The coagulating testing market is poised to register strong growth during 2017-2025. Riding on strong demand for blood testing, the market is expected to reach an evaluation of US$3,715.8 million by 2025 end. The demand for blood testing is expected to remain strong throughout as various chronic illnesses like cancer, HIV, and lifestyle illnesses like diabetes are on the rise.
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Moreover, the coagulating testing market is also expected to benefit from technological advancements. Advancements like portable diagnostic devices, wearable medical devices, and growth of labs are bringing healthcare closer to patients. Moreover, the healthcare sector is also witnessing growing move towards prevention as the first-response to preventing the endemic of chronic illnesses. The growing emphasis on preventing care, and increasing access to diagnostic tools for patients are expected to drive significant growth for the coagulating testing market.
Spread of Liver Disease is Likely to Drive Growth of the Coagulating Testing Market
Coagulating tests are essential for medical professionals to understand potential of blood clotting. This is important in severe ailments like liver disease, wherein the inability of one’s blood to clot can result in premature death. Additionally, the liver disease is plaguing a large portion of the American population. In 2018, nearly 42,000 Americans died due to liver disease. Moreover, 4.5 million adults are diagnosed with the disease. Furthermore, the cause for disease including lack of exercise, unhealthy lifestyle, sugary fast food diet, and habits such as smoking and consumption of alcohol are likely to result in the spread of illness further. The rising cases of diseases like liver disease, increasing awareness about associated risks, and growing access to testing are expected to create significant opportunities in the coagulating testing market.
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Consumables Likely to Drive Significant Growth
The global coagulation testing market is divided into two main products. These include consumables and instruments. Among these, the consumables are expected to hold over 80% of share in the coagulating testing market during the forecast period. Among various test types, the PT test segment is expected to account for highest growth during the forecast period. Other segments in the market include PT, TT, ACT, APTT, and others. The PT test held close to 70% of the market share in 2016.
Asia Pacific Region to Register Strong Growth
The coagulating testing market is expected to witness highest growth rate in Asia Pacific region. The region is home to a large population. Additionally, rising disposable incomes and improving access to healthcare are expected to drive significant growth for the coagulating testing market in the region. Additionally, the market is also expected to witness robust growth in North America region. The region is home to a growing population of elderly. Additionally, diseases like diabetes are on the rise globally but these are prevalent in large numbers in US. the large number of cases in the region and growing investment in technology are expected to major drivers for growth for the global coagulating testing market.
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Some of the key players in the global coagulation testing market are F. Hoffmann-La Roche Ltd., Alere Inc., Siemens Healthineers, Abbott Laboratories, Universal Biosensors, Inc., SYSMEX CORPORATION, Helena Laboratories, Inc, and HemoSonics, LLC. Testing with advanced specification and accuracy are likely to remain a major factor in the global coagulation testing market.
The review is based on TMR’s report titled “Coagulation Testing Market (Product - Instruments, Consumables; Test Type: PT, APTT, TT, and ACT; End User - Hospitals and Clinics, Diagnostic Laboratories, and Home Care Settings) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025”.
The global coagulation testing market is segmented as below:
Global Coagulation Testing Market – By Product Type
• Instruments
• Consumables
Global Coagulation Testing Market – By Test Type
• PT
• APTT
• TT
• ACT
• Others
Global Coagulation Testing Market – By End Users
• Hospitals and Clinics
• Diagnostics Laboratories
• Home Care Settings
• Others