Blood Coagulation Testing Market
Number of pages: 100 | Report Format: PDF | Published date: June 21, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 3.31 billion |
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Revenue Forecast in 2031 |
US$ 8.73 billion |
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CAGR |
11.35% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Test Type, Product, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global blood coagulation testing market was valued at US$ 3.31 billion in 2022 and is expected to register a revenue CAGR of 11.35% to reach US$ 8.73 billion by 2031.
Blood Coagulation Testing Market Fundamentals
Blood coagulation testing, also known as hemostasis, is a diagnostic process used to assess the ability of blood to form clots and prevent excessive bleeding. It involves measuring various components and functions of the coagulation system to evaluate its overall functionality. This testing plays a crucial role in diagnosing and monitoring several diseases related to bleeding, clotting, and thrombotic disorders.
The blood coagulation testing market is continuously evolving, driven by technological advancements, increased awareness about bleeding and clotting disorders, and the growing aging population. There is a rising demand for point-of-care testing devices that provide rapid and convenient coagulation test results at the patient's bedside or in non-laboratory settings. POCT devices offer faster turnaround times, enabling timely diagnosis and treatment decisions. Manufacturers are focusing on developing portable and user-friendly coagulation testing devices to meet this demand. Moreover, automation and integration of coagulation testing systems are gaining prominence. Fully automated systems can handle high sample volumes, reducing the turnaround time and enhancing laboratory efficiency. Integrated platforms that combine multiple testing functionalities, such as routine coagulation testing, specialty assays, and platelet function analysis, are being developed to provide comprehensive testing capabilities in a single instrument.
Market players in the blood coagulation testing market are continuously evolving to stay competitive and meet the evolving needs of healthcare providers and patients. Companies are focusing on developing technologically advanced and user-friendly coagulation testing devices. This includes the development of point-of-care testing (POCT) devices that offer faster turnaround times and ease of use. Market players are investing in research and development to improve the accuracy and sensitivity of coagulation assays and explore new biomarkers for better diagnostic capabilities.
Blood Coagulation Testing Market Dynamics
The rising prevalence of hemostatic disorders, such as hemophilia A (factor VIII deficiency), von Willebrand disease, and hemophilia B is a major factor driving the blood coagulation testing market. According to the Centers for Disease Control and Prevention, in August 2022, Hemophilia A affected one in every five thousand male births, resulting in around 400 babies born with this condition yearly.This trend is expected to increase in the forecast years due to the growing geriatric population, the number of surgeries, and the increasing incidence of chronic diseases such as cancer and cardiovascular diseases such as atrial fibrillation.
Moreover, the technological advancements in blood coagulation testing devices and the development of new and innovative testing methods are expected to boost the revenue growth of the blood coagulation testing market in the forecast years. The introduction of point-of-care testing devices has made it easier for healthcare professionals to diagnose and monitor patient coagulation disorders quickly. Additionally, using biomarkers and genetic testing combined with traditional coagulation tests has allowed for more precise and personalized treatment plans.
The global blood coagulation testing market is predicted to witness an increase in revenue CAGR due to the increased focus on research and development in blood coagulation. Developing advanced coagulation testing equipment and assays that offer more precise and efficient results is expected to boost the demand for blood coagulation. The introduction of automated coagulation analyzers has revolutionized the blood coagulation testing market. These analyzers offer rapid and accurate results with minimal human intervention, making them ideal for high-volume testing in hospitals and diagnostic laboratories.
However, strict government regulations, high costs of tests and treatments, and limited accessibility for low-income populations are certain factors that can limit the blood coagulation testing market revenue growth to some extent.
Market Ecosystem
The global blood coagulation testing market is analyzed from the following perspectives: by test type, product, end user, and region.
Blood Coagulation Testing Market by Test Type
Based on test type, the global blood coagulation testing market is segmented into prothrombin time (PT), activated partial thromboplastin time (aPTT), and thrombin time (TT).
The prothrombin time (PT) segment accounted for the majority of the global blood coagulation testing market share in 2022.This is due to its increased demand for monitoring patients on anticoagulant therapy and diagnosing and managing bleeding disorders like liver disease such as cirrhosis and vitamin K deficiency. Prothrombin time testing is also useful in assessing the efficacy of blood-thinning medications like warfarin. Moreover, the rising prevalence of cardiovascular diseases and the growing demand for point-of-care testing are anticipated to fuel further growth in the prothrombin time testing market.
