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 test that evaluates the coagulation of blood. It helps in detecting coagulation disorders or abnormalities in the blood clotting process. The test measures the mechanical properties of clot formation and breakdown such as clot formation time, clot lysis time and clot firmness.
Market key trends:
The rotational thromboelastography (ROTEM) segment held the largest market share in 2022 due to its advantages over conventional TEG tests. ROTEM allows for whole blood testing and yields results in 30 to 45 minutes compared to other coagulation tests. It also requires less blood volume compared to traditional coagulation tests. Further, ROTEM analyzes clot firmness and maximum clot firmness which help clinicians visualize the overall status of haemostasis. The increasing adoption of point of care coagulation testing devices for faster diagnosis is expected to drive the ROTEM segment growth over the forecast period.
Market Key Trends:-
The thromboelastography market is witnessing increased research and development activities to develop technologically advanced products. Key players are focusing on developing integrated TEG systems with easy interpretation capabilities and features such as automated analyses for enhanced usability and accurate test results. Furthermore, adoption of portable TEG devices is growing owing to advantages such as convenient point-of-care testing and rapid availability of test results.
SWOT Analysis:-
- Strengths: TEG provides real-time evaluation of hemostasis and helps in effective management of coagulopathies. It provides physicians with quick and precise results.
- Weaknesses: TEG devices have high installation and maintenance costs. Lack of standardized protocols for TEG testing.
- Opportunities: Growing demand for POC coagulation testing devices. Increasing research on thromboelastography for non-surgical applications such as in intensive care units presents growth opportunities.
- Threats: Presence of cheaper substitutes like ROTEM limits the adoption of high-cost TEG devices. Stringent regulatory requirements for new product approvals.
Key Takeaways:
The Global Thromboelastography Market Size is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing incidence of bleeding disorders and trauma injuries. North America is expected to dominate the market during the forecast period owing to the growing adoption of TEG in hospitals and introduction of portable TEG devices in the region.
The global thromboelastography market size for 2023 is estimated to be US$ 125.17 Bn. The rising geriatric population which is more prone to coagulation disorders boosts the demand for TEG. The growing number of surgical procedures performed also drives the need for effective hemostasis monitoring with TEG testing.
Regional analysis: Asia Pacific is anticipated to be the fastest growing regional market over the forecast period. Adoption of advanced coagulation monitoring technologies is increasing in countries like China, India and Japan. Increasing healthcare investments by governments in the region also support market growth.
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 expanding their geographic presence through strategic agreements.
Read More - https://www.insightprobing.com/thromboelastography-market-share-and-outlook-analysis/
