Market Trends of Hemostasis Diagnostics Industry
This section covers the major market trends shaping the Hemostasis Diagnostics Market according to our research experts:
The Point-of-Care Testing Systems Segment is Expected to Hold a Significant Market Share Over The Forecast Period.
The point-of-care (POC) testing system segment is expected to hold a significant market share over the forecast period. Point-of-care testing is vital in emergency departments, intensive care units, and operating rooms as the results are on the spot. The segment is expected to grow owing to technological advancement coupled with the introduction of cost-effective and high-quality medical solutions.
Leukemia is also associated with hemostatic complications which often require the usage of POC diagnostics for better management of the diseases. According to the American Cancer Society, Cancer Statistics 2022, out of the total new cancer cases, leukemia was estimated with 60,650 new cases in the United States in 2022. In addition, as per Leukemia Foundation 2022 update, it is expected that 19,403 Australians will be newly diagnosed with a blood cancer such as leukemia, lymphoma, and myeloma in 2022. This is equivalent to 53 people per day or one person every 27 minutes. The same source stated that 135,000 people were living with blood cancer in Australia in 2022, and more than 275,000 Australians are expected to be living with blood cancer by 2035. Thus, the high burden of leukemia worldwide is also projected to boost the market growth
Acute bleeding requires fast and targeted therapy. Hence, knowledge of the patient's potential to form a clot is crucial. An article published in Practical Laboratory Journal in May 2021 stated that Point-of-care testing (POCT) provides fast and reliable information on coagulation. The results of the article indicated that POCT is a suitable method for emergency diagnosis and can be used as prognostic diagnostic elements in haemotherapy algorithms to initiate targeted haemotherapy at an early point in time. Thus, the rising demand for rapid diagnostics is expected to propel the segment growth during the forecast period.
Furthermore, various market players are engaged in strategic initiatives such as research and development to develop an innovative POC testing system which is also contributing to the segment growth. For instance, in January 2022, Werfen received 510 (k) clearance from the US FDA for its GEM Hemochron 100 whole-blood hemostasis testing system. The system uses Hemochron technology and provides activated clotting time (ACT) results in a few minutes. This POC testing modality enhances patient outcomes in the cardiovascular operating room and other acute care settings. Owing to the advantages offered by point-of-care, the segment is expected to propel during the forecast period.
Therefore, owing to the aforesaid factors such as high burden of leukemia and growing demand for point-of-care testing for leukemia and other types of blood cancer and technological advancements in the POC testing is expected to propel the segment growth during the forecast period.
The North America is Expected to Hold a Significant Market Share Over The Forecast Period
North America is expected to hold a significant market share mainly because of the high adoption of advanced automated analyzers, the presence of a large patient pool, high prevalence of blood clot disorders is aggressively propelling the demand for hemostasis diagnosis.
According to a review article published in January 2021 in Pharmacoeconomics Open Journal, point-of-care testing (POCT) is a crucial diagnostic technology for optimal patient care and advantageous for different applications such as monitoring, screening, and diagnosis in several settings. POCT is also used for out-of-hospital monitoring of the International Normalized Ratio in patients receiving a vitamin K antagonist like warfarin. The vast utility of point-of-care testing used for hemostasis diagnostics is expected to propel its demand in the region during the forecast period.
The collaboration between a government organization and a market player is also contributing to market growth. For instance, in October 2022, the Canadian Hemophilia Society and Bayer ADVANCE Canada Research Program initiated the applications for market players to engage in research activities to identify and research key issues in the aging hemophilia population. The main goal of this program is to offer one or two USD 30,000 to a maximum of USD 60,000 research grants for one year. The partnership between government bodies and market players for engaging healthcare researchers and professionals for research related to hemophilia is expected to augment the utility of hemostasis diagnostics and propel the market growth in the region.
Additionally, the strategic initiatives adopted by market players in hemostasis diagnostics are also contributing to the market growth. For instance, in August 2021, Siemens Healthineers launched Sysmex's CN-3000 and CN-6000 Hemostasis Systems for mid and high-volume coagulation testing following the expansion of the partnership of both companies in February 2021. Such partnerships and product launch in expected to strengthen the market position and also augment the market growth in the region during the forecast period.
Therefore, owing to the above-mentioned factors such as rising funding by government bodies for research in hemophilia diagnostics and company initiatives in the region, the growth of the studied market is anticipated in the North America Region.
