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Coagulation is a complex process by which blood forms clots. It is an important part of haemostasis (the cessation of blood loss from a damaged vessel). Disorders of coagulation can lead to an increased risk of bleeding (haemorrhage) or clotting (thrombosis). Coagulation testing is essential for evaluating bleeding patients, including those scheduled for surgery or receiving postsurgical care. Coagulation tests measure your blood’s ability to clot, and how long it takes to clot. An increasing geriatric population, rise in the prevalence of cardiovascular (CVD) and blood disorders, and an increase in geriatric population are key factors which are expected to drive the demand for coagulation testing. Furthermore, a rise in the awareness about blood disorders are anticipated to provide lucrative growth opportunities for key players operating in the market.
High prevalence of cardiovascular and blood disorders is a key factor driving the growth of the market in the region. According to 2017 European Cardiovascular Disease Statistics, each year cardiovascular disease (CVD) causes 3.9 million deaths in Europe and over 1.8 million deaths in the European Union (EU). CVD accounts for 45% of all deaths in Europe and 37% of all deaths in the EU. CVD is the main cause of death in men in all but 12 countries of Europe and is the main cause of death in women in all but two countries. Death rates from both ischaemic heart disease (IHD) and stroke are generally higher in Central and Eastern Europe than in Northern, Southern and Western Europe. According to European Haematology Association (EHA), in Europe, blood disorders affect around 80 million people. The economic burden of blood disorders across the European Union, Iceland, Norway, and Switzerland amounts to €23 billion per year. This is the conclusion of two papers published in The Lancet Haematology by the Health Economics Research Centre of the University of Oxford. The total cost of blood disorders consists of healthcare expenditure (€15.6 billion), productivity loss due to illness and mortality (€5.6 billion), and the costs of informal care (€1.6 billion). The latter amount is based on the number of hours of unpaid care provided to people suffering from blood disorders, such as by family or friends. 28% of healthcare costs pertain to medications (€4.3 billion). Thus, the rise in cardiovascular and blood disorders is a major factor anticipated to drive the growth of the market.
The emergence of advanced technologies in medical diagnostics is expected to offer significant opportunities for the growth of the market during the forecast period. Also, the implementation of key initiatives to promote awareness regarding blood disorders is expected to contribute to the growth of the market. Also, several governments across various countries are focusing on awareness about blood disorders. This is expected to further fuel market growth over the estimated time period.
The high cost involved with fully automated haemostasis equipment, and risk of side-effects associated with blood testing are expected to have a negative impact on the growth of the market.
The lack of awareness about applications of coagulation testing devices is expected to be a key economic challenge. Furthermore, the COVID-19 pandemic has emerged as a major challenge for the growth of the market.
The report provides an in-depth analysis of the Europe Coagulation Testing market including, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. An increase in the prevalence of blood diseases has led to a rise in demand for coagulation testing, and therefore, the market is expected to witness growth at a specific CAGR from 2023-2029.
Europe Coagulation Testing market comprises of different market segments like product, technology, application, end-user and Country.
On the basis of product, the Europe Coagulation Testing market consists of key segments like
The consumables segment is expected to gain the most market share over the forecast period. The growth of the segment can be attributed to high demand for different types of consumables in diagnostic testing.
Also, the instruments segment is expected to witness high growth over the forecast period. High investment in diagnostic testing by the public as well as private organizations is a key factor driving the growth of the segment.
By technology, the Europe Coagulation Testing market includes segments like
The mechanical followed by the optical technology segment, is expected to lead the market over the forecast period. The high level of accuracy offered by the mechanical technology is a key factor driving its growth of the segment. Optical and mechanical detection methods are equivalent in terms of correlation, accuracy, and precision for coagulation testing, and that both methods are unaffected by sample turbidity.
The Europe Coagulation Testing market finds key applications in
The prothrombin time segment is expected to dominate the market over the forecast period. Prothrombin time measures the time it takes plasma to clot when exposed to tissue factor and reflects the ‘extrinsic’ and ‘common’ pathways of coagulation. It is crucial in cases of bleeding, liver synthetic function, DIC, warfarin treatment etc.
The activated clotting time segment is expected to witness high growth over the forecast period. The activated clotting time measures the time it takes whole blood (rather than plasma) to clot when exposed to an activator of the intrinsic pathway - and assesses both the ‘intrinsic’ and ‘common’ pathways of coagulation.
