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The coagulation testing market share is expected to increase by USD 1.15 billion, at a CAGR of 7.16%, during 2021-2025.
This coagulation testing market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers coagulation testing market segmentation by technology (electrochemical and optical), product (consumables and instruments), and geography (North America, Europe, Asia, and ROW). The coagulation testing market report also offers information on several market vendors, including Abbott Laboratories, Danaher Corp., F. Hoffmann-La Roche Ltd., HORIBA Ltd., Medtronic Plc, Nihon Kohden Corp., Sekisui Chemical Co. Ltd., Siemens Healthineers AG, Sysmex Corp., and Thermo Fisher Scientific Inc. among others.
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The increasing prevalence of coagulation disorders driving the demand for coagulation testing devices is notably driving the coagulation testing market growth, although factors such as the high cost of fully-automated hemostasis equipment may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the coagulation testing industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Coagulation Testing Market Driver
The increasing prevalence of coagulation disorders driving the demand for coagulation testing devices is one of the major drivers impacting the coagulation testing market growth. The prevalence of various coagulation disorders, such as Von Willebrand disease, hemophilia, deep venous thrombosis, hypercoagulable states, and clotting factor deficiencies, is increasing significantly across the world. For instance, according to the data published by the CDC in July 2020, nearly 400 babies are born with hemophilia A every year in the US. During 2012-2018, approximately 33,000 males were living with hemophilia in the US. In addition, according to the data stated by the CDC in February 2020, nearly 900,000 people in the US are affected by venous thromboembolism, which is also known as DVT/PE, every year. The increasing prevalence of various coagulation diseases among people around the world requires continuous monitoring for further medical interventions. This, in turn, is driving the growth of the global coagulation testing market. Furthermore, coagulation tests are the recommended test by physicians during major surgeries. This will increase the demand for POC coagulation testing devices.
Key Coagulation Testing Market Trend
An increase in online marketing services is one of the major trends influencing the coagulation testing market growth. The trend of online marketing is rising as it helps in the rapid acquisition of required items. Vendors are using online marketing and promotional strategies to offer better accessibility of their products to consumers and increase their product sales. Online marketing strategies also help vendors minimize setup, distribution, and operational costs. The trend also helps offer people information regarding various devices and their types. It can also help vendors expand from local areas to the national and global markets. Online marketing also allows vendors to measure their products' sales volume and calculate associated revenue. Suppliers and vendors have increased their focus on online marketing strategies due to the demand for POC coagulation testing among people. Online marketing websites offer a wide selection of branded global POC coagulation testing devices and consumables products to consumers. The leading vendors in the market are also involved in spreading awareness and increasing the accessibility of their products online. Online selling of POC coagulation testing devices and consumables can boost their sales, increasing the revenue of vendors.
Key Coagulation Testing Market Challenge
The high cost of fully-automated hemostasis equipment is one of the major challenges impeding the coagulation testing market growth. Vendors make huge investments in R&D to gain market share from their competitors. Hence, rapid developments with respect to technical aspects of coagulation testing may result in the success or failure of products during the R&D process. Therefore, many big companies are facing the problem of frequent elimination of coagulation testing products due to technological obsolescence with the entry of new technologies in the market. In addition, there are reimbursement restrictions on a few POC tests. Currently, government and insurance companies are trying to bring about positive changes in how POC tests can be reimbursed. At present, a single POC technique cannot provide information about a clotting disorder. Multiple POC techniques have to be used in combination by physicians, depending on the potentially multifactorial origin of the underlying coagulopathy.
This coagulation testing market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global coagulation testing market as a part of the global life sciences tools and services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the coagulation testing market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the coagulation testing market encompasses successful business strategies deployed by the key vendors. The coagulation testing market is concentrated and the vendors are deploying growth strategies such as focusing on R&D activities for developing advanced, high-quality products and strengthening their product offerings to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The coagulation testing market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the coagulation testing market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the sciences tools and services market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Market Segmentation by End-user
9 Customer landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Vendor Landscape
13 Vendor Analysis
14 Appendix
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