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The global point-of-care (POC) coagulation testing devices market size was USD 1.55 billion in 2019. The global impact of COVID-19 has been unprecedented and staggering, with these POC coagulation testing devices witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a growth of 9.9% in 2020. The market is projected to grow from USD 1.69 billion in 2020 to USD 2.76 billion in 2027 at a CAGR of 7.2% during the 2020-2027 period. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Point of care devices adopted in viscoelastic coagulation tests and platelet function tests provide new options for assessing hemostasis. They are an important tool for goal-directed and factor-based substitution therapy.
Continuous monitoring of anticoagulation therapy can prevent severe adverse reactions, which would otherwise lead to fatal conditions like hemorrhage or thrombosis. These conditions can occur due to the complexity of anticoagulants or an adverse reaction to the drug. Thus, POC diagnostics are increasingly used over conventional devices for testing coagulation. This is due to their ability to provide rapid and accurate hemostatic function results in patients with coagulopathies or preoperative and perioperative conditions.
Companies operating in this market are currently concentrating on developing novel point-of-care (POC) coagulation testing devices and kits that can provide clinical benefits such as improved specificity, accuracy, portability, and short turn-around time of the tests. The increasing prevalence of bleeding disorders and THE growing demand for preventive medical care among the patient population are factors driving the growth of the market during the forecast period.
COVID-19 Pandemic to Boost the Demand for TEG Testing
The pandemic has caused disruptions in the supply chain of medical devices worldwide. However, some of the major players operating in the point-of-care (POC) diagnostics market have reported growth in their revenues.
This growth in demand is attributed to various medical organizations recommending thromboelastography (TEG) testing for COVID-19 patients to prevent complications from clot formation. For instance, according to a study published in Economic Times, it was observed that critically ill COVID-19 patients were at high risk of developing renal failure, venous blood clots, and other complications related to blood clotting.
Thus, the pandemic is further expected to compel manufacturers and suppliers to re-evaluate their supply chain and increase their production of vital point-of-care (POC) coagulation testing devices for accurate identification and treatment of clotting abnormalities.
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Launch of Innovative Devices to Propel Shift of Patients towards Homecare Settings
The rising cost of healthcare services and hospital stays globally is resulting in the shift of patients towards homecare settings to treat diseases like hemophilia, Von Willebrand (VWD), etc. For instance, according to the American Society of Hematology data, it was estimated that the annual cost for treatment of hemophilia in hospitals is generally between USD 300,000 to USD 500,000. This exerts a huge economic burden on the patients in the country.
The high cost of hospitalization is observed in other developed and emerging countries, propelling the need for a shift towards home care services among the patient population. Moreover, the increasing number of product launches in the portable testing devices segment is anticipated to boost the adoption of point-of-care (POC) coagulation testing devices by patients in the homecare setting. For instance, in April 2018, F. Hoffmann-La Roche Ltd announced the launch of the CoaguChek vantus system. The company reports that the system is a self-testing device integrated with advanced features such as wireless reporting of INR results.
Rising Prevalence of Bleeding Disorders to Boost the Adoption of Coagulation Testing Devices
The increasing number of patients suffering from bleeding disorders such as hemophilia, Von Willebrand, and venous thromboembolism generate a huge demand for POC testing procedures globally.
Additionally, the growing cases of bleeding disorders among the geriatric population and the changing hemostatic balance among people with the increasing age are expected to fuel the demand for portable and easy-to-use coagulation monitoring devices.
The introduction of advanced point-of-care diagnostics by market key players that are easy to handle and operate is further boosting the adoption of testing devices globally. It is subsequently propelling the point-of-care (POC) coagulation testing devices market growth during the forecast period.
High Cost of Testing Devices to Limit its Adoption in Emerging Countries
One of the major factors restricting the growth of the market is the lower adoption of medical devices such as POC coagulation testing in emerging countries. This is due to the high cost of these POC devices compared to laboratory assay tests and the presence of inadequate reimbursement policies to provide full coverage compared to developed countries.
Several research studies published by the National Center for Biotechnology Information reported that the test results at clinical laboratories are more reliable than the point-of-care diagnostic testing. Thus, the high cost of the point-of-care (POC) coagulation testing devices, and studies reporting its less reliability, are among the major factors limiting its adoption and growth.
