The Thromboelastography Market is estimated to be valued at US$ 604.07 Mn in 2022 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 (TEG) is increasingly being used in clinical practice for hemostasis testing and monitoring. It provides insights into the entire coagulation process including clot formation, strength, and breakdown. TEG finds applications in cardiothoracic surgery, liver transplantations, and assessment of bleeding risks.
Market Dynamics:
The market is driven by the rising prevalence of cardiovascular diseases and trauma cases worldwide. As per the World Health Organization, cardiovascular diseases are the leading cause of death globally, taking an estimated 17.9 million lives each year. TEG aids in effective management of blood coagulation in such high-risk patients. Moreover, technological advancements in TEG devices toward miniaturization, automation, and real-time evaluation are expanding their utilization in clinical research. Several manufacturers are focusing on developing TEG analyzers integrated with artificial intelligence for improved diagnostics.
Market key trends:
The thromboelastography market is witnessing significant growth due to the increasing demand for point-of-care coagulation testing. TEG helps in comprehensive assessment of hemostasis and reveals abnormalities that are not detected by conventional tests. It assists clinicians in efficient treatment and management of bleeding and thrombosis. The growing number of surgical procedures along with rising prevalence of cardiac diseases and blood disorders is expected to propel the demand for thromboelastography over the forecast period.
SWOT Analysis
Strengths: TEG provides real-time, whole-blood analysis of coagulation, which assists physicians in quick diagnosis and treatment. It also reduces turnaround times compared to conventional coagulation tests.
Weaknesses: High cost of TEG analyzers limits their adoption in resource-constrained settings. Lack of standardization in result interpretation is also a challenge.
Opportunities: Growing number of trauma cases and rising spending on healthcare infrastructure in developing nations can present lucrative opportunities. Expansion in clinical applications of TEG also offers scope for market growth.
Threats: Strong competition from alternative coagulation monitoring technologies can threaten market share of TEG. Longer reimbursement policies also restrict market expansion.
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 number of surgical procedures. The US dominated the global market in 2022, with a share of over 30% owing to presence of advanced healthcare facilities and favorable reimbursement policies.
Regional analysis
North America is expected to remain the leading regional market during the forecast period, supported by robust healthcare infrastructure and rising geriatric population. Europe is anticipated to grow lucratively, with key contributors being Germany, UK, and France. Asia Pacific exhibits lucrative prospects, with China and India emerging as high potential countries due to improving access to healthcare and diagnostic services.
Key players
Key players operating in the thromboelastography market include 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 Biomarket, and Shenzhen Ultra-Diagnostics Biotec. Co., Ltd. The market demonstrates a moderate level of consolidation with top players accounting for over 60% share.
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