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Point-of-Care Coagulation Testing Devices Market to Set Phenomenal Growth by 2027

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Point-of-Care Coagulation Testing Devices Market: Introduction

Transparency Market Research delivers key insights on the global point-of-care coagulation testing devices market. In terms of revenue, the global point-of-care coagulation testing devices market is projected to expand at a CAGR of ~6% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in the point-of-care coagulation testing devices market report.

According to TMR’s analysis of the global point-of-care coagulation testing devices market, leading players in the market focus on new products with multiple modes and features, which will be more efficient and deliver a new level of convenience and test modes. Moreover, these players focus on increasing their penetration in new regions through mergers and acquisitions, thereby increasing their share in the global point-of-care coagulation testing devices market. For instance, in April 2019, Ortho Clinical Diagnostics, in collaboration with Diazyme Laboratories, Inc. launched its D-Dimer assay, the latest offering in Ortho’s MicroTip Partnership Assay (MPA) program.

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In terms of method, the PT/INR segment held the largest share of the global point-of-care coagulation testing devices market in terms of revenue in 2018. The segment is anticipated to dominate the market from 2019 to 2027. The ever-increasing trend of point-of-care testing and self-monitoring with PT tests is expected to fuel the growth of the segment. Furthermore, the high reliability of coagulation status on PT testing is one of the factors likely to boost the growth of the segment during the forecast period.

Based on product, the technological leap from conventional testing to automation and use of lower blood volumes contribute to the growth of the instruments/analyzers segment. Increase in the demand for quicker results, rise in the trend of self- and home-monitoring, surge in POC testing, and reliable results are the major factors projected to drive the segment in the global point-of-care coagulation testing devices market.

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Global Point-of-Care Coagulation Testing Devices Market: Prominent Regions

North America accounted for a leading share of the global point-of-care coagulation testing devices market in terms of revenue in 2018, followed by Europe There has been a gradual rise in the demand for multiplexing diagnostic tools, and an increase in investments toward the development of these tools. Surge in the demand for more rapid and specific diagnosis to support rapid decision-making drives the global point-of-care coagulation testing devices market.

Additionally, the demand for these tools in physician offices and emergency departments as standard testing tools is rising. Recent FDA approvals for point-of-care coagulation testing devices, such as Abbott’s i-STAT, indicate the increasing demand and support among both, public and private sectors, along with manufacturers’ focus on addressing this rising demand. Asia Pacific is witnessing gradual adoption of novel products, increase in healthcare expenditure, and change in dynamics in the in vitro diagnostics industry. These factors are leading to a rise in the adoption of new technologies among hospitals and diagnostic laboratories.

Key manufacturers in the global point-of-care coagulation testing devices market focus on collaborations in order to sustain in this competitive market space. Increase in the sales of point-of-care coagulation testing devices through e-Commerce sites and purchase of devices online have positively impacted the global point-of-care coagulation testing devices market. Easy-to-compare prices of numerous products has led to a rise in the preference for online sales.

Global Point-of-Care Coagulation Testing Devices Market: Key Players

Key players operating in the global point-of-care coagulation testing devices market include F. Hoffmann-La Roche AG, Abbott Laboratories, Siemens Healthineers, Medtronic plc, Haemonetics Corporation, HemoSonics, LLC, Micropoint Bioscience, Inc., Werfen, Sienco, Inc., and Koninklijke Philips N.V.

posted Feb 12 by Rohini Chaudhari

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The global point of care diagnostics market is growing at a healthy CAGR. It is expected to receive a boost during the forecast period, taking the market evaluation US$11.7 bn by 2024 end.

The market witnesses increasing advancements and investments in products, driven by a robust competition. The key players in the point of care diagnostics market are Alere Inc, Becton Dickinson and Co., Abbott Inc., F. Hoffmann-La Roche Ltd., and Teleflex, Inc.    

Leading players in the marketing are increasingly pursuing new and emerging markets to expand their operations. These new and unexplored regions include various countries in swiftly developing parts of Asia Pacific, Latin America, and Africa.

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The market was evaluated at US$6.8 bn in 2016, which is expected to rise to US$11.7 bn by 2024 end.

The point of care diagnostics market serves patients with a number of other life threatening diseases.  Among these infectious disease, Ebola, HIV, swine influenza have made headlines all around the world recently. Their growing threat and inadequate resources in developing countries is expected to expand the point of care diagnostics market during the forecast period.

North America held 40% of the global point of care diagnostics market in 2015. The region is expected to hold its leading market share during the forecast period, driven by increasing number of diagnostics as well as high income. The market is expected to receive a boost by factors such as growing cases of substance abuse, advancements in testing equipment, and minimally invasive nature of equipment.

