The global hemostasis diagnostics market size surpassed US$ 2.5 Bn in 2019 and to reach 4.6 billion by 2027 with a CAGR of 8.6% from 2020 to 2027.
- Malfunction of the body’s ability to clot blood is known as coagulation disorders. These disorders can either lead to hemorrhage or thrombosis. There are various reasons that can cause coagulation disorders. These disorders can be either acquired or hereditary. Some of the major causes of coagulation disorders which can result in bleeding are hemophilia, von Willebrand disease, and platelet dysfunction. Other causes of coagulation disorders which can lead to bleeding are vitamin K deficiency, disseminated intravascular coagulation, and other clotting factor deficiencies
- According to National Hemophilia Foundation, Hemophilia A is about four times as common as hemophilia B. The number of people with hemophilia in the United States is estimated to be about 20,000 individuals.
- North America was the largest market for hemostasis diagnostics in 2018. Rise in the prevalence of cardiovascular diseases, deep vein thrombosis, and genetic and acquired blood clotting disorders is a factor anticipated to drive the hemostasis diagnostics market in North America from 2017 to 2025. Furthermore, technological advancements, increased access to health care services, and entry of new manufacturers are other factors likely to fuel the market in the region during the forecast period.
- Asia Pacific is likely to be a highly lucrative market for hemostasis diagnostics and it is expected to expand at a high CAGR during the forecast period. High per capita income has increased the consumption of diagnostic and therapy products in the region. The rapid expansion of the market in the region can be attributed to the numerous government initiatives undertaken to improve the health care infrastructure. The market in the region is estimated to expand rapidly as compared to other regions due to shift in base of pharmaceutical companies and clinical research industries from developed regions to developing regions such as China and India
Advancement in Technology Leading to Easy Usage and Rise in Prevalence of Blood Clotting Disorders to Drive Market
- Technology is evolving rapidly. In recent years, blood coagulation monitoring has become crucial to diagnosing causes of hemorrhages, developing anticoagulant drugs, assessing bleeding risk in extensive surgery procedures and dialysis, and investigating the efficacy of hemostatic therapies. Hemostasis diagnostics devices have come a long way from quantifying optical density of clot in a cuvette to detection of clotting factors. These include flow cytometry, chromogenic assays, molecular typing (e.g., polymerase chain reaction), immunologic assays (e.g., enzyme-linked immunosorbent assays), functional assays of specific coagulation proteins, and platelet function analyzers. These advances in technology have resulted in greater capability, productivity, sensitivity, specificity, and ultimately, improvement in the clinical care of patients.
- Bleeding disorders fall into two main categories: inherited and acquired. Inherited bleeding disorders have a genetic predisposition and involve a deficiency of coagulation factors. Acquired bleeding disorders can be caused by conditions that an individual may develop at any point during their lifetime. Hereditary bleeding disorders are due to the absence or deficiency of specific clotting proteins which act as procoagulants through precise interactions in the clotting cascade. The most known inherited bleeding disorders are hemophilia A and B, which are relatively rare. Hemophilia A affects 1 : 5000–10,000 males, while hemophilia B affects 1 : 50,000–100,000 males.
Consumables Segment to Dominate Market
- Based on product type, the global hemostasis diagnostics market has been divided into laboratory systems, consumables, point-of-care testing systems. Laboratory systems is further segmented into automated systems, semi-automated systems, manual systems.
- Consumables segment dominated the global hemostasis diagnostics market in 2018 and the trend is projected to continue during the forecast period. Increase in usage of kits and reagents, various assays used for hemostasis diagnostics which provide results in minimum time fuel the growth of the segment.
- However, point-of-care testing systems provide reliable results in relatively less time, making it the fastest growing segment.
D Dimer to be Highly Lucrative Segment
- In terms of test type, the global hemostasis diagnostics market has been classified into Prothrombin Test Time (PT), Activated partial thromboplastin time (APTT), Fibrinogen degradation products (FDP), Activated Clotting Time, Platelet Aggregation Test, D Dimer, Others.
