Coagulation Testing Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of coagulation testing was valued at USD 3.3 billion in 2022, and a CAGR of 6.4% is expected during the forecast period. Coagulation is the change in physical properties of blood caused by the conversion of soluble plasma protein into fibrin, a solid gel. Increasing growth in chronic blood diseases, which are supposed to be examined first in order to treat, is the key reason behind the significant growth.

The rise in need for specialized hematology and coagulation laboratories is driving growth in the market significantly. Conditions like deep vein thrombosis, pulmonary embolism, and hemophilia are on the rise and driving growth in the market significantly. The increasing number of cardiovascular patients all over the world is driving the growth in the market significantly. Increasing aging population is another significant cause behind the growth in the region.

Coagulation testing includes prothrombin time, which is the time taken by blood to clot, commonly assessing the extrinsic and common pathways of coagulation. It is often used to measure patients’ anticoagulant therapy, like warfarin. It also evaluates the intrinsic and common pathway of coagulation. It is used to monitor the patient’s heparin therapy and diagnose bleeding disorders. Thrombin time is used to assess the conversion of fibrinogen to fibrin in the clotting process and helps to evaluate the presence of fibrinogen abnormalities or the effects of certain anticoagulants.

Growth Drivers

With a global aging population, the incidence of age-related diseases such as cardiovascular disorders and cancer, which require regular coagulation monitoring, is increasing. Innovations in coagulation testing technology, such as point of care devices, automated testing systems, and improved diagnosis assays, have made testing faster, accurate, and more accessible. This is expanding the market’s reach. The growing number of surgical procedures, especially those involving cardiovascular and orthopedic surgeries, has led to an increased need for coagulation testing to minimize the risk of perioperative bleeding and thrombotic complications.

Expansion of healthcare facilities, especially in emerging economies, is boosting access to coagulation testing. Governments and private sector investments in healthcare infrastructure are making diagnostic services more widely available. Favorable regulatory environments and the approval of new and innovative coagulation tests are facilitating market growth. Reimbursement policies in many regions are becoming more supportive, making these tests more affordable for the patients. Covid-19 patients played a key role in driving demand for coagulation testing. Covid-19 has been associated with normal blood clotting in some patients, leading to increased testing to monitor and manage these complications.

Segmentation

Product

·         Analyzer

·         Consumable

Type

·         Prothrombin Time

·         Activated Partial Thromboplastin Time

·         D-dimer Testing

·         Fibrinogen Testing

·         Others (Thrombin Time Platelet Function tests)

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Coagulation Testing Market Product Segmentation

On the basis of product, the coagulation testing market is segmented into 2 types: analyzer and consumable. Coagulation Analyzers are the leading segment in the market and are expected to dominate during the forecast period. It requires a significant upfront investment, which is a major factor in their leading position. Hospitals and laboratories invest in their machines for efficiency and accuracy in performing a range of tests. Advancements in technology and automation make analyzers highly desirable.

Modern analyzers offer better precision, faster results, and the ability to handle large volumes of tests, which are critical for diagnostic accuracy and workflow efficiency. Analyzers often come with service contracts, maintenance, and the opportunity for upgrades, which add ongoing revenue streams beyond the initial purchase. Consumables are also essential for the operations of analyzers; they are typically recurring purchases. Their revenue is dependent on the number and frequency of tests performed. Diagnostic centers are also responsible for the tremendous growth in this sector due to rapid investment by government and private organizations.

Regional Outlook

On the basis of the regions, the coagulation testing market is segmented into 5 parts: Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. North America is the leading segment in the market and is expected to dominate during the forecast period. North America, particularly the United States and Canada, has a highly developed healthcare infrastructure with access to the latest diagnostic technologies and treatments. This ensures widespread availability and adoption of the coagulation testing market.

The region has a significant prevalence of cardiovascular diseases, deep vein thrombosis, and other conditions that require coagulation testing. The region has a growing elderly population, which is more susceptible to conditions like atrial fibrillation and stroke, necessitating regular coagulation testing to manage and monitor these conditions. The region is home to major pharmaceutical and medical device companies that invest heavily in research and development, leading to the innovation of more accurate and efficient coagulation testing products. A high level of awareness among healthcare providers and patients regarding the early diagnosis of the disease is driving growth in the market significantly.

Broad insurance coverage for diagnostic tests, including coagulation testing, reduces out-of-pocket costs for patients, encouraging more frequent use of these tests. The regulatory environment in North America, particularly the FDA in the U.S.A., supports the development and approval of new medical devices, including coagulation testing equipment. Asia Pacific is the second-most leading segment in the market. The increasing number of chronic blood patients in the market is driving growth in countries like China, India, South Korea, Japan, and Vietnam. Rising healthcare expenditure and increasing health awareness among the patients are the main causes behind the growth. The presence of key market players in Europe and North America is driving growth in the market significantly.

The increasing prevalence of cardiovascular diseases and the increasing number of geriatric people in Europe are the reasons behind the significant growth in the market. Countries like Germany, France, and the and the UK are witnessing significant growth in the market. Rising healthcare expenditure in European countries is the main reason behind the significant growth in the European market. Optical and electrochemical coagulation has increased the efficiency in the market significantly.

Key Players

·         Sysmax Corporation

·         Nihon Cohden Corporation

·         F. Hoffman La Roche Ltd.

·         Thermo Fisher Scientific Inc.

·         Micropoint Biosciences

·         Diagnostica Stago Gas

·         Helena Laboratories

·         Abbott Laboratories

·         Alere Inc.

·         Other Players