Global Point of Care Coagulation Testing Devices Market Report and Forecast 2024-2032

Gloobal Point of Care Coagulation Testing Devices Market Outlook

The global point of care coagulation testing devices market value was USD 1.65 billion in 2023, driven by the increasing demand for early diagnosis and treatment of blood clotting disorders across the globe. The market size is anticipated to grow at a CAGR of 6.3% during the forecast period of 2024-2032 to achieve a value of USD 2.86 billion by 2032.

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Key Trends in the Market

Point of care coagulation testing devices are machines that help immediately examine the coagulation status of patients in real-time. Some of the point of care coagulation testing devices include blood gas analysis, viscoelastic coagulation tests, platelet function tests, and various other coagulometers. These help in assessing homeostasis and act as an important tool for individualised, factor-based, and goal-directed substitution therapy. Advantages of this testing are rapid medical decisions, fast turn around times, requirement of small specimen volumes, and avoidance of sample transport and identification issues.

• There is increasing demand for vital function monitoring viscoelastic device Thromboelastography (TEG), owing to its ability to detect pulmonary embolism or venous thromboembolism, fuelling the market growth.

• Demand for homecare coagulation testing is on the rise, to monitor condition status of patients while away from the hospital, without requiring patients to spend exorbitant amounts on unnecessary hospital stays. This is particularly useful for diseases such as VWD and haemophilia.

• Growing investments by the companies for the development of easy to operate and advanced point of care coagulation testing devices is also a major trend contributing to the growth of the point of care coagulation testing devices market.

Market Analysis

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Based on device type, the market can be divided into anticoagulation monitoring devices, platelet function monitoring devices, and viscoelastic coagulation monitoring devices, among others. Viscoelastic coagulation monitoring devices are further classified by type into thromboelastography (TEG) and rotational thromboelastometry (ROTEM). On the basis of end use, the market is segmented into hospitals and clinics, and homecare, among others. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global point of care coagulation testing devices market covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Medtronic, plc

• Abbott Laboratories

• Siemens Healthineers AG

• F. Hoffmann-La Roche Ltd

• HemoSonics, LLC

• Others

Market Share by Device Type

Viscoelastic coagulation monitoring devices been dominating the market and are expected to hold a larger share in the point of care coagulation testing devices market. This is due to the proven clinical efficiency of these devices in providing information on blood clots in every phase of coagulation leading to a successful haemostasis.

Meanwhile, due to the ability of anticoagulation monitoring devices to provide rapid as well as accurate results, they accounted for a large share in the market. They are widely adopted by healthcare facilities owing to their lower cost compared to other devices and high efficacy levels.

Market Share by End Use

Hospitals and clinics hold a larger share of the market for point of care coagulation testing devices. This is due to the higher rates of adoption of cutting-edge technology in these settings in comparison to homecare, and the presence of experienced medical professionals and technicians to use the point of care coagulation testing devices. The rising number of hospitalisations and patients with chronic diseases and chronic bleeding disorders are also increased in the demand for point of care coagulation testing in hospitals and clinics.

However, rising awareness among the general population regarding monitoring of bleeding disorders from at home has increased the demand and use of homecare point of care coagulation testing devices. As point of care coagulation testing devices become more user-friendly and affordable, homecare use of these devices is expected to grow in the forecast period.

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Competitive Landscape

Medtronic, plc is an American medical device company that is known for producing therapies as well as medical devices, including revolutionary cardiac devices. Some of its products include diabetes insulin pumps and pacemakers that are battery powered and miniature. It has its headquarter in Dublin, Ireland and was founded in 1949.

Abbott Laboratories was established in 1888 and is headquartered in Illinois, United States. It is a healthcare company that designs and manufactures medical devices, among other healthcare products. It is known widely for its range of products such as diagnostic tools, diabetes and vascular devices, branded generic science-based nutritional products, and pharmaceuticals.

HemoSonics, LLC was founded in 2004 and is based in Virginia, United States. It is an in vitro diagnostics company that manufactures medical equipment and is majorly involved in the exploration of haemostasis and thrombosis. It also deals with cardiac surgery, patient blood management, cardiothoracic surgery, and orthopaedic surgery, among other medical issues.

Other market players include Siemens Healthineers AG, and F. Hoffmann-La Roche Ltd., among others.

Key Highlights of the Report