COVID-19 Impact: What Challenges Coagulation Testing Market May See In Next 5 Years?

The COVID-19 outbreak had a huge impact on the overall market for coagulation testing. The Instruments products type will be the most lucrative. The Asia-Pacific region will have good opportunities. The key players are developing strategies to achieve a competitive advantage in the industry.

As per the report by Research Dive, the global coagulation testing market is expected to reach up to $3,814.3 million by 2026, and to grow to 7.1% in the forecasted period between 2019 and 2026. COVID-19 outbreak has had a major impact on the coagulation testing market, and it is anticipated that there will be significant market growth. New research indicated that the main cause of deaths in COVID-19 patients with severe disease is coagulation dysfunctions. This coagulation dysfunction occurs primarily because of acute respiratory failure and coagulation of the blood (thrombosis).

Furthermore, in the COVID-19 outbreak period, many governments are taking various initiatives to support companies. The People’s Liberation Army Professional Committee of Critical Care Medicine and Chinese society, have come together to establish an expert consensus on coagulation dysfunction treatment and diagnosis related to a severe COVID-19 virus. In this time of crisis, these factors significantly drive market growth.

Highlights of the Report:

The global coagulation testing market has witnessed remarkable growth in the previous years. The sudden outbreak of coronavirus has impacted the market, bringing even more chances of growth. As per the report, the global coagulation testing market industry is expected to register a revenue of $3,814.3 million by 2026, at a growth rate of 7.1% during the forthcoming years. In the current situation, the market has garnered $2,555.1 million owing to the importance of coagulation testing therapies during the complete shutdown.

Factors Impacting the Market Growth amidst Covid-19 Pandemic

The benefits of coagulation testing, as well as the common use of coagulation testing treatments for hematology and thrombosis in hospitals and clinical laboratories, will drive the markets in the projected period. Conversely, the prohibitive cost of testing coagulation limits the market growth. Furthermore, the lack of skilled testing for coagulation and the use of analyzers could impede the industry’s growth.

Current Market Transformation Due to Covid-19:

– The current state of the market

The COVID-19 pandemic impacted the overall test-coagulation market positively. The analysis of a series of coagulation tests (PET) is carried out by researchers in the susceptibility tests of COVID-19 patients, such as platelet, fibrinogen, and dimer. There have been reports that patients with higher rates of D-dimers are more likely to face death. Many other government officials have taken a variety of steps to promote businesses during the pandemic. The Chinese government, for example, recently unveiled a new series of technical innovations to support new vertical business growth structures such as cloud, internet, industrial internet, and SOE technology. The government has decided to improve technology in the areas of telemedicine, life sciences, pharmaceutics, and pharmacy. However, the high costs associated with diagnosis and study should constrain market growth. Furthermore, the lack of qualified coagulation tests and the use of analyzers could also hamper industry growth.

Post-pandemic Market Insights:

As per the report, there are plans to maintain sustainable growth after the pandemic in the global coagulation test market. It is expected that in the coming few years, some of the leading market players will bring innovative progress and rewarding opportunities to the market. Some of these key players include Helena Laboratory Corporation, Thermo Fisher Scientific Inc., Micropoint Biosciences, F. Hoffmann La Roche Ltd, Medtronic, NIHON KOHDEN CORPORATION, Sysmex Corporation, Abbott and Danaher, among others.

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