New York, United States , July 15, 2024 (GLOBE NEWSWIRE) -- The Global Point of Care Coagulation Testing Products Market Size is to Grow from USD 2.47 Billion in 2023 to USD 4.85 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.98% during the projected period.
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Point of care coagulation testing products are devices that measure the blood clotting parameters using small blood samples to diagnose the disorder. These tests play an important role in detecting bleeding disorders and monitoring anticoagulant drugs. There is a rising focus on early detection of blood-related diseases and increased research funding, awareness campaigns, and subsidies for vital medical devices such as point-of-care coagulation testing products. Healthcare professionals are more confident in using technologically advanced devices because of their increased accuracy and ease. The increasing prevalence of blood clotting disorders and rising incidence of cardiovascular illnesses and cancer emphasizes the need for point of care coagulation monitoring in patients. Further, the growing need for coagulation testing procedures due to the significant consumption of anticoagulant drugs is driving the market. The development of automated point of care coagulation testing products and rising government initiatives for suppressing blood-related diseases are propelling the market growth. On the contrary, the stringent regulatory frameworks and the high cost of POC analyzer products are restraining the global point of care coagulation testing products market.
Browse key industry insights spread across 230 pages with 125 Market data tables and figures & charts from the report on the report on the "Global Point of Care Coagulation Testing Products Market Size, Share, and COVID-19 Impact Analysis, By Type (Prothrombin Time Testing Products, Activated Clotting Time (ACT/APTT) Tesing Products, and Others), By Product Type (Instruments and Consumables), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The prothrombin time testing products segment dominates the market with the largest revenue share in 2023.
Based on type, the global point of care coagulation testing products market is segmented into prothrombin time testing products, activated clotting time (ACT/APTT) testing products, and others. Among these, the prothrombin time testing products segment dominates the market with the largest revenue share in 2023. Prothrombin time testing products are widely used in extrinsic factor deficiency screening and oral anticoagulant medication monitoring. These are used for the therapeutic monitoring of warfarin anticoagulant medication. The increasing use for the detection and diagnosis of various bleeding and excessive clotting disorders as well as monitoring the effectiveness of various anticoagulants are driving the market demand.
The instruments segment dominated the global point of care coagulation testing products market in 2023.
Based on the product type, the global point of care coagulation testing products market is segmented into instruments and consumables. Among these, the instruments segment dominated the global point of care coagulation testing products market in 2023. The technological advancements in coagulation testing instruments and their automation lead to several benefits such as high volume testing, better reproducibility, user flexibility, time and cost reduction, and better precision with quality controls. Further, the integration of electronic health records and the constant improvement in technologically advanced devices drive the market growth.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The increasing cases of hemophilia patients in the US and rising awareness about coagulation disorders are anticipated to drive the market demand. The growing emphasis on preventive healthcare and the capabilities of point of care coagulation testing products for facilitating the management of blood disorders are driving the market in the region. Further, the growing investments in R&D fueling the innovation of products in testing technology with high accuracy and efficiency are driving the market growth in the region.
Asia-Pacific region is expected to grow the fastest during the forecast period. The adoption of new technologies among hospitals and diagnostic laboratories is fueling the market growth. The introduction of advanced coagulation testing devices, an increase in healthcare expenditure, and changes in dynamics in the in vitro diagnostic industry are all factors responsible for driving the market in the region. Further, the adoption of new technologies among hospitals and diagnostic laboratories is fueling the market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global point of care coagulation testing products market are Abbott Laboratories, F. Hoffman-La Roche AG, Medtronic Plc., Siemens Healthcare AG, Koninklijke Philips N.V., HemoSonics, LLC, Haemonetics Corp, Werfen, Micropoint Bioscience, Inc., Helena Laboratories, ThermoFisher Sceintific Inc., Sysmex Corporation, Nihon Kohden Corporation, Alere Inc., and Other Key Players.
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Recent Developments
- In April 2024, HemoSonics, a medical device company focused on acute bleeding management, announced it had received Special 510(k) clearance from the U.S. Food and Drug Administration (FDA) for the expanded use of arterial blood samples with its Quantra QStat Cartridge. HemoSonics’ QStat Cartridge used with the Quantra Hemostasis Analyzer first received 510(k) clearance from the U.S. FDA in 2022 for use in venous whole blood samples.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global point of care coagulation testing products market based on the below-mentioned segments:
Global Point of Care Coagulation Testing Products Market, Type Analysis
- Prothrombin Time Testing Products
- Activated Clotting Time (ACT/APTT) Testing Products
- Others
Global Point of Care Coagulation Testing Products Market, Product Type Analysis
- Instruments
- Consumables
Military Rotorcraft Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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