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Viscoelastic Coagulation Monitoring Devices to Grow at a Faster Pace During 2020-2027
Based on device type, the global point-of-care (POC) coagulation testing devices market is segmented into anticoagulation monitoring devices, platelet function monitoring devices, viscoelastic coagulation monitoring devices, and others.
The anticoagulation monitoring devices held the dominating share in 2019 due to their ability to produce faster and accurate results and comparatively lower cost than other devices. This is resulting in a higher adoption rate among healthcare facilities.
The viscoelastic coagulation monitoring devices segment is expected to grow at a higher CAGR during the forecast period. The rapid growth of this segment is attributed to the clinical efficiency of these devices in providing information regarding all phases of coagulation, which are vital for successful hemostasis.
The platelet function monitoring devices segment is expected to register a significant CAGR during the forecast period. The growth is due to the increasing application of these devices in different clinical settings for inherited bleeding disorders, cardiovascular intensive care, trauma coagulopathy, liver transplantation, and obstetric care.
Hospitals & Clinics Segment to Hold a Dominant Share During the Forecast Period
Among end-users, the market includes hospitals & clinics, home care, and others.
The hospital & clinics segment dominated the market in 2019 due to the increasing number of hospitalization and visits to physicians by patients suffering from coagulation disorders and well-established healthcare infrastructure.
The home care segment is expected to register a higher CAGR during the forecast period due to increasing awareness regarding monitoring of bleeding disorders coupled with the growing demand for in-home testing devices among the patient population.
North America Point-of-Care (POC) Coagulation Testing Devices Market Size, 2019 (USD Billion)
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The point-of-care coagulation testing devices market size in North America stood at USD 0.65 billion in 2019. The dominance of this region is attributed to the increasing prevalence of bleeding disorders among the population, high healthcare expenditure, and the established healthcare system. For instance, according to the Centers for Disease Control and Prevention (CDC), it was observed that in 2019 around 1.0% of the general population in the U.S was affected by the Von Willebrand disease (VWD).
Europe is anticipated to register a significant CAGR during the forecast period owing to the introduction of advanced coagulation testing devices in the market due to technological advancements in point-of-care diagnostics.
The market in Asia Pacific is expected to grow at a higher CAGR due to the large pool of patients suffering from bleeding disorders and the increasing demand for preventive care.
Latin America and the Middle East & Africa accounted for a comparatively lower market share due to their developing healthcare infrastructure and lack of favorable reimbursement policies. However, the proactive initiatives by governments and non-profit organizations to create awareness among the general population regarding bleeding disorders are expected to propel the demand for POC coagulation testing devices in this region during the forecast period.
F. Hoffmann-La Roche Ltd Accounted for a Dominant Share of the Market in 2019
The current market scenario of point-of-care (POC) coagulation testing devices is consolidated due to the diverse product offerings and a wide operating network of major players like F. Hoffmann-La Roche Ltd Abbott, Siemens Healthcare worldwide. In 2019, F. Hoffmann-La Roche Ltd. accounted for a dominant share in the global market. Other major players are also emphasizing the strategic expansion of their product portfolio to reinforce their position in the global market.
Moreover, new entrants like HemoSonics LLC are focusing on introducing advanced diagnostics in the market that is further anticipated to fuel the adoption of POC coagulation diagnostics during the forecast period. Other company profiles in the report are Werfen, CoaguSense, Inc., Helena Laboratories Corporation, Medtronic, and Koninklijke Philips N.V.
An Infographic Representation of Point-of-Care Coagulation Testing Devices Market
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The point-of-care (POC) coagulation testing devices market research report provides a detailed analysis of the market. It focuses on key aspects such as leading companies, device types, and end-users. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market over recent years.
Value (USD billion)
By Device Type
Fortune Business Insights says that the global market stood at USD 1.55 billion in 2019 and is projected to reach USD 2.76 billion by 2027.
In 2019, the market size in North America was USD 0.65 billion.
The market will exhibit steady growth at a CAGR of 7.2% during the forecast period (2020-2027).
By device type, the anticoagulation monitoring devices segment will lead the market.
The increasing prevalence of bleeding disorders and the growing demand for home healthcare devices are the key drivers of the market.
F. Hoffmann-La Roche Ltd, Abbott, and Siemens Healthcare are the top players in the market.
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