Albany, NY -- (SBWIRE) -- 01/17/2018 -- Global Hemostasis Diagnostics Market: Snapshot
The global hemostasis diagnostics market is primarily driven by the ever-increasing disease burden of blood clotting disorders. Hemophilia, vitamin k deficiency, and disseminated intravascular coagulation are some of the factors responsible for blood clotting disorders that not only requires relevant treatment, but also timely and affordable diagnosis. As per statistics presented by the World Health Organization, an estimated 400, 000 people worldwide suffer from hemophilia, of which 56% remain undiagnosed. This will stoke growth of the hemostasis diagnostics market.
Technological breakthroughs leading to the development of advanced products for hemostasis diagnostics is also stoking growth of this market. This has enabled clinicians to perform varied tasks and bring about efficiency and efficacy in hemostasis diagnostics.
A report by Transparency Market Research estimates the global hemostasis diagnostics market to expand at a CAGR of 8.3% between 2017 and 2025 vis-à-vis revenue. At this pace, the market is expected to attract a revenue of US$3,979.5 mn by 2025 from US$1,960.0 mn in 2016.
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Hospital/Clinics End user to Continue to Remain Dominant
The global hemostasis diagnostics market is assessed on the basis of product type, test type, end-user, and geography in this report. Based on product type, the global hemostasis diagnostics market has been segmented into laboratory systems, consumables, and point-of-care testing systems. Among these, consumables segment accounted for the leading revenue in 2016 and is projected to continue its position by the end of 2025. The end-user segments of the hemostasis diagnostics market include hospital/clinics, independent diagnostic laboratories, home care settings, and others. Hospital/clinics is likely to expand at a significant growth rate over the forecast period of 2017-2022; the segment is anticipated to display increased market share over the period.
Asia Pacific to Exhibit Lucrative Prospects in Forthcoming Years
In terms of geography, the worldwide market for hemostasis diagnostics is divided into five regions: North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Of them, North America held the leading market share in 2016. The region, however, is anticipated lose its market share by the end of 2025, expanding at a CAGR of 7.4% for the forecast period. High prevalence of cardiac diseases, well-established healthcare infrastructure, high healthcare expenditure, and high awareness for hemostasis diagnostics are the factors attributed to the growth of the market in North America.
Europe follows North America to be the second-leading market for hemostasis diagnostics. High awareness and demand for superior quality diagnostics is one of the key factors driving the hemostasis diagnostics market in the region.
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However, Asia Pacific is anticipated to surpass all other regions in terms of growth rate from 2017 to 2025. Increasing income levels in the emerging economies of China and India is leading to increased healthcare spending. Moreover, changing lifestyles have led to the proliferation of lifestyle related diseases such as cancer, diabetes, and heart disease. As a result, research initiatives and the corresponding funds in the biopharmaceutical sector have escalated in the region. Further, government initiatives for the improvement of healthcare infrastructure, and increasing shift in base of pharmaceutical companies and clinical research agencies from developed regions to developing regions bodes well for Asia Pacific hemostasis diagnostics market.
The business landscape of the global hemostasis diagnostics market is competitive due to the presence of a few established players. At the forefront of this market are Abbott Laboratories, Thermo fisher Scientific Inc., Alere Inc., F. Hoffmann-La Roche Ltd., Nihon Kohden Corporation, Sysmex Corporation, Siemens Healthineers, Instrumentation Laboratory, Danaher Corporation, and Grifols S.A.
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