May 18, 2024
Thromboelastography Market

Propelled by increased adoption in developing nations, Thromboelastography Market poised for strong growth

Thromboelastography is a medical technology that provides a graphic presentation and interpretation of coagulation and fibrinolysis over time. It helps in analyzing how whole blood clots and breaks down clots. The key advantages of thromboelastography include reduced risk of excessive bleeding during surgeries and ability to monitor coagulation status in patients taking blood thinners. Due to increasing awareness regarding its benefits and growing demand for advanced diagnostics in developing countries, the demand for thromboelastography devices and consumables has increased significantly.

The global Thromboelastography Market is estimated to be valued at US$ 125.17 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends: The increased adoption in developing nations is one of the key trends driving the growth of the thromboelastography market. Thromboelastography devices provide quick and effective results and help medical professionals in timely diagnosis and management of conditions related to coagulation. Developing countries in Asia Pacific and Latin America are witnessing a higher burden of chronic diseases and injuries requiring surgical procedures. This has propelled the demand for advanced coagulation management technologies like thromboelastography in these regions. Further, governments and private organizations are increasingly funding initiatives to boost diagnostic infrastructure in developing markets, thus favoring the adoption of thromboelastography systems.

SWOT Analysis
Strength: The thromboelastography market offers major benefits over standard coagulation tests like PT and aPTT. It provides a comprehensive analysis of clot strength, formation, and retraction.
Weakness: Require highly skilled professionals for interpretating the test results. Also, lack of standardization and higher costs are some limitations.
Opportunity: Rising prevalence of cardiovascular disorders, growing number of surgical procedures, and increasing awareness about personalized medicine offer lucrative opportunities.
Threats: Presence of other alternative techniques and economic slowdown in some regions pose significant threats.

Key Takeaways

Regional analysis: North America currently dominates the Global Thromboelastography Market Size and is anticipated to continue its dominance during the forecast period. This is attributed to factors such as growing incidences of cardiovascular diseases, developed healthcare infrastructure, and presence of key players.

Key players: Key players operating in the thromboelastography market are SARAHEALTH SARE, MRK Healthcare Pvt. Ltd., Amkay Products Pvt. Ltd., JIT & JIT, Kanam Latex Industries Pvt. Ltd., RFB Latex Limited, Safeshield Gloves, Amigo Surgicare Pvt. Ltd., Asma Rubber Products Pvt. Ltd., Narang Medical Limited, Phoenix Medical Technologies & Imports, Manglam Medikits Private Limited, and VLHS. Adoption of strategies like acquisitions, partnerships, and product launches by these players is aiding the market growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it