Coagulation Analyzers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Coagulation Analyzers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The coagulation analyzers market is expected to grow at a CAGR of around 8.85% over the forecast period, 2022–2027.

The COVID-19 pandemic has affected the economics and sectors of many different countries due to lockdowns, travel restrictions, and business closures. The outbreak of COVID-19 causes the global shutdown which compelled the manufacturers of coagulation analyzers to halt manufacturing and distribution. The COVID-19 pandemic had a huge impact on the coagulation analyzer market. According to a November 2021 study titled "Meta-analysis of coagulation parameters connected with sickness severity and bad prognosis of COVID-19," coagulation problems may be viewed as risk factors for the severity and mortality of COVID-19. In addition, according to a February 2022 update by the National Institutes of Health, the panel advises testing hospitalized COVID-19 patients for thromboembolic disease if they experience a sudden localized loss of peripheral perfusion or a quick decline in pulmonary, cardiac, or neurological function. Therefore, it is anticipated that these studies will boost COVID-19 patients' need for coagulation analyzers, fueling the market's growth.

Further, the global coagulant analyzer market is driven by the increasing prevalence of chronic blood disorders, rising geriatric population coupled with the increasing prevalence of chronic diseases, and increasing laboratory automation. The increasing prevalence of chronic blood disorders is a major factor driving the market's growth. One of the key aspects influencing the market under study is the rising frequency of chronic blood disorders, which will increase the demand for coagulation analyzers. The Global Hemophilia Care 2020 study states that there have been 393,658 bleeding disorders recognized and documented globally over time, including 241,535 cases of hemophilia, and 87,729 cases of von Willebrand disease, and 64,394 cases of other bleeding disorders. As a result, the adoption of coagulation analyzers will be greatly boosted by the rising number of patients with blood disorders. In the United States, there were approximately 21,250 new instances of chronic lymphocytic leukemia in 2021, according to reports from the American Cancer Society (CLL). By examining blood cells that have been altered by leukemia, the illness is identified. Therefore, it is thought that the increasing number prevalence linked to chronic lymphocytic leukemia would increase the demand for coagulation tests, which will then propel market expansion. Product launches are another key factor in market growth. For instance, in July 2020, Automated Blood Coagulation Analyzers CN-6500/CN-3500, a novel product in the hemostasis sector, were introduced by Sysmex Corporation. With just one instrument, the new product may be used to measure all of the blood coagulation testing criteria, including molecular indicators for blood coagulation. Thus, the abovementioned factors are likely to increase market growth.

However, the high cost of fully automated coagulation analyzers and the slow adoption of advanced hemostasis instruments in developing and underdeveloped economies are restraining the market's growth.

Key Market TrendsD-Dimer Testing Segment is Expected to Dominate the Market During the Forecast Period

Over the projected period, the D-dimer testing market is anticipated to have a considerable share in the studied market in the test type segment. One of the protein fragments created when a blood clot dissolves in the body is called D-dimer. Unless the body is creating or destroying blood clots, at which point its level in the blood might drastically rise, it is typically undetectable or only detectable at extremely low levels. Numerous studies show a connection between increased d-dimer and t-PA antigen levels and the risk of coronary heart disease (CHD). For instance, a study published in December 2020 called "D-dimers are associated with coronary artery disease severity assessed using Syntax and Syntax II scores in patients with ST-elevation myocardial infarction" found a correlation between elevated D-dimer levels and the severity of coronary artery disease (CAD).

The demand for D-Dimer analysis tools is anticipated to rise as fatalities from cancer, coronary heart disease, and cardiovascular disease are likely to rise. These instruments may aid in a better understanding of the diseases. As a result, these studies show that D-dimer testing is highly necessary, which increases the demand for coagulation analyzers. Additionally, a number of newer goods are being released, which is promoting the segment's growth. For instance, a medical device firm called Trivitron Healthcare introduced a new line of coagulation analyzer instruments made by Diagon Ltd. in October 2021. High-throughput specifications are offered by the product, including the crucial D-Dimer test for COVID-19. The segment is therefore anticipated to experience significant expansion throughout the forecast period as a result of the aforementioned factors.

North America is Expected to Dominate the Coagulation Analyzers Market

North America region is expected to hold a significant share in the market. The major factors fueling the market's growth are the increasing prevalence of chronic blood disorders, increasing laboratory automation, and the implementation of strategic initiatives by the market players. For instance, according to a February 2020 update by the Centers for Disease Control and Prevention (CDC), it is unknown how many people in the United States are affected by deep vein thrombosis, although that figure could reach 900,000 (1 to 2 per 1,000). Estimates from the same source state that 60,000–100,000 Americans perish from venous thromboembolism per year. In light of these figures, there is a greater requirement for early detection of blood abnormalities, which will increase the need for coagulation analyzers in the area and ultimately fuel market expansion. Additionally, a number of industry participants are implementing strategic plans, which is helping the market expand. For instance, the American company Haemonetics Corporation bought Enicor, the creator of a blood coagulation diagnostic system, in April 2020. Similar to this, the Stop Lab Cuts campaign was started by the American Clinical Laboratory Association (ACLA) in July 2022 with the goal of enhancing the clinical laboratory infrastructure to facilitate the provision of normal patient care. By revealing the necessary infrastructure and increasing funding in the nation, such efforts are likely to accelerate market expansion.Thus, due to the above-mentioned factors, the market is expected to witness significant growth over the forecast period.

Competitive Landscape

There has been a presence of a considerable number of companies that are significantly contributing to the market growth. Product innovation and ongoing R&D activities to develop advanced technologies has helped in boosting the growth of the market. The competition is fierce due to the consolidated nature of the market with top companies reporting to occupy major share in the market. The key players in the market are adopting various strategic moves to sustain the intense competition. Some of the major key players in the market include F. Hoffmann-La Roche Ltd., Siemens Healthineers AG, Helena Laboratories, Meril Life Sciences Pvt. Ltd. and Trivitron Healthcare, among others.

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