In a largely consolidated global hemostasis diagnostics market, intense competitive rivalry prevails among leading players, says Transparency Market Research (TMR) in a new report.
Hitherto, research and development for the introduction of innovative diagnostic techniques has been the key growth strategy among leading players operating in this market. However, key players are increasingly focused on expanding their geographical outreach, owing to which, they are likely to engage in strategic partnerships and alliances with regional players in the upcoming years, notes the study.
Abbott Laboratories, Thermo Fisher Scientific Inc., Alere Inc., F. Hoffmann-La Roche Ltd., Nihon Kohden Corporation, Sysmex Corporation, Siemens Healthineers, Instrumentation Laboratory, Danaher Corporation, and Grifols S.A. are some of the key companies operating in the global hemostasis diagnostics market.
According to the research report, the worldwide hemostasis diagnostics market is projected to attract a revenue of US$3,979.5 mn by 2025 from US$1,960.0 mn in 2016 at a CAGR of 8.3% between 2017 and 2025. Hospitals end-user segment is likely to exhibit most promising demand over other end-users in the hemostasis diagnostics market over the forecast period. North America holds dominance in the global hemostasis market, and the trend is anticipated to continue over the forecast period.
Technological Advances to Boost Market’s Growth
Among several factors driving the global hemostasis diagnostics market, the rising prevalence of blood clotting disorders is a prominent one. Hemophilia A and B, along with factor II, V, VII, X, or XII deficiencies are blood disorders associated with abnormal bleeding issues or blood coagulating issues. Other causes of coagulation disorders include vitamin K deficiency, disseminated intravascular coagulation, and other clotting factor deficiencies. These conditions demand timely and affordable diagnosis before treatment can be administered. Across the world, 440,000 people are afflicted with hemophilia, of which, 75% people are in under developed and developing countries. This ever-increasing disease burden of blood clotting disorders is anticipated to stoke growth of the hemostasis diagnostics market during the forecast period.
Advancements in hemostasis technology leading to the development of wide range of products is also having a positive bearing on this market. As a result, development of wide range of products has enabled clinicians to perform varied tasks that range from quantifying optical density of clot in a cuvette to detection of clotting factors.
“Automation is the tool for efficient and effective disease diagnostics that has extended to hemostasis diagnostics as well,” says a TMR analyst. The technological revolution in hemostasis diagnostics is expected to fuel the market from 2017 to 2022. Current technologies for hemostasis diagnostics include automation of blood coagulation analyzers, flow cytometers, microarrays, and PCR that are less labor intensive, rapid, and easy-to-use. The incorporation of these technologies for better bleeding control measures during surgical procedures is expected to provide opportunities for companies operating in the hemostasis diagnostics market.
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Rising Geriatric Population Susceptible to Medical Conditions Benefits Market
Prevalence of cardiovascular diseases, diabetes, and cancer is on the rise due to factors such as rise in geriatric population and changing lifestyle in developing economies. As per data released by the World Health Organization, the geriatric population globally is expected to increase from 524 million in 2010 to 1.5 billion by 2050. This population that is susceptible to health conditions may require surgical procedures, which in turn would drive the demand for better bleeding control techniques.