Point of Care (POC) Coagulation Testing Devices Market
Number of pages: 100 | Report Format: PDF | Published date: May 05, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 1.59 billion |
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Revenue Forecast in 2031 |
US$ 2.87 billion |
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CAGR |
6.80% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Device Type, End User, And Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global point of care (POC) coagulation testing devices market was valued at US$ 1.59 billion in 2022 and is expected to register a revenue CAGR of 6.80% to reach US$ 2.87 billion by 2031.
Point of Care (POC) Coagulation Testing Devices Market Fundamentals
Point of care (POC) coagulation testing devices are diagnostic devices that allow healthcare personnel to evaluate clotting factors and coagulation parameters at the patient's bedside or in a clinic. These technologies are intended to assist physicians in making quick and informed decisions about patient care, particularly in emergency cases where rapid diagnosis and treatment are important. Point of care coagulation testing devices are particularly useful for monitoring patients on anticoagulant treatment, such as warfarin or heparin, as well as identifying bleeding problems. These gadgets can also assist healthcare practitioners in determining the chances of bleeding during surgery or other medical operations.
As the need for point of care coagulation testing devices grows, various industry trends that determine the future of these technologies are emerging. For instance, commercial CBC count in homecare settings. Due to the COVID-19 pandemic and the need to monitor blood composition, CBC counts devices for point of care analysis are gaining traction. The HemoScreen Hematology Analyzer uses viscoelastic focusing on associating all blood components on a single plane before capturing and processing a picture with machine vision algorithms.
Market players in the point of care coagulation testing devices market focus on product innovation and development to offer consumer demands for efficient and accurate coagulation testing devices. Additionally, they are also engaging in strategic collaborations and partnerships to expand their market presence and increase their customer base.
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Point of Care (POC) Coagulation Testing Devices Market Dynamics
The increasing prevalence of coagulation disorders such as hemophilia, Von Willebrand disease, and clotting factor deficiencies is the prominent driver in the global point of care coagulation testing devices market. According to the 2022 estimates by the Centre for Disease Control and Prevention in the United States, Haemophilia A affects one out of every 5,000 male births. Every year, around 400 newborns are born with hemophilia A. This rising prevalence is expected to increase the demand for point of care coagulation testing devices due to the need for early detection and management of bleeding incidents in patients. This will also improve patient outcomes and reduce healthcare costs associated with hospitalization and treatment of complications.
Additionally, technological advancements in point of care coagulation testing devices are expected to increase the revenue share of the global point of care coagulation testing devices market in forecast years. For instance, biosensors have revolutionized the field of point of care coagulation testing devices by providing accurate and rapid results. They have enabled healthcare professionals to make updated decisions and improve patient outcomes. Additionally, many point of care coagulation testing devices now include connectivity features like Bluetooth, Wi-Fi, or USB ports to facilitate data transfer and analysis. This connectivity allows healthcare providers to send test results to electronic health record (EHR) systems or other devices, improving data management efficiency and accuracy.
Collaborations among top players to launch new and innovative products in the point of care coagulation devices market can be a prominent opportunity in the global point of care coagulation testing devices market. For instance, in October 20221, Trivitron Healthcare, a prominent medical device manufacturer, introduced a new range of Diagon Ltd. coagulation analyzer products. This launch supports favorably for the medical community because it improves clinical decision-making efficiency and broadens patient management. Diagon Hungary's new products include the COAG Line of automated, semi-automated, and POC systems for minimizing bleeding risk in prolonged trials and testing the efficacy of hemostatic therapy and anticoagulant medications.
One of the restraining factors for the global point of care coagulation testing devices market is the high cost associated with these devices. Additionally, the need for more skilled healthcare professionals to operate these devices in developing countries impedes market revenue growth. However, technological advancements and increasing investment in healthcare infrastructure in emerging economies are expected to create lucrative opportunities for market players. Moreover, the rising prevalence of chronic diseases is also anticipated to drive the demand for point of care coagulation testing devices rapidly.
Point of Care (POC) Coagulation Testing Devices Market Ecosystem
The global point of care coagulation testing devices market is analyzed from three perspectives: device type, end user, and region.
Point of Care (POC) Coagulation Testing Devices Market by Device Type
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Based on the device types, the global point of care coagulation testing devices market is segmented into anticoagulant monitoring devices, platelet function monitoring devices, and viscoelastic coagulation monitoring devices.
