Owing to a rapidly rising geriatric population and rising demand for point of care testing is leading the global prothrombin time testing market on a higher trajectory. The upward sloping curve, charted by a significant CAGR (Compound Annual Growth Rate) will lead to a notable increase in market worth. Besides, there would be generation of novel opportunities, lucrative enough to help players make the most of the forecast period.
Here, it is also important to note that better products and their easy availability online are driving the global prothrombin time testing market forward.
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Global Energy Prothrombin Time Testing Market: Notable Development
Certain developments happening in the market place are transforming the landscape. Some of these are outlined below.
2019: ARKRAY, Inc. launched SPOTCHEM HS HS-7710, a blood coagulation testing product. It is faster and more efficient than other variants and allows for analysis, using whole blood samples, in surgical sites. Besides, it is automated. This is innovative and one of a kind in terms of blood analysis in surgeries. This demonstrates how product development and thus, research and development hold a crucial place in the market.
2018: Hoffman-La Roche Ltd launched CoaguChek Vantus. It is a homecare setting coagulation testing system that is wireless and facilitates self-tests for patients. Mainly, it measures blood thinners’ effectiveness and sends data for analysis to healthcare providers.
The prothrombin time testing market is fragmented. Key names in the prothrombin time testing market are Sysmex Corporation; Medtronic; F. Hoffmann-La Roche Ltd; Abbott; Micropoint Biosciences; ARKRAY, Inc.; NIHON KOHDEN CORPORATION; Diagnostica Stago S.A.S.; Thermo Fisher Scientific; Helena Laboratories; Siemens Healthcare GmbH; SEKISUI MEDICAL CO., LTD.; Coagulation Sciences LLC; Universal Biosensors; HemoSonics, LLC; Beckman Coulter, Inc among others.
Global Prothrombin Time Testing Market: Key trends and driver
The global prothrombin time testing market is on a upward trajectory owing to various trends and drivers.
One of the most important consumers of this product are the geriatrics and this population is set to see a significant rise, As per a recent study, by 2050, one in every six people will be old – aged 65 and above and about 2 billion people will be over 65. It is a remarkable increase from 900 million in 2015 that fell in this age bracket. In North America and Europe, one in four will be 65 and above. Considering these people are more prone to cardiovascular diseases (CVD) and blood and blood pressure related issues, the section will drive the global prothrombin time testing market to more growth.
Growth in geriatrics, coupled with demand for POCT (Point of Care Testing) will lead to growth in the prothrombin time testing market as homecare products see a massive increase due to convenience as well as cost effectiveness. Moreover, as awareness levels regarding the benefits of such products, increase in demand is expected.
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Global Prothrombin Time Testing Market: Regional Analysis
North America will hold a dominant share of the market owing to steep increase in geriatric population, high levels of awareness and presence of prominent market players. It will be followed by Europe.
However, it is worth noting here that the Asia Pacific region (APAC) will create lucrative growth opportunities, ready to be tapped by global prothrombin market players. It is attributable to a large consumer base and rising levels of awareness. Besides, as the economies in the region do better, disposable incomes, and thereby the purchasing power increases.
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