Blood Coagulation Testing Market by Product
Based on the product, the global blood coagulation testing market is segmented into consumables and instruments.
The consumables segment accounts for the majority of the global blood coagulation testing market share. This is majorly attributed to the traditional application of consumables in blood coagulation testing. Consumables such as test strips, reagents, and control solutions are designed to work specifically with certain coagulation testing instruments, ensuring consistent and reliable results. They also eliminate the need for manual preparation of reagents, reducing the risk of human error and contamination. In addition, consumables are typically less expensive than purchasing larger quantities of individual components separately, making them a more economical choice for laboratories and healthcare facilities. Using consumables in blood coagulation testing can improve efficiency, accuracy, and cost-effectiveness.
Blood Coagulation Testing Market by End User
Based on end user, the global blood coagulation testing market is segmented into hospitals, point-of -care testing, and clinical laboratories.
The hospitals segment dominated the global blood coagulation testing market. This is majorly attributed to the availability of advanced healthcare infrastructure and hospital-skilled professionals. In addition, the adoption of point-of-care testing devices and the development of novel coagulation assays are expected to further fuel the revenue growth of the hospital segment in the forecast years.
Blood Coagulation Testing Market by Region
The blood coagulation testing market is segmented based on the region into North America, Europe, Asia Pacific, Latin America, & the Middle East & Africa.
North America accounted for most of the global blood coagulation testing market 2022. This is attributed to the high prevalence of coagulation disorders such as clotting factor deficiencies, hemophilia, von Willebrand disease, and deep venous thrombosis. The Centers for Disease Control and Prevention 2022 estimated that around 3200000 or 3.2 million people in the US have von Willebrand disease. The United States is the largest market in North America, with a significant market share attributed to the presence of leading players. However, Canada is expected to witness substantial revenue growth owing to the increasing adoption of point-of-care testing and raising awareness about the importance of early diagnosis of blood disorders.
The Asia Pacific blood coagulation testing market is expected to register 11.95% of revenue CAGR in the forecast years. This growth can be attributed to various factors, such as the increasing prevalence of coagulation disorders and technological advancements. According to a report by the National Center for Biotechnology Information in 2022, a survey in Japan in 2018 revealed approximately 8751 cases of coagulation disorders, with 5301 cases specifically related to hemophilia A. The increasing demand for point-of-care testing and home-based monitoring is expected to drive the market’s revenue growth. The development of innovative testing methods and the availability of cost-effective testing kits will also likely contribute to market revenue growth. Furthermore, the presence of a large number of market players in the region and increasing investments in research and development activities are expected to boost market growth in the region.
Strategic Development Blood Coagulation Testing Market
Blood Coagulation Testing Market Competitive Landscape
The blood coagulation testing market is constantly evolving with the emergence of new players and technological advancements. The market is highly fragmented, with several key players holding a significant market share. Some of the major players operating in the market include Siemens Healthineers, Roche Diagnostics, Abbott Laboratories, and Sysmex Corporation. These companies focus on expanding their product portfolios and geographical presence to gain a competitive edge in the market. Additionally, partnerships and collaborations are becoming increasingly common among players in the market, allowing them to leverage each other's strengths and expand their market reach.
Some of the prominent companies having the largest revenue share in the global blood coagulation testing market are,
Blood coagulation testing, also known as hemostasis, is a diagnostic process used to assess the ability of blood to form clots and prevent excessive bleeding.
The global blood coagulation testing market has witnessed significant growth over the years, owing to the increasing prevalence of various blood disorders and the growing demand for early diagnosis and treatment.
The global blood coagulation testing market is expected to register a revenue CAGR of 11.35% in the forecast period from 2022 to 2031.
North America accounted for the majority of the global blood coagulation testing market, with the majority of the market revenue share in 2022. this is due to the presence of a high patient pool and the presence of many top market players in the region.
The global blood coagulation testing market was valued at US$ 3.31 billion in 2022.
*Insights on financial performance are subject to the availability of information in the public domain