The global 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 method of coagulation monitoring which measures the coagulability of blood through the clot formation process over time. It provides quantitative information about fibrin polymerization and clot strenght. These instruments are utilized to monitor coagulation status in patients undergoing major surgery or patients with a bleeding disorder to determine appropriate blood replacement therapy required. Point-of-care coagulation testing is gaining importance as it allows quick and effective treatment decisions.
Market key trends:-
One of the key trends in the thromboelastography market is the growing demand for point-of-care coagulation monitoring. Point-of-care coagulation monitoring provides near-patient testing and rapid availability of results which helps clinicians in timely treatment decisions. This is important in emergency settings, surgery and critical care units. Moreover, miniaturization of thromboelastography devices is enabling their use at the point-of-care. Other trends include increasing usage of thromboelastography in trauma, liver transplant and cardiovascular surgeries. Growing prevalence of blood disorders is also supporting market growth.
Porter’s Analysis:-
- Threat of new entrants: The thromboelastography market has moderate entry barriers for new players due to requirements of regulatory approvals and compliance.
- Bargaining power of buyers: Buyers have moderate bargaining power due to availability of several manufacturers and product substitutes in the market.
- Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are various suppliers for products in the market.
- Threat of new substitutes: Threat of new substitutes is low as very few substitutes are available for this specialized testing procedure.
- Competitive rivalry: The market is competitive in nature with presence of numerous established as well as local players.
Key Takeaways:-
The Global Thromboelastography Market Growth is expected to witness high, exhibiting CAGR of 7.1% over the forecast period, due to increasing adoption of these systems in hospitals, especially in the Asia Pacific region.
Regional analysis: The Asia Pacific region is expected to be the fastest growing market for thromboelastography during the forecast period owing to increasing healthcare expenditure and rise in number of trauma & surgical procedures within countries like China and India. North America is expected to dominate the global market, followed by Europe.
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.
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