November 29, 2023
Thromboelastography Market

Thromboelastography Market Is Estimated To Witness High Growth Owing To Wide Adoption For Surgical Procedures And Technological Advancements

The Thromboelastography Market is estimated to be valued at US$ 604.07 Mn in 2022 and is expected to exhibit a CAGR of 7.1% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Thromboelastography is a process used to identify coagulation disorders and monitor hemostasis, which measures the viscoelastic properties of the blood clot. TEG analyzes whole blood clotting over time to evaluate the overall capability of the patient’s blood to initiate clotting, generate thrombin, and develop a firm clot. It provides more comprehensive data than conventional coagulation tests alone. Thromboelastography finds widespread application in surgical procedures to detect coagulation defects and guide blood replacement therapy.

Market Dynamics:

The thromboelastography market is primarily driven by wide adoption of thromboelastography in surgical procedures owing to its ability to pinpoint hemostatic disorders and guide in transfusion therapy. TEG has shown to reduce blood transfusions in cardiac, liver transplantation and trauma surgeries compared to standard coagulation tests. Advancements in TEG technology are also fueling market growth. Companies are focusing on developing miniature TEG devices, software for accelerated analysis and portable TEG devices for point-of-care applications. Technological developments are aimed at simplifying TEG testing and shortening turnaround time, which is expected to increase adoption.

SWOT Analysis

Strength: Thromboelastography allows quantitative and qualitative analysis of whole blood coagulation and platelet function in real time. It provides high accuracy, standardization and automatic analysis of test results. Thromboelastography devices are easy to use with minimal training requirements.

Weakness: Thromboelastography equipment requires substantial capital investments and maintenance costs. Interpretation of test results needs expertise and experience which may not be readily available.

Opportunity: Rising geriatric population vulnerable to coagulation disorders is driving the demand. Increasing adoption in critical care units, trauma centers and operating rooms for rapid diagnosis of bleeding risks during surgeries offers significant untapped growth opportunities.

Threats: Availability of alternative coagulation monitoring technologies poses competition in the market. Stringent regulatory framework for new product approval delays market entry for devices.

Key Takeaways

The Global Thromboelastography Market Size is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing incidence of cardiovascular diseases and trauma cases worldwide.

Regional analysis: North America holds the largest share in the thromboelastography market. Higher healthcare spending and rapid uptake of advanced technologies drive market growth in the region. Asia Pacific exhibits fastest growth owing to growing medical tourism, increasing healthcare accessibility and expanding private healthcare sector in emerging countries.

Key players: Key players operating in the thromboelastography market are Lepu Medical Technology (Beijing) Co.,Ltd., Haemonetics Corporation, TA Instruments, HemaCore LLC, Xenometrix AG, Framar Hemologix srl, Instrumentation Laboratory, Medirox AB, Diagnostica Stago, Life Diagnostica, and Shenzhen Ultra-Diagnostics Biotec. Co., Ltd. Innovation and strategic collaborations remain key strategies adopted by leading companies to strengthen their market position.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it