- Prothrombin Test Time (PT) segment dominated the hemostasis diagnostics market. Increasing trend of point-of-care testing and self monitoring with PT test are expected to fuel the growth of the segment. Furthermore, high reliability of the coagulation status on PT testing is one of the factors likely to boost the growth of the segment during the forecast period.
- On the other hand, D Dimer segment is expected to grow with the highest CAGR in the forecast period. Increasing preference for technologically advanced and sensitive diagnostic tests is anticipated to drive the segment
Hospital/Clinics Segment to Dominate Market
- Based on end-user, the global hemostasis diagnostics market has been divided into hospital/clinics, independent diagnostic laboratories, home care settings, others.
- Hospital/clinics segment dominated the global hemostasis diagnostics market in 2018. The segment is driven by rise in hospitalizations due to cardiology disorders and increase in number of hospitals and clinics
- However, home care settings is likely to expand at a highest CAGR during the forecast period. Factors such as increase in trend of point-of-care testing, faster results, and convenience of testing are attributed to the growth of the segment.
North America to Dominate Global Market
- In terms of region, the global hemostasis diagnostics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global hemostasis diagnostics market in 2018, followed by Europe. The dominance of these two regions can be attributed to increase in diagnostic facilities, rise in reported cases of coagulation disorders, and focus of existing and new players on this market are projected to drive the market in the region.
- North America accounted for major share of the global hemostasis diagnostics market in 2018, primarily due to High prevalence of cardiac diseases, technologically advanced countries, and rise in awareness about coagulation disorders.
- Emerging markets in Asia Pacific holds immense growth potential due to factors such as increase of income levels in emerging markets such as India and China is leading to a rise in health care spending. Moreover, changing lifestyles and increasing urbanization in these countries have led to a gradual escalation in the incidence of life style related diseases such as cancer, diabetes, and heart disease. This has opened up multiple avenues for expansion in the biopharmaceutical sector to conduct research and allocate substantial budget for the same
- The global hemostasis diagnostics market is fragmented in terms of number of players. Key players in the global market include Abbott Laboratories, Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche Ltd., Nihon Kohden Corporation, Sysmex Corporation, Siemens Healthineers, Instrumentation Laboratory, Danaher Corporation (Beckman Coulter), and Grifols, S.A.
- Laboratory Systems
- Automated Systems
- Semi-automated Systems
- Manual Systems
- Point-of-Care Testing Systems
By Test Type
- Prothrombin Test Time (PT)
- Activated partial thromboplastin time (APTT)
- Fibrinogen degradation products (FDP)
- Activated Clotting Time
- Platelet Aggregation Test
- D Dimer
- Independent Diagnostic Laboratories
- Home Care Settings
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Scope of Report
VRR’s report on the global hemostasis diagnostics market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2020 to 2027. The report provides revenue of the global hemostasis diagnostics market for the period 2016–2027, considering 220 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global hemostasis diagnostics market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global hemostasis diagnostics market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global Hemostasis Diagnostics Market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global hemostasis diagnostics market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global hemostasis diagnostics market.
The report delves into the competitive landscape of the global hemostasis diagnostics market. Key players operating in the global hemostasis diagnostics market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global hemostasis diagnostics market that have been profiled in this report.
Key Questions Answered in Global Hemostasis Diagnostics Market Report
- What is the scope of growth of product companies in the global hemostasis diagnostics market?
- What will be the Y-o-Y growth of the global hemostasis diagnostics market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global hemostasis diagnostics market?
- Will North America continue to be the most profitable market for hemostasis diagnostics devices providers?
- Which factors are anticipated to hamper the growth of the global hemostasis diagnostics market during the forecast period?
- Which are the leading companies in the global hemostasis diagnostics market?
A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global hemostasis diagnostics market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global hemostasis diagnostics market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of VRR’s study on the hemostasis diagnostics market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the hemostasis diagnostics market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global hemostasis diagnostics market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching VRR’s estimates on future prospects of the global hemostasis diagnostics market more reliably and accurately.