Coagulation Analyzer Market
Number of pages: 100 | Report Format: PDF | Published date: February 06, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market Size Value in 2021 |
US$ 4.07 billion |
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Revenue Forecast in 2030 |
US$ 6.83 billion |
|
CAGR |
6.70% |
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Base Year for Estimation |
2021 |
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Forecast Year |
2022-2030 |
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Historical Year |
2020 |
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Segments Covered |
Product, Technology, Test type, End user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the coagulation analyzers market was valued at US$ 4.07 billion in 2021 and is expected to register a revenue CAGR of 6.70% to reach US$ 6.83 billion by 2030.
Coagulation Analyzers Market Fundamentals
Coagulation is the transformation of blood from a liquid state to gel, which results in the formation of blood clots. A coagulation analyzer, or blood coagulometer, is lab equipment used to measure the coagulation factors (elements that stop bleeding) with improved precision and accuracy. This helps to diagnose possible abnormalities that may lead to excessive bleeding (hemophilia) or thrombosis (presence of blood clot in a blood vessel).
An analyzer can detect the speed of the coagulation pathway and the levels of thrombin and thromboplastin. The uses of coagulation analyzers are limited not only to diagnosis but are also extended to monitoring the patients taking anticoagulant medicines, such as aspirin, heparin, or warfarin. The working principle behind the coagulation analyzer is based on the clotting method that uses a monitoring ball and magnetic transducers. Coagulation analyzers have evolved from semi-automated to fully automated since their invention in the 1980s and are now used with photo-optical detection systems. Photo-optical coagulometers are the most advanced coagulation analyzers.
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Coagulation Analyzers Market Dynamics
The increasing prevalence of blood-related chronic diseases, rising number of smokers, hereditary factors, Vitamin K deficiency, obesity, growing geriatric population, and increasing incidences of CVDs are significant driving factors for the coagulation analyzers market. Additionally, the COVID-19 pandemic also fueled the device market, as blood coagulation diagnosis is an important parameter with respect to the disease.
The coagulation analyzer machines are used by physicians to classify and quantify blood cells. Tests such as prothrombin time (PT), activated partial thromboplastin time (aPTT), and thrombin time (TT) are performed in order to assess blood clotting function in patients. The prothrombin time (PT) test quantifies tissue factor-induced clotting time of plasma, the activated partial thromboplastin time (aPTT) test is used as a screening test to monitor unfractionated heparin (UFH) therapy, and the test thrombin time (TT) is used to measure the conversion rate of fibrinogen to insoluble fibrin after the addition of thrombin to plasma.
Most of the analyzers used in hematology labs are capable of providing information about hemoglobin in red blood cells (RBCs), corpuscular data, platelet counts, and hematocrit levels. Demand for coagulation analyzer machines is rising due to a consistent increase in the population suffering from blood disorders and lifestyle diseases. According to the World Federation of Hemophilia and its annual global survey in 2020, the total number of people suffering from blood disorders is 347,026, with approximately 209,614 people living with hemophilia and 53,215 people living with other bleeding disorders. Increased awareness among the population regarding lifestyle-associated disorders and chronic blood diseases has boosted the diagnostic rate, which in turn, is projected to benefit the coagulation analyzers market.
The major restraining factors for the coagulation analyzer machine market include high cost of semi-automated and fully automated analyzers. Additionally, stringent regulations regarding the approval of medical devices create a barrier for small players to enter the market, thereby affecting the market’s revenue growth.
Coagulation Analyzers Market Ecosystem
The global coagulation analyzers market has been studied from five perspectives: product, technology, test type, end user, and region.
Coagulation Analyzers Market by Product
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In terms of product type, the global coagulation analyzers market is segmented into analyzers and consumables.
The analyzers segment is segmented into clinical laboratory analyzers and point-of-care (POC) analyzers. The analyzers segment is expected to dominate and grow at a profitable revenue CAGR during the forecast period. Increase in the incidence of lifestyle-related disorders and cardiovascular diseases (CVD) and rapid development of medical care facilities are expected to promote revenue growth in the segment.
Out of the two types of analyzers, point-of-care coagulation analyzer machines are in high demand due to increasing number of bleeding disorders. According to the National Organization of Rare Disorders, an American non-profit organization, hemophilia A is the most common X-linked recessive disorder. In 2021, almost 234 thousand people were confirmed to have hemophilia globally. This demands diagnostic measures that have lower turnaround time and higher specificity. POC (point-of-care) coagulation analyzers provide faster and actionable results, and thus can be preferred during emergency situations and for hemostatic management. Additionally, the COVID-19 upsurge, and continued prevalence have boosted the POC coagulation analyzers segment revenue growth. This is due to a surge in the medical organizations prescribing Thromboelastography (TEG) testing for COVID-19 patients to assess the risk of COVID-19-associated coagulopathy (CAC).
