Point-of-Care (POC) Coagulation Testing Devices Market : Emerging Trends, Business Growth Opportunities, Major Driving Factors

Point-of-Care Coagulation Testing Devices Market Outlook 2031

• The global point-of-care coagulation testing devices market was valued at US$ 1.69 Bn in 2021
• The global market is projected to grow at a CAGR of 5.4% from 2022 to 2031
• The global point-of-care coagulation testing devices market is anticipated to reach more than US$ 3.06 Bn by 2031

Analysts' Viewpoint on Point-of-Care Coagulation Testing Devices Market Scenario

Increase in point-of-care coagulation testing (POCT) in developed countries and rise in prevalence of blood clotting disorders are driving the global point-of-care coagulation testing devices market. Various point-of-care (POC) assays are available for a number of coagulation tests. These assays are easy to perform and have a faster turnaround time than their laboratory counterparts. Portability, easy usage, and connectivity are propelling the demand for POC coagulation testing procedures. North America and Europe are likely to be major markets for manufacturers in the near future, owing to the availability of low-cost devices, increase in chronic diseases, and rise in popularity of portable testing equipment in these regions.

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Global Point-of-Care Coagulation Testing Devices Market Introduction

Coagulation, or clotting, is the process of conversion of liquid blood into a gel-like clot to stop bleeding. The capability of the body cells to prevent blood loss after a vascular injury by forming a blood clot is vital to sustaining health. A number of coagulation or clotting factors are involved that lead to a physiological procedure called hemostasis. Hemostasis is the mechanism of clotting that involves activation, adhesion, and aggregation of platelets mediated by several clotting factors, eventually leading to the repair of the injured tissue. The absence of any of these factors could lead to a rare, but serious blood clotting disease and excessive bleeding. Point-of-care testing (POCT) can be defined as a fast, specific medical diagnostic testing of bodily fluids at the bedside. It is often termed as decentralized diagnostic testing.

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Rise in prevalence of blood clotting disorders, increase in POCT coagulation in developed countries, and surge in usage of anticoagulant therapy are the factors driving the global POC coagulation testing devices market. Furthermore, increase in prevalence of cardiovascular diseases & cancer, constant product & technology innovations, and funding by the government are propelling the global market. However, lack of awareness in developing countries and regulatory challenges are projected to restrain the global point-of-care coagulation testing devices market. A number of studies have shown that 60% to 70% of deep vein thrombosis in developing countries is clinically undiagnosed. Nevertheless, players in the point-of-care coagulation devices market are establishing a stronger foothold in developed and emerging markets.

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COVID-19 Impact on Point-of-Care Coagulation Testing Devices Market

The COVID-19 pandemic has had a negative impact on the global point-of-care coagulation testing devices market. Several affected countries deferred non-essential surgeries and patient visits during the breakout year of the pandemic. This led to a substantial decline in overall non-emergency surgery and treatments, thereby limiting the usage of point-of-care coagulation testing instruments during preoperative or post-operative conditions. The pandemic caused a decline in key players' revenue. However, demand for vital function monitoring viscoelastic devices, including venous thromboembolism (VTE) and Thromboelastography (TEG), has increased during the pandemic, as these devices help detect pulmonary embolism (PE) and venous thromboembolism (VTE) among critically ill COVID-19 patients. According to the Intensive Care Medicine Journal, in May 2020, the incidence of prothrombotic conditions in patients with severe symptoms of COVID-19 infection increased significantly. This resulted in a rise in number of coagulation tests such as prothrombin time (PT), D-dimer, TEG, and activated partial thromboplastin time (aPTT).

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