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Favorable Legislations Expected to Boost the Market Growth 

Credible and value-driven legislation is expected to boost market growth of the point of care diagnostics market. Good administrative regulations such as Clinical Laboratory Improvement Amendments (CLIA) have earlier led to the increase in the sales of PoC equipment. The regulations are expected to lend credibility as well as assurance to consumers in the market.

Additionally, increased in funding by government agencies such as Department of Defense, Bill and Melinda Gates Foundation and NIH are also expected to drive the growth of the point of care diagnostics market during the forecast period. These organizations have also led funding for R&D in various institutes like Dartmouth College, California Institute of Technology, Seventh Sense Biosystems among others. 

Home Testing Equipment for Glucose Emerges as Leading Trend

Home testing equipment for glucose measures the level of sugar in the blood circulation. The new equipment in the market is reliable as well as cost-effective. These gadgets are transforming the health industry with growing digital collaboration between patient and doctors as well as routine prescriptions.

The increasing popularity of this equipment is a major driver for many diagnostics firm, which have adopted the new standard. The shortened duration of care, its cost-effective nature, and consistent care support is making it a key trend emerging in the point of care diagnostics market.

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An up to date business intelligence study by Transparency Market Research (TMR) has detected that while the drugs of abuse testing market continues to gain strong demands in North America and Europe, the competitive landscape remains fairly consolidated among a handful of players. This leadership position of some of the prominent companies in the global drugs of abuse testing market, such as F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Drägerwerk AG & Co. KGaA, Siemens Healthineers, Abbott Laboratories, Laboratory Corporation of America Holdings, and Danaher Corporation (Beckman Coulter, Inc.) is a reflection of their strong presence in the developed countries.

In addition to that, these players have been the pioneers of some of the latest testing instruments, and are expected to maintain their stronghold in the near future too. For instance, Thermo Fisher Scientific has several featured products such as CEDIA™ Oral Fluid Drugs of Abuse Assays, DRI™ Cocaine Drugs of Abuse Assays, and DRI™ Ethyl Alcohol Drugs of Abuse Assays. Each of these products are designed to integrate with existing operations of an organization. On the other hand, the Dräger DrugTest® System (Dräger Safety) from the namesake company is a lateral-flow immunoassay for the detection of drugs of abuse in oral fluid, such as saliva.

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Global Drugs of Abuse Testing Market to be worth US$6,781.6 mn by 2025

The analysts of this TMR report have evaluated that the global drugs of abuse testing market was worth approximately US$4,443.9 mn in 2017 and by the end of 2025, future opportunities are expected to translate into a revenue of US$6,781.6 mn. During the forecast period of 2017 to 2025, the demand in the global drugs of abuse testing market is projected to increment at a CAGR of 5.4%.

Based on product type, the TMR report segments the drugs of abuse testing market into analyzers, rapid testing devices, and consumables. The analyzers segment is further sub-segmented into immunoassay analyzers, chromatographic devices, and breath analyzers, whereas rapid testing devices have been bifurcated into urine testing and oral fluid testing. Consumables are divided into fluid collection devices and others. Based on sample type, the market has been categorized into breath, saliva, blood, urine, and hair and sweat. Testing type bifurcation of the market has been done into paint management testing, criminal justice testing, and workplace screening. The report also evaluates the potential of demand that can be expected from the end users in hospitals, diagnostics laboratories, on-the-spot testing, and forensic laboratories. Geographically, North America and Europe have been identified as the two most profitable regions.

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Government Initiatives for Workplace Drug Testing Driving Demand

According to the National Institute of Drug Abuse, more than 115 US citizens die as a result of opioid overdose every day. The country has been taking vigorous efforts to curtail this growing concern and consequently, the demand for equipment and instruments that can test the presence of drugs of abuse is increasing. Similar adoption is also being noticed in some of the European regions including the U.K., France, and Germany. Governments in these countries are also encouraging the corporate sectors to provide for work place drug tests in order to hold the escalating percentage of drug addicts. The mushrooming of diagnostic laboratories, improving healthcare infrastructure in several emerging economies, and prevalent demand for prohibited drugs are some of the other factors augmenting the demand in the global drugs of abuse testing market.

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Urology Disorders are on a rise and that is leading the global urology devices market on an upward growth curve. It is set to chart a healthy CAGR (Compound Annual Growth Rate) of 7.1% between 2018 and 2026, as per a Transparency Market Research study. The growth will translate into market worth of value USD 58.3 billion by 2026. This is a remarkable increase from USD 31.4 billion in 2017.