The anticoagulation monitoring devices segment has dominated the global point of care coagulation testing devices market with the highest revenue share. This dominance can be attributed to the increasing prevalence of chronic diseases such as cardiovascular diseases and the rising demand for anticoagulation therapy. Additionally, the growing adoption of portable and accessible devices for point-of-care testing is expected to further drive the growth of this segment in the forecast years.
However, the viscoelastic coagulation monitoring devices segment is expected to show high revenue growth in the forecast years. This growth can be attributed to the increasing demand for these devices in surgeries and trauma cases, as they provide real-time coagulation status monitoring and help reduce blood transfusions. Additionally, advancements in technology and the introduction of portable devices are expected to drive the growth of this segment further.
Point of Care (POC) Coagulation Testing Devices Market by Distribution Channel
Based on the distribution channels, the global point of care coagulation testing devices market is segmented into hospitals & clinics, homecare, and others.
The hospitals & clinics segment accounted for the majority of revenue share in the global point of care coagulation testing devices market. The point of care testing devices in hospitals and clinics can help reduce healthcare costs by minimizing the need for laboratory testing and improving patient outcomes. Moreover, the high adoption of technologically advanced products in hospitals & clinics can increase the demand for point of care coagulation testing devices.
The homecare segment is expected to show a high revenue CAGR in the forecast years. These devices in home care allow for rapid and accurate testing of blood clotting factors, which is especially important for patients on anticoagulant therapy or with bleeding disorders. Using point-of-care coagulation testing devices in homecare settings can improve patient outcomes and reduce the need for hospital visits.
Point of Care (POC) Coagulation Testing Devices Market by Region
Based on the region, the global point of care coagulation testing devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America accounted for the highest revenue share in 2022, owing to the presence of well-established healthcare infrastructure and the increasing prevalence of coagulation disorders in the region. The three most common coagulation disorders in the US population are hemophilia A, hemophilia B, and Von Willebrand disease. According to the Centers for Disease Control and Prevention (CDC), hemophilia affects around 1 in every 5,617 live male births. In the United States, between 30,000 and 33,000 men have hemophilia. The severe variant affects more than half of those diagnosed with hemophilia A. Moreover, the rising adoption of technologically advanced point-of-care devices is also expected to drive market revenue growth in North America. Furthermore, rising trends of homecare treatments in North America are also boosting the demand for point of care coagulation testing devices.
The European point of care coagulation testing devices market is characterized by the increasing prevalence of coagulation disorders and the growing demand for rapid and accurate diagnostic devices. Additionally, the technological advancements in point-of-care testing devices and rising healthcare expenditure are expected further to drive the market revenue growth in the forecast years.
The point of care coagulation testing devices market in the Asia Pacific region is projected to grow rapidly in the forecast period. This growth can be attributed to the increasing prevalence of bleeding disorders and the rising demand for rapid and accurate diagnostic tests. Additionally, the growing healthcare infrastructure and favorable government initiatives to improve healthcare access in emerging economies are also expected to drive market growth. Moreover, the region's growth is also increasing due to the presence of several nonprofit groups working to manage several coagulation disorders.
Point of Care (POC) Coagulation Testing Devices Competitive Landscape
The competitive landscape for the point of care coagulation testing devices market is highly competitive, with numerous small and large players. Some of the key players operating in the market include Roche Diagnostics, Abbott Laboratories, Siemens Healthineers, and Sysmex Corporation among others. These players focus on strategic partnerships, collaborations, and acquisitions to expand their market presence and enhance their product portfolio. Additionally, technological advancements and increasing demand for portable and user-friendly point of care coagulation testing devices are expected to drive market growth in the coming years.
Some of the prominent companies having the largest revenue share in the global point of care coagulation testing devices market are,
Point of care coagulation testing devices are used to quickly and accurately measure a patient's blood clotting ability, allowing for timely diagnosis and treatment of bleeding disorders or clotting abnormalities. These devices are particularly useful in emergencies or in settings where access to laboratory testing is limited.
The global point of care coagulation testing devices market was valued at US$ 2.87 billion by 2031.
Over the years, the global point of care coagulation testing devices market has witnessed significant growth in demand for rapid diagnostic tests. Moreover, technological advancements in point-of-care testing devices and the growing adoption of portable and user-friendly devices are also driving market revenue growth.
The global point of care coagulation testing devices market is expected to register a revenue CAGR of 6.80% by 2031.
North America accounted for the highest revenue share in the global point of care coagulation testing devices market.
*Insights on financial performance are subject to the availability of information in the public domain