Market Size of Hemostasis Diagnostics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Hemostasis Diagnostics Market Analysis
The hemostasis diagnostics market is expected to grow at a CAGR of 8.1% over the forecast period.
COVID-19 had a significant impact on the studied market owing to the high utility of point-of-care diagnostic tests and various hemostasis tests in COVID-19-admitted patients with other comorbidities like diabetes or cardiovascular diseases. For instance, according to a research article published in the PLOS One Journal in October 2021, elevated D-dimer is used to predict the severity of SARS-CoV2 infection. Hence, 129 patients underwent a D-Dimer assessment following COVID-19 recovery. D-dimer elevation was found in 15% and was significantly more common in patients who had experienced a severe COVID-19 infection that had required hospitalization compared to patients with mild disease. Therefore, growth was observed in the utility of hemostasis diagnostics during the pandemic. In the current scenario, the hemostasis diagnostics market is growing because of the rising number of surgical procedures which require these tests as a routine assessment of the preoperative patient hence market is expected to show a stable growth rate during the forecast period.
In addition, the rising incidences of blood clotting disorders, technological advancements for medical treatment, and rising adoption of automated hemostasis equipment are actively affecting the growth of the studied market.
As per a World Bleeding Disorders Registry 2021 report, the survey of 37 countries reported 9,414 people with hemophilia as of December 2021, the high prevalence was reported in South-East Asia with 2,828 affected individuals, followed by Eastern Mediterranean and Africa with 2,418 and 1,027 individuals. Out of the total cases, 7,943 were of hemophilia A and 1,428 were of hemophilia B. As hemostasis diagnostics is crucial in detecting various types of hemophilia, the market is expected to grow with the high burden of cases.
Furthermore, an article published in eJIFCC in June 2021 stated that in most developing countries, point-of-care technology is delivered in remote locations or physicians' chambers or hospital setups of emergency rooms, operation theaters, and ICUs. It is applied for therapeutic aid, preventive measures (for targeted screening in high-risk groups), or surveillance measures (monitoring of routine blood parameters). The rising demand of point-of-care testing and other diagnostic tests for hemostatis diagnostics is further projected to propel the market growth.
Also, initiatives undertaken by market players to advance the development of hemostasis diagnostics leading to product launches, and partnerships are contributing to the market growth. For instance, in February 2021, Sysmex Corporation and Siemens Healthcare Diagnostics Inc. extended their strategic agreement to work together on global supply, distribution, and sales and service for hemostasis products through at least 2023. The partnership enabled one of the largest portfolio of hemostasis systems and reagents in the world to continue to be available to laboratory customers worldwide.
Therefore, owing to the aforesaid factors such as high burden of hemophilia worldwide, research studies for the advancement in hemostatis diagnostics and strategic initiatives by market players to strengthen their market position, the studied market is anticipated to witness growth over the analysis period. However, a lack of awareness regarding hemostasis disorders in underdeveloped regions and stringent government regulations may restrict the market.
