Thromboelastography Market Is Estimated To Witness High Growth Owing To Increasing Hospital Admissions and Technology Advancements

The Thromboelastography Market is estimated to be valued at US$ 604.07 Mn in 2022 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Thromboelastography (TEG) is a point-of-care, whole blood clotting test that measures clot strength over time. This test evaluates the different stages of coagulation including clot formation, strength, and fibrinolysis. TEG machines are used in a variety of clinical applications including cardiac, liver transplant, trauma and intensive care unit settings, to guide transfusion therapy and monitor hemostatic therapy in trauma or surgery. The technology helps in detecting hypercoagulability, hypocoagulable states, and coagulation abnormalities, which leads to more effective management of hemorrhage and thrombosis

Market Dynamics:
Increasing number of hospital admissions and trauma cases across the globe is expected to drive the thromboelastography market growth over the forecast period. According to WHO, more than 5 million people suffer severe trauma injuries annually and unintentional injuries account for 9% of global mortality. Also, growing demand for point-of-care testing devices along with technological advancements in TEG analyzers such as miniaturization and portability are further expected to fuel the market growth in the coming years. For instance, companies such as Framar Hemologix srl and Nordic Biomarker have developed benchtop and portable TEG analyzers with integration of automated technologies to reduce turnaround time and ensure efficiency. Furthermore, rising prevalence chronic diseases requiring coagulation monitoring like liver diseases and cancers will augment the thromboelastography market during the forecast timeframe.

Segment Analysis
The global thromboelastography market can be segmented based on product type, application, end-user and geography. Based on product type, the market is segmented into instruments and consumables. The consumables segment is projected to dominate the market during the forecast period owing to recurring use of disposables with every test performed. Based on application, the market is categorized into pre-surgical assessment, perioperative management, and hereditary disorders. The perioperative management segment holds the largest share as thromboelastography helps monitor and correct hemostatic abnormalities during cardiac, liver transplant or other complex surgeries.

PEST Analysis
Political: Governments across countries are supporting initiatives to enhance the healthcare infrastructure and diagnostic capabilities. This is expected to promote adoption of advanced diagnostic technologies like thromboelastography.
Economic: Rising per capita healthcare expenditure and increasing healthcare budgets are expected to drive market growth. However, budget constraints in some developing countries may restrain the market.
Social: Growing geriatric population susceptible to coagulation disorders and rising incidence of chronic diseases are increasing the social need for effective coagulation monitoring tools.
Technological: Continuous technological advancements are expanding the applications of thromboelastography. Developments of fully automated analyzers with improved accuracy and efficiency are boosting its adoption.

Key Takeaways
The Global Thromboelastography Market Size is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period of 2023 to 2030. The market is estimated to reach a valuation of US$ 604.07 Mn in 2022. The growth is attributed to increasing incidence of coagulation disorders and rising number of surgical procedures worldwide.

The North American region currently dominates the market owing to presence of sophisticated healthcare infrastructure and rising healthcare expenditure in countries like the US and Canada. Factors such as availability of advanced treatment and diagnosis technologies along with growing adoption of POC coagulation testing are boosting the regional market growth.

Key players operating in the thromboelastography market are Lepu Medical Technology (Beijing) Co.,Ltd., Render Biotech Co., Haemonetics Corporation, TA Instruments, HemaCore LLC, 5-Diagnostics, Xenometrix AG, Framar Hemologix srl, Instrumentation Laboratory, Medirox AB, Diagnostica Stago, Life Diagnostica, SYCOmed e.K., Nordic Biomarker, and Shenzhen Ultra-Diagnostics Biotec. Co., Ltd. Leading players are focused on new product launches, partnerships and geographic expansions to strengthen their market presence. 

 

Read More- https://www.ukwebwire.com/thromboelastography-market-size-share-and-forecast-analysis/

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