New York, USA, Jan. 11, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global coagulation testing market is anticipated to generate $8,777.3 million in revenue and rise at a noteworthy CAGR of 11.5% during the analysis timeframe from 2022 to 2031.
As per our analysts, with the increasing need for specialized hematology and coagulation laboratories all across the globe, the coagulation testing market is predicted to experience a remarkable growth during the forecast period. Besides, the increasing pervasiveness of chronic blood diseases and cardiovascular diseases among individuals is expected to foster the growth of the market over the analysis timeframe. Moreover, various ongoing recent inventions such as smartphone-enabled coagulation tests are expected to create wide growth opportunities during the estimated timeframe. However, the higher cost of coagulation devices and the shortage of professionals may hinder the growth of the market over the forecast timeframe.
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Segments of the Coagulation Testing Market
The report has divided the market into segments based on type, application, end-user, and region.
Type: Consumables Sub-Segment to be Most Profitable
The consumables sub-segment is expected to hold the largest share of the market during the forecast period. The increasing popularity of kits and reagents and the growing uses of coagulation analyzers in cardiovascular diseases and other blood-related disorders are expected to propel the growth of the market sub-segment over the analysis timeframe.
Application: Prothrombin Time Sub-Segment to be Most Productive
The prothrombin time sub-segment is expected to hold the highest revenue during the forecast period. The increasing adoption of prothrombin time (PT) tests across hospitals, clinical laboratories, and healthcare centers is predicted to fuel the growth of the coagulation testing market sub-segment throughout the estimated period.
End-User: Hospitals Sub-Segment to be Most Lucrative
The hospital sub-segment is expected to hold the maximum share of the market over the analysis timeframe. The growing preference for people to perform routine blood tests at hospitals as healthcare professionals are more aware of the risks of obesity, cardiovascular disease, and hypertension is predicted to augment the growth of the market during the forecast period.
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Region: Europe Market to Have Extensive Growth Opportunities
The Europe region of the coagulation testing market is predicted to hold a huge share of the market during the estimated period. The increasing incidence of cardiovascular diseases such as heart attacks, and strokes, among people of this region and the growing expansion of hospitals and healthcare centers, are the major factors expected to drive the regional growth of the market over the forecast timeframe.
Covid-19 Impact on the Coagulation Testing Market
The outbreak of the Covid-19 pandemic has had a positive impact on the coagulation testing market. This is mainly because people suffering from the Covid-19 pandemic had observed blood coagulation during the pandemic. This further increased the demand for blood coagulation tests for the continuous purification and oxygenation of blood. Moreover, the increasing government initiatives to carry innovations in the field of telemedicine, pharmaceutical, healthcare, and life sciences industries have inclined the growth of the market during the crisis period.
Broader Insights Pertaining for the Specific Segments or Regions of the Coagulation Testing Market
Key Players of the Market
The major players of the coagulation testing market include
- F. Hoffmann-La Roche Ltd
- NIHON KOHDEN CORPORATION
- Medtronic
- Abbott
- Micropoint Biosciences
- Sysmex Corporation
- Helena Laboratories Corporation
- BD
- Thermo Fisher Scientific Inc.
- Danaher
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships collaboration, and product development to obtain a leading position in the global industry.
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For instance, in March 2021, Thermo Fisher Scientific, an American supplier of scientific instrumentation, reagents and consumables, and software devices, announced its collaboration with Artificial Inc., a leading developer of flexible automation software. With this collaboration, the companies aimed to develop an integrated and comprehensive software automation platform for Covid-19 testing to reduce the spread of the disease and restore economies and communities.
Further, the report also summarizes other crucial aspects including SWOT analysis, the product portfolio, the financial performance of the key players, and the latest strategic development.
More about Coagulation Testing Market:
- Everything You Need to Know About Blood Coagulation Testing Methods and its Types
- Coagulation Testing for COVID-19-Associated Coagulopathy
- Check Coagulation Testing Taking a Bite Out Of The Competition
- Global Coagulation Testing Market to Generate $8,777.3 Million in the 2022-2031 Timeframe Due to Rising Demand for Specialized Hematology and Coagulation Laboratories
