The healthcare information technology industry deals with the storage, management, and exchange of healthcare records between hospitals, laboratories, patients, insurance agencies, and government bodies. The healthcare IT industry has seen exponential growth over the last few years, with the larger IT industry serving as the growth engine for the former. New advances in the information technology domain, coupled with the changing demands of patients and healthcare institutions, are combining to shape the future of the global healthcare information technology industry.
Coagulation Testing Market Will Likely to Expand at a Steady CAGR of 9.0% by 2025
The global coagulation testing market has multiple leading market players, resulting in market consolidation and a high degree of competitive rivalry. Some of the key players in the global coagulation testing market are Alere Inc., F. Hoffmann-La Roche Ltd., Abbott Laboratories, Siemens Healthineers, SYSMEX CORPORATION, Universal Biosensors, Inc., HemoSonics, LLC, and Helena Laboratories, Inc.
According to Transparency Market Research (TMR), the global coagulation testing market was valued at US$1,730.0 Mn in 2016 and is expected to grow at a CAGR of 9.0% from 2017 to 2025, to reach an estimated value of US$3,715.8 Mn in 2025.
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Based on test type, the global coagulation testing market is segmented into PT, APTT, TT, ACT, and others. Of these, PT tests held the dominant share in the global market in 2016. High user convenience, faster results, high specificity, and high adoption rate of POC testing PT monitors are the major factors that drive the demand for PT tests. Geographically, the U.S., the U.K., and Germany are likely to remain the leading contributors to the global coagulation testing market, with leading countries in Asia Pacific such as China and India also likely to contribute significantly to the growth of the global coagulation testing market.
Increasing Prevalence of Coagulation, Cardiovascular Disorders Drives Demand for Coagulation Testing
Quick and accurate testing is important while assuring the coagulation status during emergency medical decisions. In the last few decades, there has been an increase in POC testing to understand coagulation status. The provision of quicker and reliable results and greater user convenience are a few of the advantages of POC testing, which are anticipated to drive the growth of the market during the forecast period. Furthermore, the increasing prevalence of cardiovascular diseases, which often require coagulation testing at frequent intervals, is also a key driver for the global coagulation testing market. The rising prevalence of deep vein thrombosis in developed countries is thus likely to remain a major driver for the coagulation testing market.
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The rising awareness among people toward the diagnosis and testing of their coagulation status and widespread adoption of stringent and compulsory screening of blood in blood banks are the leading drivers projected to propel the growth of the global coagulation testing market, particularly in developed countries, in the coming years.
High Prices of Coagulation Testing Instruments Restrain Coagulation Testing Market
Lack of awareness, high pricing of coagulation testing instruments, and a lack of expertise to carry out testing in developing countries are key threats to the global coagulation testing market, however, increase in the demand for coagulation testing may help ensure fast growth of the global coagulation testing market in the coming years. Furthermore, difficulties in diagnosis of clotting disorders, since most are asymptomatic, are one the major restraining factors for the coagulation testing market.
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On the other hand, the growing prevalence of clotting disorders as well as chronic health conditions such as diabetes and obesity, which may lead to coagulation disorders in emerging countries such as Brazil, China, Russia, and India could emerge as a determinant factor for the coagulation testing market.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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