Coagulation Testing Market by Product, Application, Technology, End-user, and Geography - Forecast and Analysis 2021-2025

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.

What will the Coagulation Testing Market Size be During the Forecast Period?

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Coagulation Testing Market: Key Drivers, Trends, and Challenges

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.

Parent Market Analysis

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.

Who are the Major Coagulation Testing Market Vendors?

The report analyzes the market’s competitive landscape and 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.
• Thermo Fisher Scientific Inc.

 

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.

Coagulation Testing Market Value Chain Analysis

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:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Coagulation Testing Market?

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41% of the coagulation testing market growth will originate from North America during the forecast period. The US and Canada are the key markets for the coagulation testing market in North America.

Factors such as the increasing prevalence of chronic diseases and the rising geriatric population will facilitate the coagulation testing market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The number of COVID-19 cases has increased significantly across North America. As of July 1, 2021, the US reported 34.54 million COVID-19 cases and 620,249 deaths. For instance, according to the Centers for Medicare & Medicaid Services (CMS), healthcare expenditure in the US was around $11,582 per person in 2019, an increase of 4.6% from the previous year. The growing prevalence of COVID-19 has increased the demand for a wide range of coagulation testing for the treatment of patients with COVID-19. This, in turn, is increasing the demand for various advanced products required for coagulation tests and thereby propelling the growth of coagulation testing in North America. Global and local vendors, such as Thermo Fisher Scientific Inc. (Thermo Fisher Scientific), Abbott Laboratories, Danaher Corp. (Danaher), Coagulation Sciences LLC (Coagulation Sciences), CoaguSense Inc. (CoaguSense), and Quidel Corp. (Quidel), have a presence in North America. These vendors offer a wide range of products for coagulation testing. Hence, the easy availability of coagulation testing products is driving the growth of the coagulation testing market in the region.

What are the Revenue-generating Technology Segments in the Coagulation Testing Market?

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The coagulation testing market share growth by the electrochemical segment will be significant during the forecast period. According to our market segmentation data analysis, the electrochemical segment is expected to be a significant contributor to the growth of the coagulation testing market share during the forecast period. Electrochemical tests analyze biological samples by converting biological events into electrical signals. Electrical devices deliver diagnostic information in a low-cost, fast, and easy manner. Electrochemical biosensor technology plays an important role in the coagulation testing market and offers low detection limits, sensitivity, accuracy, and reproducibility. This report provides an accurate prediction of the revenue share of all the segments to the growth of the coagulation testing market size.

This report provides an accurate prediction of the contribution of all the segments to the growth of the coagulation testing market size and actionable market insights on post COVID-19 impact on each segment.

 

Coagulation Testing Market Scope
Report Coverage	Details
Page number	120
Base year	2020
Forecast period	2021-2025
Growth momentum & CAGR	Accelerate at a CAGR of 7.16%
Market growth 2021-2025	$ 1.15 billion
Market structure	Concentrated
YoY growth (%)	6.50
Regional analysis	North America, Europe, Asia, and ROW
Performing market contribution	North America at 41%
Key consumer countries	US, Germany, UK, China, and Canada
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	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.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Coagulation Testing Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive coagulation testing market growth during the next five years
• Precise estimation of the coagulation testing market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the coagulation testing industry across North America, Europe, Asia, and ROW
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of coagulation testing market vendors

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