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Analysis of COVID-19 Crisis-driven Growth Opportunities in Hemostasis Diagnostics Market

Transparency Market Research (TMR) has published a new report titled, ‘Hemostasis Diagnostics Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global hemostasis diagnostics market was valued at US$ 2.3 Bn in 2018 and is projected to expand at a CAGR of 8.5% from 2019 to 2027.

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Overview

  • 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

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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.

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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

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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

Competitive Landscape

  • 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.

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