The global Urology devices market is driven by demand for minimally invasive medical procedures as can be noted in the rise of use of robotics in the field and easy availability of better devices.  As a large number of people suffering from disorders of Urinary Tract System, the market sees impressive growth.

It might be worth noting here that these are more common in women than men and issues such as urinary tract infection, pregnancy and childbirth, weakening of pelvic floor muscles and urethral sphincters, menopause etc. are all included in list if things leading to urological disorders. In men, there can be these disorders after a post radical prostatectomy surgery.

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Besides, governments in various countries are directing efforts towards improving awareness of urological diseases.

A Large Chunk of Growth in Global Urology Devices Market to be Accounted for by North America

Owing to a robust healthcare infrastructure, high level of technological adoption across and a favorable reimbursement policy will help North America hold a notable size of the market share over the forecast period. This region would be followed by Europe in terms of growth where high prevalence of urinary disorders is paving the way for a significant CAGR.

Another region that will generate untapped growth opportunities for global urology devices market players is the Asia Pacific (APAC) region, owing to rising levels of awareness and government efforts to improve medical outcome. Besides, a large geriatric population in the region is contributing positively to growth of the region and its robust performance in the global urology devices market. Additionally, there are notable improvements happening in the healthcare facilities in the region, showing promise to the global urological devices market’s growthtrajectory.

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Global Urology Devices Market to be Consolidated over the Forecast Period

Few companies in the market landscape occupy a majority share and to maintain an edge over competitors, players often resort to mergers and acquisitions. They also do not shy away from exploring synergies to enable growth via strategic partnerships and collaborations. Some of the most significant names, marking the global urology devices market landscape include Boston Scientific Corporation, KARL STOZ SE & Co. KG, C,R, Bard, Inc. (Becton, Dickinson and Company), Richard Wolf GmbH., Intuitive Surgical, Fresenius Medical Care, Olympus Corporation, and Cook Medical. One of the key features of the market will be a keen focus on product development via innovation.

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Heavy Power Surgical Tools Market: Introduction

  • Heavy power surgical tools are devices activated by a power source and help in performing specific procedures during surgeries, such as adjusting biological tissue or gaining access to view an organ
  • Heavy power surgical tools are extensively used in orthopedic surgeries performed for relieving traumatic pain
  • These surgical tools are used in all aspects of orthopedic surgery, extending from wound management through pulse lavage, and are also used in the drilling and reaming processes in long bone fractures performed by using screws and intramedullary nails
  • Heavy power surgical tools offer advantages such as high performance, enhanced reliability, and long life cycle associated with their use

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Key Drivers of Global Heavy Power Surgical Tools Market

Increase in number of orthopedic cases worldwide

  • The heavy power surgical tools market is driven by rise in orthopedic cases worldwide. For instance, between 2000 and 2010, the knee replacement surgery rate doubled each year in the US, with approximately 7 lakh surgeries performed in 2010 on adults aged 45 years or above. Such instances are driving the growth of the global heavy power surgical tools market.

Rise in adoption of minimally invasive procedures

  • Minimally invasive surgeries offers advantages such as less pain and scarring, speeding recovery, and decline in complications after surgery, including adhesion and wound rupture. As per the American Society of Plastic Surgeons (ASPS), in 2018, approximately 18 million people underwent minimally invasive surgical cosmetic procedures in the U.S. Such instances are increasing the demand for heavy power surgical tools.

Advent of robotic surgery

  • Heavy power surgical tools are being integrated with robots that perform various procedures, including minimally invasive surgeries. Furthermore, surgical robots work with multi-arms, thereby increasing the demand for various heavy power surgical tools. Such instances are fueling the demand for heavy power surgical tools.

North America Dominates Global Heavy Power Surgical Tools Market

North America is leading the global heavy power surgical tools market due to the presence of prominent players, enhanced health care amenities and infrastructure, government funding for advanced healthcare facilities, and a rising need for surgical measures for disorders related to oral, orthopedic, neurology, thoracic, and ENT

  • This market in Asia Pacific is expected to grow at a rapid rate during the forecast period, owing to a large consumer pool in India and China, high prevalence of chronic diseases, and rise in the demand for minimally invasive surgery

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Key Players Operating in Global Market

  • The global heavy power surgical tools market is highly concentrated due to the presence of few key players accounting for majority of the market share
  • The demand for heavy power surgical tools has increased in both emerging and developed markets. Some of the key players operating in the global market are:
  • Stryker
  • Boston Medical
  • F. Hoffmann-La Roche Ltd
  • Johnson & Johnson
  • Medtronic
  • Zimmer Biomet
  • Adeor Medical AG
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Rise in Skin Disorders Driving Global Light Therapy Market

  • Light therapy or phototherapy is a treatment type wherein a patient is exposed to an artificial light source. It affects brain chemicals linked to mood and sleep, and also helps to reset the circadian rhythms, which control the sleep-wake cycle. This therapy is often used in the treatment of various disorders, including depression, jet lag, and sleep disorders. Light therapy is also used to treat seasonal affective disorder (SAD).

