by The global thromboelastography market is involved in the development and manufacture of medical devices and equipment used for point-of-care coagulation monitoring and testing. Thromboelastography is a clinical test that evaluates the overall functional capability of a patient’s coagulation process by measuring the viscoelastic properties of blood clot formation and breakdown. Some key areas of application include cardiovascular surgery, transplant surgery, trauma and massive transfusions, and assessment of patients treated with anticoagulant medications.
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 Dynamics:
The thromboelastography market is primarily driven by the growing demand for rapid and convenient point-of-care coagulation testing across hospitals and surgical centers. Conventional coagulation tests often require centralized laboratory facilities and take longer time for result processing. On the other hand, thromboelastography devices enable real-time assessment of hemostasis at the patient’s bedside, guiding efficient clinical treatment decisions. This is increasingly favored as it allows for timely administration of hemostatic drugs, blood components and interventions. Another key factor supplementing market growth is the ability of thromboelastography to evaluate the overall quality and function of blood clotting process, beyond just individual clotting factor levels. This provides more holistic monitoring of complex coagulation disorders and bleeding conditions.
Segment Analysis
The global thromboelastography market can be segmented based on product, end user, and region. Based on product, the market is dominated by thromboelastography equipment segment. This segment accounts for the largest market share owing to the high demand for these instruments among various healthcare facilities to conduct thromboelastography tests.
PEST Analysis
Political: Regulations regarding medical device approval encourages companies to innovate and launch advanced thromboelastography products to gain market share.
Economic: Rising healthcare spending on advanced coagulation testing and growing economy in emerging markets drive the growth of this market.
Social: Increasing cases of blood disorders, trauma, and hypercoagulable states has increased the demand for thorough coagulation testing using TEG.
Technological: Adoption of novel technologies like ROTEM and development of portable systems with advanced features are expected to boost the adoption of thromboelastography.
Key Takeaways
Global Thromboelastography Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis indicates that North America accounted for the major market share owing to the well-established healthcare system and increasing adoption of advanced coagulation testing in major countries like the US and Canada. Asia Pacific is projected to be the fastest growing region in this market stimulated by rising healthcare expenditure, growing demand for point-of-care testing, and expanding private healthcare sector in China and India.
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. Increasing adoption of advanced features like integrated imaging, and connectivity with LIS/HIS are key strategies adopted by prominent players to gain competitive edge in this market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
