Fully Automated Coagulometer Market Size

Fully Automated Coagulometer Market Analysis

The fully automated coagulometer market is expected to register a CAGR of 8.2% over the forecast period.

• The outbreak of the pandemic impacted the fully automated coagulometer market. Blood-related diseases increased during the pandemic as many people were seen to acquire hematologic disorders along with COVID-19. For instance, as per the NCBI study published in November 2021, some people with COVID-19 develop abnormal blood clots, including in the smallest blood vessels. Clots can also form in multiple places in the body, including the lungs. This abnormal clotting can cause a variety of complications, including organ damage, heart attack, and stroke.
• Thus, increasing cases of blood-related diseases in the initial days of the pandemic accelerated the demand for fully automated coagulometers, as it is one of the essential requirements for the diagnosis of blood-related diseases. Therefore, the market is anticipated to witness considerable growth in the current year and is expected to continue the upward trend over the forecast period.
• The growing burden of blood-related diseases is one of the major drivers for the market. For instance, as per the report published by the Leukemia & Lymphoma Society (LLS) in 2021, approximately every three minutes, one person in the United States is diagnosed with leukemia, lymphoma, or myeloma every year and an estimated combined total of 186,400 people in the United States were diagnosed with leukemia, lymphoma or myeloma in 2021. The report also stated an estimated 34,920 new cases of myeloma (19,320 males and 15,600 females) were diagnosed in the United States in 2021.
• Furthermore, per the NIH study published in April 2022, leukemia was estimated to be the 15th and 11th most frequent cause of cancer incidence and cancer-related mortality globally, accounting for 474,519 incident cases and 311,594 deaths in 2020. Therefore, such instances are anticipated to propel the demand for automated coagulometers as it is one of the key requirements for managing blood-related diseases.
• The launch of new innovative products is also anticipated to propel market growth. For instance, in October 2021, Trivitron Healthcare launched a new range of coagulation analyzer products manufactured by Diagon Ltd. Trivitron, in collaboration with Diagon-Vanguard Diagnostics India, announced the launch of these products in the Indian diagnostic market following the signing of a collaboration agreement between the companies.
• New products include automated, semi-automated, and POC systems of the COAG series manufactured by Diagon Hungary to reduce the risk of bleeding in major surgeries and monitor the effectiveness of hemostatic therapies and anticoagulant drugs. Therefore, such innovations may create new opportunities for the market, which may encourage many new players to enter the market. Thus, considerable market growth is expected over the forecast period.
• However, the high cost of the test is likely to restrain the market growth over the forecast period.