Thromboelastography is a test that measures the strength of blood clots formed clotting ability of blood during whole blood clotting. It provides a comprehensive analysis of coagulation process by measuring the viscoelastic changes that occur during clot formation, strengthening, and lysis. This test plays a vital role in diagnosis and management of hemorrhagic and thrombotic disorders. It is increasingly being used in surgical procedures for assessment of coagulation status of patients.
The global Thromboelastography Market is estimated to be valued at US$ 125.17 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the thromboelastography market is growing demand for point-of-care testing. Point-of-care testing (POCT) refers to medical diagnostic testing performed outside the conventional clinical laboratory, in near-patient or home-care settings. POCT offers advantages such as faster testing, real-time results, and reduced turnaround times. Some of the leading players in this market are focused on developing portable or point-of-care thromboelastography testing devices for use in operation theatres, intensive care units, and emergency departments.
This is expected to drive the demand for thromboelastography over the forecast period. Another trend gaining traction in the market is growing applications of thromboelastography in trauma surgery. Thromboelastography is increasingly being used in trauma surgery for monitoring and management of coagulopathy in severely injured patients. It aids in early diagnosis of coagulation defects and guiding appropriate blood product administration. Hence, rising incidence of injuries worldwide is anticipated to augment the demand for thromboelastography tests.
Porter’s Analysis
Threat of new entrants: The medical device industry requires high capital investment and established distribution channels which make the entry of new players difficult. However, technological advancements have lowered the entry barriers to some extent.
Bargaining power of buyers: There are a large number of buyers in the form of hospitals and diagnostic centers. This gives them higher negotiating power over prices.
Bargaining power of suppliers: Given the specialized nature of core technologies involved, the suppliers of key components have some negotiation power.
Threat of new substitutes: Though innovative technologies for coagulation monitoring are being introduced, thromboelastography still has an advantage over being a well-established technique.
Competitive rivalry: The thromboelastography market has the presence of several global as well as regional players. Intense competition exists in terms of product pricing and service offerings.
Key Takeaways
Global Thromboelastography Market Size is expected to witness high growth. The market in North America currently dominates owing to the large patient pool, rising healthcare expenditure, and increased adoption of advanced coagulation testing technologies in the region. The Asia Pacific market is projected to witness the fastest growth during the forecast period supported by growing medical tourism, increasing private healthcare expenditure, and expansion of private diagnostic chains in major Asian countries.
Regional analysis: Europe is another sizable market for thromboelastography driven by the presence of advanced healthcare infrastructure and rising cases of coagulation disorders. The rising focus of European countries on preventive healthcare is positively impacting the market growth.
Key players: Key players operating in the thromboelastography market are SARAHEALTH SARE, MRK Healthcare Pvt. Ltd., Amkay Products Pvt. Ltd., JIT & JIT, Kanam Latex Industries Pvt. Ltd., RFB Latex Limited, Safeshield Gloves, Amigo Surgicare Pvt. Ltd., Asma Rubber Products Pvt. Ltd., Narang Medical Limited, Phoenix Medical Technologies & Imports, Manglam Medikits Private Limited, and VLHS. These players are focusing on new product launches, geographical expansions and acquisitions to gain competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
