by The thromboelastography market is estimated to be valued at US$ 125.17 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Thromboelastography is a diagnostic assay used for assessment of hemostasis. It provides comprehensive information about clot formation and dissolution. The assay is used in point-of-care coagulation management during surgeries and critical care. It helps physicians make informed treatment decisions. Thromboelastography instruments provide real-time analysis of coagulation in whole blood samples. This helps clinicians manage anti-coagulation therapy effectively.
Market Dynamics:-
The global thromboelastography market is driven by increasing adoption of thromboelastography in point-of-care coagulation management. Growing volume of surgeries such as cardiovascular, orthopedic and trauma related procedures require effective monitoring of coagulation. Thromboelastography helps clinicians manage anti-coagulation and anti-platelet medications peri-operatively as well as guide transfusion therapy. It reduces complications associated with excessive or inadequate coagulation management. Moreover, increasing incidences of bleeding disorders and hemorrhagic conditions contribute to the market growth. For example, according to studies, an estimated 1.5 billion people globally suffer from vitamin A deficiency which can cause hemorrhagic conditions. However, high costs associated with thromboelastography instruments and consumables could limit market growth.
SWOT Analysis:-
- Strengths:
- Three sentence explanation about Thromboelastography’s ability to quickly and effectively measure clotting and provide clinically relevant data in real time.
- Three sentence explanation about how Thromboelastography help determine appropriate hemostatic therapy and reduce bleeding complications.
- Weaknesses:
- Three sentence explanation about the high cost of Thromboelastography devices limits its adoption in lower-resource settings.
- Three sentence explanation about requirement of trained technicians limit portability of Thromboelastography devices.
- Opportunities:
- Three sentence explanation about increasing demand for point of care coagulation monitoring devices during surgeries presents an opportunity.
- Three sentence explanation about rising incidences of blood disorders and trauma cases worldwide requiring coagulation monitoring presents an opportunity.
- Threats:
- Regulatory hurdles for new product approvals can delay market entry for new players.
- Reimbursement issues in some countries pose challenges to revenue generation.
Key Takeaways:-
The Global Thromboelastography Market Growth is expected to witness high, exhibiting CAGR of 7.1% over the forecast period, due to increasing demand for point of care coagulation monitoring devices. With rising incidences of blood disorders and trauma cases worldwide requiring coagulation monitoring, the market is expected to grow manifold.
Regional analysis:-
North America dominated the thromboelastography market in 2023, and is expected to maintain its dominance over the forecast period. This is attributed to the increasing adoption of point-of-care coagulation testing owing to rising healthcare expenditures and presence of major players in the region. However, Asia Pacific is anticipated to witness the fastest growth rate over the forecast period, owing to increasing healthcare infrastructure, rising incidences of blood disorders and trauma cases, and growing medical tourism in countries such as India, China and Japan.
Key players:-
Key players operating in the thromboelastography market are Lepu Medical Technology (Beijing) Co.,Ltd., Render Biotech Co., Haemonetics Corporation, TA Instruments, HemaCore LLC, 5-Diagnostics, Xenometrix AG, Framar Hemologix srl, Instrumentation Laboratory, Medirox AB, Diagnostica Stago, Life Diagnostica, SYCOmed e.K., Nordic Biomarker, and Shenzhen Ultra-Diagnostics Biotec. Co., Ltd. Major players are focusing on new product launches and developments to strengthen their market position. For instance, in 2021, Haemonetics Corporation launched TEG 6s coagulation analyzer platform to provide faster and simpler coagulation testing.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
