Market Trends of Fully Automated Coagulometer Industry
This section covers the major market trends shaping the Fully Automated Coagulometer Market according to our research experts:
Hospital Segment Expected to Witness Considerable Growth Over the Forecast Period
- Hospitals are well-equipped with advanced technological equipment for diagnostic and surgical procedures and improved treatments. The hospital segment is witnessing rapid growth, owing to the growing number of diagnostic and surgeries due to blood-related diseases. This trend is expected to continue over the forecast period, driving growth in the segment.
- With the rising number of hospitals across developing countries, there is a positive impact on the demand for fully automated coagulometers. For instance, according to the American Hospital Association annual survey 2021, in the United States, there were more than 1,805 rural community hospitals, 3,336 urban community hospitals, and 3,453 community hospitals in the system in 2020. Moreover, total admissions in all United States hospitals were more than 36,241,815 in 2021.
- Similarly, as per the April 2021 report of the Center for Disease Dynamics, Economics and Policy (CCDEP), there were 25,778 public sector hospitals in the country, and the states with the highest number of public hospitals were Uttar Pradesh (4,635), Karnataka (2,842), Rajasthan (2,850), Odisha (1,806), and West Bengal. Hospitals are the major treatment centers for blood-related diseases globally, owing to the low cost of surgeries and medication and the availability of state-of-art infrastructure. Hospitals offer integrated services from diagnostics to treatment and treatment to post-treatment, which is patients' first choice for any diagnostic and treatment procedure. Thus increasing the number of hospitals may increase the number of patients, which is expected to positively impact the segment.
- Therefore, owing to the abovementioned factors, the segment is anticipated to witness considerable growth over the forecast period.
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North America Expected to Witness Significant Growth Over the Forecast Period
- North America is expected to dominate the overall fully automated coagulometer market over the forecast period. The growth is due to factors such as the rising cases of blood-related diseases and the launch of new product lines by the key players in the region. For instance, as per the report published by the Leukemia & Lymphoma Society (LLS) in 2021, new cases of leukemia, lymphoma, and myeloma accounted for around 9.8% of the estimated 1,898,160 new cancer cases in the United States in 2021.
- Similarly, as per the report published by the Canadian Cancer Society in May 2022, around 6,700 Canadians will be diagnosed with leukemia, 4,000 men will be diagnosed with leukemia, and 1,800 will die from it in 2022. Therefore, such instances indicate that the demand for fully automated coagulometers may increase, thereby propelling the market growth in the North American region.
- Key product launches, high concentration of market players or manufacturer's presence, acquisition and & partnerships among major players, and rising cases of blood-related diseases in the United States are some of the factors driving the growth of the fully automated coagulometer market in the country. For instance, as per the report published by the Leukemia & Lymphoma Society (LLS) in 2021, an estimated 1,519,907 people in the United States (US) were living with or in remission from leukemia, lymphoma, myeloma, myelodysplastic syndromes (MDS) or myeloproliferative neoplasms (MPNs) in 2021. The report also stated that around 90,390 people in the United States were diagnosed with lymphoma in 2021 (8,830 cases of Hodgkin Lymphoma and 81,560 cases of Non-Hodgkin Lymphoma).
- Therefore, owing to the aforesaid factors, the growth of the studied market is anticipated in the North America Region.
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