The Europe Coagulation Testing market finds major end-users like
The hospitals and clinics are expected to lead the market during the forecast period. An increasing demand for coagulation testing in hospitals and clinics due to rise in prevalence of blood disorders is a major factor which is expected to drive the growth of the segment.
The diagnostic laboratories are expected to witness high growth over the estimated time period. An increasing demand for advanced diagnostic testing services is a major factor driving the growth of the segment.
The Europe Coagulation Testing market is studied for the following countries:
Germany is expected to dominate the market over the forecast period. The rise in prevalence of cardiovascular blood disorders, presence of an advanced healthcare system along with the launch of key strategic initiatives by key market players are key factors driving the growth of the market in the country.
The U.K is expected to witness high growth over the forecast period. The rise in prevalence of blood disorders is a key factor driving the growth of the market in the region. Also, the implementation of several campaigns to spread awareness regarding blood disorders is also anticipated to positively contribute to the growth of the market.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors with regard to the Coagulation Testing market. The report involves an exclusive study on COVID-19 impact analysis. In addition, the report also includes a complete analysis of changes in the Europe Coagulation Testing market, expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of pandemics on Europe economies, international trade, business investments, GDP, and marketing strategies of key players present in the market.
The outbreak of the COVID-19 pandemic has significantly affected the health, economy, and society, and has changed the economic situation of the world. The pandemic compelled the manufacturers of coagulation testing devices to halt manufacturing and distribution. Although respiratory compromise is the cardinal feature of the disease, early studies have suggested that elevated circulating D-dimer levels are associated with mortality, suggesting a distinct coagulation disorder associated with COVID-19. This is expected to drive the demand for coagulation testing in the upcoming years.
The competitive landscape analysis of the Coagulation Testing market is primarily focused on expanding the growth of coagulation testing industry in Europe with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in coagulation testing sector has led to growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the requirements of consumers, which further contributes to healthy growth in the market.
The key players studied in the market are
Thermo Fisher Scientific
July 2020: Sysmex Europe GmbH, a laboratory equipment supplier, launched two blood coagulation testing analyzers, the CN-6000 and CN-3000. These products help the patients to swiftly diagnose the blood coagulation ability of their blood sample. Many medical experts consider the launch of these two products to be a pathbreaking step in the blood coagulation testing methodologies.
April 2020: Haemonetics Corporation, a healthcare company, announced that it was acquiring Enicor, a German blood coagulation test system manufacturing company. The acquisition is predicted to boost the market share of the acquiring company in the coming period.
The Europe Coagulation Testing market include segments like product, technology, application, end-user and geography. By product, the market includes segments like instruments and consumables. The consumables segment is expected to gain the major market share over the forecast period. By technology, the Europe Coagulation Testing market includes segments like mechanical technology, optical technology, electrochemical technology and others. The mechanical technology segment is expected to lead the market over the forecast period. By application, the Coagulation Testing market includes segments like thrombin time, prothrombin time, activated clotting time, partial thromboplastin time, activated partial thromboplastin time and others. The prothrombin time segment is expected to witness highest growth over the forecast period. The Europe Coagulation Testing market finds major end-users like hospitals and clinics, diagnostic laboratories and others. The hospitals and clinics, segment is expected to lead the market during the forecast period. The Europe Coagulation Testing Market is studied across various countries: Germany, U.K, France, Italy, Spain, and Rest of Europe. Germany is expected to dominate the market over the forecast period.
| Market
Sizing for Year: | 2019-2029 |
| Base
Year: | 2022 |
| Forecast
Period: | 2023-2029 |
| Value: | USD Million |
| Market
Segment studied: | Product Technology Application End-user |
| Market
Players and its Competitors: | Thermo Fisher Scientific Abbott Laboratories F. Hoffmann-La Roche Ltd. Medtronic plc Siemens Sysmex Corporation Helena Laboratories Micropoint Biosciences Nihon Kohden Corporation Diagnostica Sago Sas CoaguSense SenGenix Universal Biosensors iLine Microsystems Bio/Data Corporation |
FREQUENTLY ASKED QUESTIONS
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report.
Which is the leading application segment for the Europe Coagulation Testing market?
Prothrombin time segment is anticipated to dominate the market during the forecast period.
Which region is gaining the majority of market share during the forecast period (2023-2029)?
Germany is expected to gain a major share of the market during the forecast period (2023-2029).
