Hemostasis Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The global hemostasis diagnostics market is expected to grow at a CAGR of 8.1% over the forecast period. Rising incidences of blood clotting diagnosis for patients particularly who are more prone to lose excess blood from body during surgeries is the major factors contributing to the growth of the market. According to the National Hemophilia Foundation, in 2019, around 400,000 people were affected by hemophilia. And out of which approximately 75% of people with hemophilia around the world still receive inadequate treatment or have no access to treatment. Hence affecting the growth of the market positively.

Furthermore, increasing awareness about hemostasis conditions is expected to improve the diagnostic rate and preventive care management, which is predicted to substantially increase the testing volume. Advent in technology led to introduction of many novel diagnostic systems and tests such as introduction of automated blood coagulation analyzers, provide significant growth opportunity to this market in coming few years. However, lack of awareness regarding hemostasis disorders in underdeveloped regions and stringent government regulation may restrict the market.

Scope of the Report

Hemostasis diagnostics are those devices which help in the identification of hemostatic defects which leads to excessive bleeding. Hemostasis is a mechanism followed by the body after getting injured, it slows down the blood loss and stop the blood flow. Hemostasis helps in the diagnosis of actual cause of these disorders with history and helps in the treatment. Hemostasis diagnostics market is segmented by product, test, end use and geography.

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Key Market Trends

The Point-of-Care Testing System Segment Dominates the Market and is Expected to Continue the Same during the Forecast Period

The point-of-care testing system segment is predicted to gain the highest share over the forecast period. Continuous developments in R&D activities to miniaturize molecular and professional diagnostic tests is anticipated to drive the demand for the systems. In addition, improvements in lab automation techniques coupled with introduction of cost-effective and high-quality medical solutions is set to propel the growth. Additionally, patients and clinicians are more inclined towards the usage of POC diagnostic tests with increasing levels of patient awareness about the POC processes drives the market growth. Also, minimally skilled professionals efficiently use POC devices for diagnosis, which serves as one of the segmental drivers.

Several private entities such as California Institute of Technology, Dartmouth College and global organizations are also involved in POC development programs. For instance, in August 2018, the American Association for Clinical Chemistry released certification program for POC testing professionals, to improve their diagnostic testing outside the clinical laboratories. Hence the segment is likely to witness lucrative growth over the forecast period.

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