Point-of-Care (POC) Coagulation Testing Devices Market 2024: Emerging Technologies and Market Opportunities

"The Business Research Company recently released a comprehensive report on the Global Point-of-Care (POC) Coagulation Testing Devices Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The point-of-care (POC) coagulation testing devices market size has grown strongly in recent years. It will grow from $1.93 billion in 2023 to $2.12 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to growing prevalence of infectious and chronic diseases, increasing geriatric population, increasing use of miniaturized portable instruments, growing use of biomarker profiling, and growing demand for personalized medicine.

The point-of-care (POC) coagulation testing devices market size is expected to see strong growth in the next few years. It will grow to $3.07 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to rise in demand for rapid and accurate diagnosis of disease, growing emphasis on wellness and preventive healthcare, the growing demand for rapid and on-site diagnostic testing, rise in infectious disease outbreaks, and rise of telemedicine. Major trends in the forecast period include next-generation sequencing (NGS) integration, RNA detection and analysis, single-cell PCR analysis, bioinformatics software and data analysis tools, microfluidic technologies, lab-on-a-chip systems, and point-of-care testing (POCT), artificial intelligence (AI) and data analytics.

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Market Drivers and Trends:

The rise in the prevalence of blood clotting disorders is expected to propel the growth of the point-of-care (POC) coagulation testing devices market going forward. Blood clotting disorders impair the blood's ability to clot properly. Lifestyle factors can contribute to blood clotting disorders, including smoking, excessive alcohol consumption, and a sedentary lifestyle. These behaviors can affect blood vessel health, clotting factor levels, and blood flow, increasing the risk of abnormal clot formation. POC coagulation testing devices enable healthcare providers to quickly assess a patient's coagulation status, allowing for timely adjustments to medication dosages and treatment plans. For instance, in December 2022, according to the annual global survey of 188 countries conducted by the World Federation of Hemophilia, a Canada-based international non-profit organization, in 2021, there were 429,232 individuals affected by bleeding disorders, comprising 256,840 with hemophilia, a genetic disorder characterized by insufficient clotting factors in the blood, 98,293 with von Willebrand disease (VWD), a condition where the blood does not clot effectively, and 74,099 with other bleeding disorders. This marks a 9% rise from the previous year, with hemophilia cases increasing by 6%, von Willebrand disease cases by 12%, and other bleeding disorders by 15%. Therefore, the rise in the prevalence of blood clotting disorders drives the growth of the point-of-care (POC) coagulation testing devices market.

Major companies operating in the point-of-care (POC) coagulation testing devices market are developing immunofluorescence-based quantitative analyzers to improve the diagnosis and management of coagulation disorders. Immunofluorescence-based quantitative analyzers are diagnostic instruments used in laboratory settings to measure and quantify specific proteins or molecules involved in the coagulation process, aiding in diagnosing and managing blood clotting disorders. For instance, in January 2023, Cipla Limited, an India-based pharmaceutical company, launched Cippoint. This immunofluorescence-based quantitative analyzer utilizes immunofluorescence technology to provide rapid and accurate test results in 3 to 15 minutes, facilitating faster clinical decision-making processes. With its user-friendly interface, quick turnaround time, and comprehensive testing capabilities, Cippoint is crucial in enhancing diagnostic efficiency, enabling timely clinical decisions, and improving patient care outcomes.

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Major Key Players of the Market:

Roche Diagnostics, Thermo Fisher Scientific Inc., Abbott Laboratories, Medtronic plc, Siemens Healthineers, Koninklijke Philips N.V., Bio-Rad Laboratories Inc., Werfen, Haemonetics Corporation, Sonora Quest Laboratories, 23andMe Holding Co, Thorne HealthTech Inc., Metropolis Healthcare Limited, Color Health Inc, LetsGetChecked Inc., Ambry Genetics Corporation, MyHeritage Ltd, Genova Diagnostics Inc., Everlywell Inc., Complete Genomics Incorporated, DanteLabs Inc., HemoSonics LLC, Gene by Gene Ltd., Veritas Intercontinental, DirectLabs LLC, Full Genomes Corporation Inc., Ulta Lab Tests LLC, WellnessFX Inc., Any Lab Test Now Inc.

Point-of-Care (POC) Coagulation Testing Devices Market 2024 Key Insights:

• The point-of-care (POC) coagulation testing devices market size is expected to see strong growth in the next few years. It will grow to $3.07 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%.
• Rising Prevalence of Blood Clotting Disorders Drives Growth of Point-of-Care (POC) Coagulation Testing Devices Market
• Revolutionizing Coagulation Testing with Immunofluorescence-Based Quantitative Analysis
• North America was the largest region in the point-of-care (POC) coagulation testing devices market in 2023

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