Blood coagulation testing is the procedure to diagnose several hemostatic diseases, which is identified by the patients’ inability to coagulate the blood owing to lack of blood clotting proteins. Blood coagulation testing is used for the diagnosis of bleeding disorders, thrombophilia, and hemophilia. The rapidly growing geriatric population is one of the major drives of the market since they are more susceptible to such diseases. The prevalence of hemostatic diseases has been increasing across the globe from the last few years. Increasing healthcare expenditure has provided a push to the growth of the market. However, the high cost of the products and lack of awareness may restrain the market growth.
Increasing prevalence of liver diseases, increasing investment in biotechnology and pharmaceutical industries for research & development, and availability of funds are expected to drive the growth of the market. Moreover, changing lifestyle, and rapidly developing technology is expected to fuel the market growth during the forecast period.
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Key Players
Some of the major players in the global blood coagulation market are F. Hoffmann-La Roche Ltd. (Europe), Alere Inc. (U.S.), Siemens Healthcare Private Limited (Europe), Accriva Diagnostics (U.S.A.), CoaguSense, Inc. (U.S.), HomoSonics LLC. (U.S.), iLine Microsystems. (Europe), Instrumentation Laboratory (U.S.), Sienco, Inc. (U.S.), SenGenix Inc. (U.S.), and Bio/Data Corporation (U.S.)
Regional Analysis
The Americas dominate the global blood coagulation testing market owing to the presence of a huge patient population with liver cancer, high health care spending, and increasing government support for research & development.
Europe holds the second largest share of the global blood coagulation testing market as result of increasing focus of various government agencies on the treatment of rare diseases such as thrombophilia and hemophilia. Moreover, the growing public awareness about the cons of this disease is likely to boost the European market growth.
The Asia Pacific is the fastest growing blood coagulation testing market across the globe, owing to rapidly developing the economy, increasing healthcare awareness, and the government’s support to biotechnology and pharmaceutical industries projected to drive the market in China and India over the forecasted period.
The Middle East and Africa hold the least share of the global market due to limited availability of medical facilities. The UAE, Saudi Arabia, and Kuwait are expected to drive the Middle East & African market. Whereas, the African region is expected to witness a moderate growth.
Segmentation
The global blood coagulation market is segmented on the basis of product, application, test type, and end user. On the basis of the product, the market is segmented into clinical laboratory, automated testing, and semi-automated testing. On the basis of the application, the market is segmented into congenital bleeding disorders, acquired bleeding disorders, Von Willebrand disease, and hemophilia. On the basis of the test type, the market is segmented into various testing kits and others. Furthermore, the testing kits are segmented into prothrombin time (PT), activated clotting time, D dimer, and fibrinogen (FIB). On the basis of the end user, the market is segmented into academic institutions, hospitals, and diagnostic laboratories.
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The liver plays an important role in the normal functioning of hemostasis, which helps in preventing bleeding and undue activation of coagulation. According to the Centers for Disease Control and Prevention (CDC), in 2015, around 3.9 million adults were diagnosed with liver disease, which is about 1.6% of adult population of the U.S.
According to a study conducted by the Global Burden of Disease Liver Cancer Collaboration, in 2015, around 854,000 new incidents of liver cancer were found and 810,000 deaths occurred owing to liver cancer globally. Furthermore, it is the sixth most common-incident cancer globally and the fourth most common cause of cancer death.
Moreover, advancing technology in blood coagulation testing is adding fuel to the growth of the market. Furthermore, increasing prevalence of liver disease, thrombophilia, and hemophilia also drives the market growth. However, availability of expensive treatment and poor reimbursement policies in the developing regions of the world are some of the factors, which may hamper the market growth during the forecast period.
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Europe holds the second position in the global blood coagulation testing market owing to the government support for research & development and availability of funds for research. This is expected to continue to drive the European market over the forecast period. For instance, countries like Germany and France are increasing investment in the healthcare domain. According to a study conducted by Global Burden of Disease Liver Cancer Collaboration, in 2017, Western Europe ranked third in the liver cancer cases and fourth in liver cancer death.
The Asia Pacific is the fastest growing blood coagulation testing market owing to the presence of rapidly developing healthcare technology, a huge patient population, and high healthcare expenditure. Moreover, increasing demand for new treatment methods in countries like India and South Korea is likely to emerge as the fastest growing market across the globe. Furthermore, increasing demand for quality devices in the healthcare is projected to lead to the use of advanced equipment, which, in turn, is likely to increase the growth of the blood coagulation testing Market in the region.
On the other hand, in the Middle East and Africa, blood disorders have become a huge problem due to limited screening, ignorance of diseases, and poor access to treatment.
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