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The hemostasis diagnostics market share is expected to increase by USD 1.12 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.95%.
This hemostasis diagnostics 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 hemostasis diagnostics market segmentation by end-user (hospitals and clinics, independent diagnostic centers, and research and academic institutions) and geography (North America, Europe, Asia, and the Rest of World (ROW)). The hemostasis diagnostics market report also offers information on several market vendors, including Abbott Laboratories, Beckman Coulter Inc., Danaher Corp., F. Hoffmann La Roche Ltd., Grifols SA, Helena Laboratories Corp., Hitachi Ltd., HORIBA Ltd., Medtronic Plc, Nihon Kohden Corp., Siemens AG, Sysmex Corp., and Thermo Fisher Scientific Inc. among others.
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The increasing prevalence of coagulation disorders driving the demand for hemostasis diagnostics is notably driving the hemostasis diagnostics market growth, although factors such as high cost of fully-automated hemostasis equipment may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hemostasis diagnostics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Hemostasis Diagnostics Market Driver
One of the key factors driving the global hemostasis diagnostics market growth is the increasing prevalence of coagulation disorders, such as Von Willebrand disease, deep venous thrombosis, hypercoagulable states, and clotting factor deficiencies. 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. 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 deep vein thrombosis/pulmonary embolism (DVT/PE), every year. Furthermore, coagulation tests are recommended by physicians during major surgeries. This will increase the demand for hemostasis diagnostics, which will drive the growth of the global hemostasis diagnostics market in the forecast period.
Key Hemostasis Diagnostics Market Trend
Another key factor driving the global hemostasis diagnostics market growth is the increase in the demand for POCT hemostasis diagnostics in countries such as Spain and UK. Spain is ranked seventh in the world by the World Health Organization (WHO) for its universal public healthcare system. Its public healthcare is free and covers all citizens for services, including diagnostic and therapeutic techniques and preventive care. Similarly, in the UK, the NHS follows the universal concept of coverage. Citizens of the UK are entitled to use free healthcare services at point-of-care. Thus, manufacturers are focusing on cost-effectiveness as a critical factor for developing devices with effective design. In addition, tests performed with POC testing devices reduce the chances of cross-contamination of samples collected, which is influencing hospitals and clinics to shift toward hemostasis diagnostics. Such factors are expected to further support the growth of the market in focus in the forecast period.
Key Hemostasis Diagnostics Market Challenge
One of the key challenges to the global hemostasis diagnostics market growth is the high cost of fully-automated hemostasis equipment. The launch of a new product from the R&D stage to commercialization is a very expensive process. Furthermore, many big companies are facing the problem of frequent elimination of hemostasis diagnostics products due to technological obsolescence with the entry of new technologies in the market. The total cost of POCT involves devices, reagents, test tubes, control solutions, and maintenance costs, which generally exceed traditional lab testing costs. For instance, combined viscoelastic and aggregometry coagulation testing costs USD 52 to USD 60, while a conventional test battery costs less than USD 18. In addition, there are reimbursement restrictions on a few POC tests. Such factors are expected to negatively impact the market during the forecast period.
This hemostasis diagnostics 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 2022-2026.
Technavio categorizes the global hemostasis diagnostics market as a part of the pharmaceutical 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 hemostasis diagnostics market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the hemostasis diagnostics market encompasses successful business strategies deployed by the key vendors. The hemostasis diagnostics market is concentrated and the vendors are deploying growth strategies such as focussing 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 hemostasis diagnostics 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.
Our report provides extensive information on the value chain analysis for the hemostasis diagnostics 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.
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50% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for hemostasis diagnostics in North America. Market growth in this region will be faster than the growth of the market in other regions.
The increasing prevalence of chronic diseases and the growing geriatric population will facilitate the hemostasis diagnostics 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 cases of COVID-19 increased significantly across North America in 2020. For instance, according to the Centers for Medicare and Medicaid Services (CMS), healthcare expenditure in the US was around USD 11,582 per person in 2019, an increase of 4.6% from the previous year. Such factors are increasing the demand for various advanced products required for coagulation tests, which thereby propels the growth of the hemostasis diagnostics market in North America.
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The hemostasis diagnostics market share growth by the hospitals and clinics segment will be significant during the forecast period. The growth is attributed to the rise in the number of hospitalization of people with serious cases for basic monitoring during surgeries, which results in hospitals increasing their investments in hemostasis diagnostics.
This report provides an accurate prediction of the contribution of all the segments to the growth of the hemostasis diagnostics market size and actionable market insights on post COVID-19 impact on each segment.
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Hemostasis Diagnostics Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.95% |
Market growth 2022-2026 |
$ 1.12 billion |
Market structure |
Concentrated |
YoY growth (%) |
7.38 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 50% |
Key consumer countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Abbott Laboratories, Beckman Coulter Inc., Danaher Corp., F. Hoffmann La Roche Ltd., Grifols SA, Helena Laboratories Corp., Hitachi Ltd., HORIBA Ltd., Medtronic Plc, Nihon Kohden Corp., Siemens 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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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