May 28, 2024
Thromboelastography Market

Thromboelastography Market is Estimated To Witness High Growth Owing To Increasing Adoption of Novel Diagnostic Tools

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 technique used to detect and understand problems in coagulation and fibrinolysis by measuring clots under physical stress. It helps clinicians evaluate clot strength in real time and determine hypercoagulability or hypocoagulability. The technique provides vital information about clotting disorders and assist in treatment management.

Market key trends:-

The thromboelastography market is witnessing high growth owing to increasing adoption of novel diagnostic tools for testing coagulation disorders. Thromboelastography offers several advantages over traditional coagulation tests as it provides a complete coagulation profile, measures hypercoagulability and fibrinolysis simultaneously, aids in determination of appropriate therapy and monitoring of hemostatic drugs. In addition, regulatory approvals for new systems and reagents along with growing research activities in hemostasis are spurring the demand for thromboelastography. Furthermore, rising incidences of bleeding disorders and trauma cases requiring urgent coagulation testing are augmenting the market growth over the forecast period.

Porter’s Analysis:-

  • Threat of new entrants: The Thromboelastography market is moderately concentrated with few large market players dominating the market. This makes the threat of new players entering the market moderate.
  • Bargaining power of buyers: The bargaining power of buyers is low to moderate. The availability of substitutes and differentiated products of existing players makes it difficult for buyers to bargain on price.
  • Bargaining power of suppliers: The bargaining power of suppliers is moderate. Large players have formulated long-term contracts with suppliers to ensure steady supply of raw materials.
  • Threat of new substitutes: There exists low threat from new substitutes as Thromboelastography provide unique benefits over conventional coagulation monitoring technologies.
  • Competitive rivalry: The competitive rivalry is high due to presence of few large players competing for market share.

SWOT Analysis:-

  • Strength: Differentiated product portfolio with high accuracy and precision. Rising focus on hemostasis testing and viscoelastic coagulation monitoring techniques.
  • Weakness: High costs associated with devices. Requirement of trained professionals to operate the devices.
  • Opportunity: Growth opportunities in emerging markets. Increasing usage in point of care facilities.
  • Threats: Stringent regulatory approvals. Reimbursement issues related to high cost devices.

Key Takeaways:-

The Global Thromboelastography Market Demand is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing prevalence of cardiovascular diseases and growing need for monitoring of coagulation system.

Regionally, North America dominated the global market in 2023 and is expected to maintain its dominance over the forecast period. This is attributed to growing adoption of technologically advanced hemostasis analyzers and presence of major players in the region.

Asia Pacific is expected to witness fastest growth attributable to rising healthcare expenditure, growing cases of cardiac surgeries and expanding healthcare infrastructure in emerging economies of the region.

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. Players are focusing on new product launches and targeting emerging markets for business expansion.

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