in creating both aspiration-powered and mechanical systems, focused on the treatment of deep vein thrombosis, pulmonary embolisms, and peripheral vascular disease
|Market Size||2027: Significant Value|
|CAGR||6.5 % (2017-2023)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Application, Test Type, and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||F. Hoffmann-La Roche Ltd. (Europe), Alere Inc. (U.S.), Siemens Healthcare Private Limited (Europe), Accriva Diagnostics (U.S.A.), CoaguSense, Inc. (U.S.), HomoSonics LLC. (U.S.), iLine Microsystems. (Europe), Instrumentation Laboratory (U.S.), Sienco, Inc. (U.S.), SenGenix Inc. (U.S.), Bio/Data Corporation (U.S.)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
The Blood Coagulation Testing Market is projected Growth of CAGR of 6.5 % during the forecast period 2017-2023.
The America is growing at the highest CAGR over 2017- 2023
The key players in Global Blood Coagulation Testing Market are F. Hoffmann-La Roche Ltd. (Europe), Alere Inc. (U.S.), Siemens Healthcare Private Limited (Europe), Accriva Diagnostics (U.S.A.), CoaguSense, Inc. (U.S.), HomoSonics LLC. (U.S.), iLine Microsystems. (Europe), Instrumentation Laboratory (U.S.), Sienco, Inc. (U.S.), SenGenix Inc. (U.S.), Bio/Data Corporation (U.S.)
The major players for the blood coagulation testing market are F. Hoffmann-La Roche Ltd. (Europe), Alere Inc. (U.S.), Siemens Healthcare Private Limited (Europe), Accriva Diagnostics (U.S.A.), CoaguSense, Inc. (U.S.), HomoSonics LLC. (U.S.), iLine Microsystems. (Europe), Instrumentation Laboratory (U.S.), Sienco, Inc. (U.S.), SenGenix Inc. (U.S.), Bio/Data Corporation (U.S.)