The consumables segment is segmented into reagents and stains. The tests performed using coagulation analyzer machines require a significant amount of reagents, and hence hospitals or medical centers need to maintain a large inventory of these products. Increased testing and development of new assays are likely to boost the sales of consumables in the next few years.
Coagulation Analyzers Market by Technology
Based on the technology, the global coagulation analyzers market is segmented into mechanical, electrochemical, optical, and others. As compared to other analyzer technology, the optical coagulation analyzer machines are likely to gain the highest market revenue share during the forecast period due to increasing demand for immunological, chromogenic, and photo-optical techniques, which has contributed to the development of exceptionally productive and multifunctional optical clotting analyzers.
Coagulation Analyzers Market by Test Type
Based on the test type, the global coagulation analyzer machine market is segmented into prothrombin time testing (PT), D-dimer testing, fibrinogen testing, activated clotting time testing (ACT), activated partial thromboplastin time testing (APTT), and others.
During the forecast period, the D-dimer testing segment is expected to experience an increase in demand. D-dimer testing is used to measure the protein fragment D-dimer, which is created by the body when a blood clot dissolves. D-dimer is normally undetectable; however, it can be detected if the body is forming and breaking down significant blood clots. The testing is done to detect elevated levels of D-dimer in the body. Increase in D-dimer protein levels leads to risks of cardiovascular fatalities and is an important indicator of venous thromboembolism (VTE) in cancer patients. Patients suffering from cancer and VTE are at an elevated risk of morbidity and mortality. The increasing prevalence of cancers and cardiovascular diseases is expected to drive the demand for instruments for analyzing D-dimer, as these instruments are crucial for analyzing the disease at an early stage.
The COVID-19 pandemic has boosted revenue growth in the coagulation analyzers market, as the demand for testing of coagulation-related parameters, such as D-dimer, has increased in this period. Increase in D-dimer levels was the most crucial change with respect to coagulation parameters in COVID-19 patients and occurred more frequently as compared to other coagulation parameters.
Coagulation Analyzers Market by End User
Based on the end user, the global coagulation analyzers market is segmented into hospitals, clinical labs, research institutes, and others.
In 2021, the clinical lab segment accounted for the largest revenue share of the market and is likely to be the largest shareholder during the forecast period. Surging incidences of chronic diseases, lifestyle disorders, and infectious diseases have promoted the coagulation analyzers market revenue growth and, in turn, the demand for clinical lab testing and diagnosis.
Clinical labs provide a wide variety of lab procedures, which help physicians to carry out diagnosis, treatment, and management of patients. These labs can carry out all possible blood analyses in different parameters using varied protocols and instruments. Moreover, these clinical settings provide services to hospitals and other medical care facilities.
Coagulation Analyzers Market by Region
Based on the region, the global coagulation analyzers market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America is the largest regional market contributor to the coagulation analyzers market and is expected to remain a major contributor in the near future. In the U.S., approximately 1 in 5000 newborn males have hemophilia A. According to the U.S. Department of Health & Human Services, in 2020, approximately 1,00,000 Americans suffered from sickle cell disease (SCD). Rising prevalence of cardiometabolic disorders, such as pulmonary embolism (PE) and deep vein thrombosis (DVT), are major driving factors for the North America coagulation analyzers market.
The Asia Pacific market is also expected to grow at a higher revenue CAGR during the forecast period. The factors such as elevated incidences of blood-related disorders, cardiovascular diseases, and chronic conditions, increasing government initiatives for healthcare infrastructure improvement, and increase in R&D activities in several countries from the region drive the revenue growth of the coagulation analyzers market in Asia Pacific.
Coagulation Analyzers Market Competitive Landscape
The prominent companies operating in the global coagulation analyzers market are:
Coagulation Analyzers Market Strategic Developments
A coagulation analyzer is lab equipment used to measure the coagulation factors (elements that stop bleeding) with improved precision and accuracy. This helps to diagnose possible abnormalities that may lead to excessive bleeding (hemophilia) or thrombosis (presence of blood clot in a blood vessel).
The increasing prevalence of blood-related chronic diseases, rising number of smokers, hereditary factors, Vitamin K deficiency, obesity, growing geriatric population, and increasing incidences of CVDs are significant driving factors for the coagulation analyzers market.
Abbott Laboratories, Danaher, Siemens Healthineers, Sysmex Group, and Thermo Fisher Scientific are among the leading companies in the global market.
The major restraining factors for the coagulation analyzer machine market are high cost of semi-automated and fully automated analyzers. Additionally, stringent regulations regarding approval for medical devices create a barrier for small players to enter the market, thereby affecting the market’s revenue growth.
The global facial injectables market is expected to register a revenue CAGR of 6.70% during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain