Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Clotting process is key to prevent excessive bleeding during cuts. But the blood moving through your vessels shouldn’t clot. If such clots form, they can travel through your bloodstream to your heart, lungs, or brain. This can cause a heart attack, stroke, or even death. Coagulation testing procedure is essential for evaluating bleeding patients, including patients scheduled for surgery or during postsurgical care. Coagulation tests measure your blood’s ability to clot, and how long it takes to clot. The rise in the prevalence of cardiovascular and blood disorders and increase in geriatric population are key factors which are expected to drive the demand for coagulation testing. Furthermore, research and development activities and rise in the awareness about blood disorders are anticipated to provide lucrative growth opportunities for key players operating in the market.
The growth of the market is driven by rise in the prevalence of cardiovascular and blood disorders around the region. According to JACC, cardiovascular diseases (CVD) was the leading cause of death in Asia in 2019, causing 10.8 million deaths, which were approximately 35% of the total deaths in Asia. Nearly 39% of these CVD deaths were premature (defined as the death of a person age <70 years). From 1990 to 2019, the number of CVD deaths in Asia increased from 5.6 million to 10.8 million, the proportion of CVD deaths in total deaths increased from 23% to 35%, and crude CVD mortality rates increased continuously in both men and women. According to Haemophilia Foundation Australia, more than 6,500 people in Australia have been diagnosed with a bleeding disorder. Hemophilia occurs in 1 in 6,000-10,000 males internationally. Approximately 1 in 6,000 males has hemophilia A. Approximately 1 in 25,000-30,000 males has hemophilia B. Currently in Australia there are more than 3,000 people diagnosed with varied degrees of severity. Von Willebrand disease is the most common inherited bleeding disorder worldwide. More than 2,300 people have been diagnosed with VWD in Australia, but many more are thought to be undiagnosed. It affects both females and males from all racial backgrounds. Thus, the rise in cardiovascular and blood disorders is a major factor which is anticipated to drive the growth of the market.
The emergence of advanced technologies in medical diagnostics is expected to offer significant opportunities for the growth of the market over the forecast period. Also, the implementation of key initiatives to promote awareness regarding blood disorders are expected to contribute to the growth of the market. Also, several governments across various countries are focusing on awareness about blood disorders. This is expected to further fuel the market growth over the estimated time period.
The high cost involved with fully automated haemostasis equipment, and risk of side-effects associated with blood testing are expected to have a negative impact on the growth of the market.
The lack of awareness about innovative and advanced applications of coagulation testing devices is expected to be a key economic challenge. Furthermore, the COVID-19 pandemic has emerged as a major challenge for the growth of the market. Also, the lack of investments in healthcare sectors among the underdeveloped nations is expected to act as a major challenge for the growth of the market.
The report provides an in-depth analysis of the Asia-Pacific Coagulation Testing market including, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. An increase in prevalence of blood diseases has led to rise in demand for coagulation testing, and therefore, the market is expected to witness growth at a specific CAGR from 2023-2029.
Asia-Pacific Coagulation Testing market comprises of different market segments like product, technology, application, end-user and country.
On the basis of product, the Asia-Pacific Coagulation Testing market consists of key segments like
The consumables segment is expected to gain the major market share over the forecast period. The growth of the segment can be attributed to high demand for different types of consumables in diagnostic testing.
Also, the instruments segment is expected to witness high growth over the forecast period. High investment in diagnostic testing by the public as well as private organizations is a key factor driving the growth of the segment.
By technology, the Asia-Pacific Coagulation Testing market includes segments like
The mechanical followed by optical technology segment is expected to lead the market over the forecast period. The high level of accuracy offered by the mechanical technology is a key factor driving the growth of the segment. Optical and mechanical detection methods are equivalent in terms of correlation, accuracy, and precision for coagulation testing, and that both methods are unaffected by sample turbidity.
The Asia-Pacific Coagulation Testing market finds key applications in
The prothrombin time segment is expected to dominate the market over the forecast period. Prothrombin time measures the time it takes plasma to clot when exposed to tissue factor and reflects the ‘extrinsic’ and ‘common’ pathways of coagulation. It is crucial in case of bleeding, liver synthetic function, DIC, warfarin treatment etc.
The activated clotting time segment is expected to witness high growth over the forecast period. The activated clotting time measures the time it takes whole blood (rather than plasma) to clot when exposed to an activator of the intrinsic pathway - and assesses both the ‘intrinsic’ and ‘common’ pathways of coagulation.
The Asia-Pacific Coagulation Testing market finds major end-users like
The hospitals and clinics segment is expected to lead the market during the forecast period. An increasing demand for coagulation testing in hospitals and clinics due to rise in prevalence of blood disorders is a major factor which is expected to drive the growth of the segment.
The diagnostic laboratories segment is expected to witness high growth over the estimated time period. An increasing demand for advanced diagnostic testing services is a major factor driving the growth of the segment.
The Asia-Pacific Coagulation Testing market is studied for the following countries:
China is expected to dominate the market over the forecast period. The rise in prevalence of cardiovascular blood disorders are key factors driving the growth of the market in the country. According to National Center for Cardiovascular Diseases, China, cardiovascular diseases (CVD) remained the major cause of death in 2016, and resulted in more deaths than tumours and other diseases. Since 2009, the mortality of CVD in rural areas has exceeded and remained constantly higher than that in urban areas. In 2016, the mortality of CVD in rural areas was 309.33/100 000, of which 151.18/100 000 was due to heart disease and 158.15/100 000 due to cerebrovascular disease. Meanwhile, the mortality of CVD in urban areas was 265.11/100 000, of which 138.70/100 000 was due to heart disease and 126.41/100 000 due to cerebrovascular disease.
India is expected to witness high growth over the forecast period. Rise in prevalence of cardiovascular disorders is a key factor driving the growth of the market in the region. Also, the implementation of key strategic initiatives along with several initiatives and campaigns to spread awareness regarding cardiovascular and blood disorders are also anticipated to positively contribute to the growth of the market. For instance, in March 2023, Medtech Life had launched an ad campaign to raise awareness about the importance of accurate blood pressure monitoring. The campaign aims to educate people about the potential dangers of uncontrolled blood pressure, which is a leading cause of heart attacks.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors with regard to the Asia-Pacific Coagulation Testing market. The report involves an exclusive study on COVID-19 impact analysis. In addition, the report also includes a complete analysis of changes in the Asia-Pacific Coagulation Testing market, expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of pandemics on Asia-Pacific economies, international trade, business investments, GDP, and marketing strategies of key players present in the market.
The outbreak of the COVID-19 virus has become a healthcare emergency, where the impact of COVID-19 has significantly affected the health, economy, and society, and has changed the economic situation of the world. The pandemic has affected the most severely vulnerable groups including older people with disabilities, ethnic minorities, and those living in deprived areas. As noted above, the first case of COVID-19 was reported on December 1, 2019, and was caused by a new coronavirus later named SARSCoV2. Besides this virus i.e., COVID-19 has been mutating, which has further become a hurdling factor across the industry verticals. Although respiratory compromise is the cardinal feature of the disease, early studies have suggested that elevated circulating D-dimer levels are associated with mortality, suggesting a distinct coagulation disorder associated with COVID-19. This is expected to drive the demand for coagulation testing in the upcoming years.
The competitive landscape analysis of the Coagulation Testing market is majorly focused on expanding the growth of coagulation testing industry in Asia-Pacific region with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in coagulation testing sector has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the requirements of consumers, which further contributes to healthy growth in the market.
The key players studied in the market are
March 2022: Mindray, a medical solution provider, had launched the new BC-700 Series, a haematology analyzer series that incorporates both complete blood count (CBC) and erythrocyte sedimentation rate (ESR) tests. This series, including two open vial models BC-700/BC-720 and two autoloader models BC-760/BC-780, is designed to empower medium-volume laboratories with advanced diagnostics technologies that are applied in the premium products.
October 2021: Trivitron Healthcare, a medical devices company launched a new line of Coagulation Analyzer products in India.
The Asia-Pacific Coagulation Testing market include segments like product, technology, application, end-user and geography. By product, the market includes segments like instruments and consumables. The consumables segment is expected to gain the major market share over the forecast period. By technology, the Coagulation Testing market includes segments like mechanical technology, optical technology, electrochemical technology and others. The mechanical technology segment is expected to lead the market over the forecast period. By application, the Coagulation Testing market includes segments like thrombin time, prothrombin time, activated clotting time, partial thromboplastin time, activated partial thromboplastin time and others. The prothrombin time segment is expected to witness highest growth over the forecast period. The Asia-Pacific Coagulation Testing market finds major end-users like hospitals and clinics, diagnostic laboratories and others. The hospitals and clinics, segment is expected to lead the market during the forecast period. The Asia-Pacific Coagulation Testing Market is studied across various countries like, China, India, Japan, and the Rest of Asia-Pacific. China is expected to dominate the market over the forecast period.
| Market
Sizing for Year: | 2019-2029 |
| Base
Year: | 2022 |
| Forecast
Period: | 2023-2029 |
| Value: | USD Million |
| Market
Segment studied: | Product Technology Application End-user |
| Market
Players and its Competitors: | Thermo Fisher Scientific Abbott Laboratories F. Hoffmann-La Roche Ltd. Medtronic plc Siemens Sysmex Corporation Helena Laboratories Micropoint Biosciences Nihon Kohden Corporation Diagnostica Sago Sas CoaguSense SenGenix Universal Biosensors iLine Microsystems Bio/Data Corporation |
FREQUENTLY ASKED QUESTIONS
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report.
Which is the leading application segment for the Asia-Pacific Coagulation Testing market?
Prothrombin time segment is anticipated to dominate the market during the forecast period.
Which region is gaining the majority of market share during the forecast period (2023-2029)?
China is expected to gain a major share of the market during the forecast period (2023-2029).