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  • Rise in prevalence rate of skin disorders as well as continuous investment by manufacturers to launch innovative products fuel market growth. In February 2018, Clarify Medical launched handheld, smartphone-connected phototherapy device, which received the U.S. FDA approval in June 2017. This advanced device is used in the treatment of skin diseases, including psoriasis, vitiligo, and eczema.

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Key Drivers and Restraints of Global Light Therapy Market

  • Increase in the burden of dermatological disorders, including acne vulgaris and psoriasis is fueling market growth. According to an article published in Clinical, Cosmetic and Investigational Dermatology in 2017, major skin disorders include dermatitis/eczema (31.5%), viral infections (12.5%), pigmentary disorders (7.4%), melanocytic nevi (5.8%), alopecia areata (5.8%), acne (5.6%), nail disorders (3.3%), vascular malformations and hemangiomas (2.9%), psoriasis (2.6%), and bacterial infections (2.6%). Being a highly effective treatment for several skin diseases, including psoriasis, vitiligo, scleroderma, and other dermatologic disorders, light therapy market is expected to grow.
  • Favorable reimbursement policies in developed countries will further boost the market growth. Light therapy is eligible for reimbursement with a flexible spending account (FSA), health savings account (HSA) or a health reimbursement arrangement (HRA).
  • Side effects of light therapy include headaches, burning sensation, eye pain, itching, and nausea. This factor may hamper light therapy market growth in the near future.

Handheld Devices for Skin Treatment to Witness High Demand

  • Based on product type, the global light therapy market can be segmented into light box, floor and desk lamps, light visor, handheld devices for skin treatment (HDST), dawn simulator, light therapy bulbs, and others
  • Handheld devices for skin treatment (HDST) held a major share of the global light therapy market and is projected to grow significantly during the forecast period. Allure received dermatologist- and editor-approved skin care tools in 2019, including a handheld LED light that destroys fine lines over time.
  • Light visor segment is projected to expand at a significant CAGR during the forecast period.  Acceptance of portable lightening devices, such as light visors for effective patient management will accelerate segment growth in the near future.

Red Light Segment to Witness Highest Growth

  • Based on light type, the global light therapy market can be divided into blue light, red light, white light, and others (green light and yellow light)
  • Blue light segment dominated the global light therapy market in 2018. The adoption of blue light in the treatment of numerous medical conditions and disorders, such as seasonal effective disorder (SAD), acne vulgaris, etc., is likely to boost segment growth. Rise in demand for blue light therapy in the treatment of different skin diseases will further propel the segment.
  • Red light is expected to be the rapidly growing segment during the forecast period due to wide acceptance of red light therapy in various treatments. In 2019, PhotonMD, Inc. announced positive results from a pivotal clinical trial assessing a series of hair growth devices, including REVIAN RED for the treatment of androgenetic alopecia. In the trial, REVIAN RED successfully demonstrated the ability to stop hair loss and subsequently grow new hair.

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North America to Dominate Global Light Therapy Market

  • In terms of region, the global light therapy market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • North America dominated the global light therapy market in 2018. Rise in prevalence of skin disorders, including eczema and skin cancer, in North America is driving the light therapy market. According to current studies by National Psoriasis Foundation, U.S., more than 8 million Americans have psoriasis. As per the American Academy of Dermatology (AAD), acne is the most common skin condition in the U.S., affecting up to 50 million Americans annually. Increase in investments from government and various organizations is expected to drive the light therapy market in North America.
  • Awareness, along with rise in the burden of the disease are a few factors that are anticipated to drive the light therapy market in Asia Pacific. Emerging markets, such as China and India, offer high growth potentials to market players. The prevalence of psoriasis in China ranged from 0.11% to 0.47%, as per a study published on Epidemiology and treatment of psoriasis: a Chinese perspective in 2014.

Key Manufacturers Operating in Global Market

The global light therapy market was highly fragmented in 2018. Key manufacturers operating in the global market are:

  • Northern Light Technologies
  • Verilux, Inc
  • Koninklijke Philips N.V.
  • Beurer
  • AuraDayLight
  • NATUREBRIGHT
  • Carex
  • Lucimed SA
  • Lumie
  • Sphere Gadget Technologies
...