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Blood Coagulation Testing Market – Scenario
Global Blood Coagulation Testing Market is expected to grow at a CAGR of 6.5 % during the forecast period 2017-2023. Blood coagulation is a process of blood clot formation. In case of patients suffering from chronic and fatal diseases such as haemophilia, liver disease, thrombophilia the process of blood clotting is found is hindered. Blood coagulants, are natural and synthetic substances that are used to stop blood resulting from an injury or surgery. The market for blood coagulation testing is found to exhibit positive growth owing to the rising prevalence of cancer, and increasing demand screening test for chronic diseases. However, high cost of diagnostic devices is a major factor hindering the growth of the market.
The liver plays an important role in the normal functioning of hemostasis, which helps in preventing bleeding and undue activation of coagulation. According to the Centers for Disease Control and Prevention (CDC), in 2015, around 3.9 million adults were diagnosed with liver disease, which is about 1.6% of adult population of the U.S.
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According to a study conducted by the Global Burden of Disease Liver Cancer Collaboration, in 2015, around 854,000 new incidents of liver cancer were found and 810,000 deaths occurred owing to liver cancer globally. Furthermore, it is the sixth most common-incident cancer globally and the fourth most common cause of cancer death.
Moreover, advancing technology in blood coagulation testing is adding fuel to the growth of the market. Furthermore, increasing prevalence of liver disease, thrombophilia, and hemophilia also drives the market growth. However, availability of expensive treatment and poor reimbursement policies in the developing regions of the world are some of the factors, which may hamper the market growth during the forecast period.
Key Players:
Some of the major players for the global blood coagulation 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.).
Segmentations:
The global blood coagulation market is segmented on the basis of product, application, test type, and end user.
On the basis of the product, the market is segmented into clinical laboratory, automated testing, and semi-automated testing.
On the basis of application, the market is segmented into congenital bleeding disorders, acquired bleeding disorders, Von Willebrand disease, and hemophilia.
On the basis of test type, the market is segmented into various testing kits and others. Furthermore, testing kits are segmented into prothrombin time (PT), activated clotting time, D dimer, and fibrinogen (FIB).
On the basis of the end user, the market is segmented into academic institutions, hospitals, and diagnostic laboratories.
Regional Analysis:
The Americas dominate the global blood coagulation testing market owing to increasing patient with liver disease, von Willebrand disease (vWF), and hemophilia. Furthermore, well-developed technology, high health care spending, increasing government support for research & development, and the concentration of major companies have fuelled the growth of the market in this region.
Europe holds the second position in the global blood coagulation testing market owing to the government support for research & development and availability of funds for research. This is expected to continue to drive the European market over the forecast period. For instance, countries like Germany and France are increasing investment in the healthcare domain. According to a study conducted by Global Burden of Disease Liver Cancer Collaboration, in 2017, Western Europe ranked third in the liver cancer cases and fourth in liver cancer death.
The Asia Pacific is the fastest growing blood coagulation testing market owing to the presence of rapidly developing healthcare technology, a huge patient population, and high healthcare expenditure. Moreover, increasing demand for new treatment methods in countries like India and South Korea is likely to emerge as the fastest growing market across the globe. Furthermore, increasing demand for quality devices in the healthcare is projected to lead to the use of advanced equipment, which, in turn, is likely to increase the growth of the blood coagulation testing Market in the region.
On the other hand, in the Middle East and Africa, blood disorders have become a huge problem due to limited screening, ignorance of diseases, and poor access to treatment.
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