February 29, 2024
Thromboelastography Market

Thromboelastography (TGE) Market is Estimated To Witness High Growth Owing To Rising Incidences of Cardiovascular Diseases

The Thromboelastography (TGE) Market is estimated to be valued at US$ 604.07 Mn in 2022 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Thromboelastography is a hemostasis monitoring test that evaluates the viscoelastic properties of blood clot formation and retraction. It serves as a diagnostic tool that provides information about the overall capability of a patient’s blood to clot under low shear stress conditions. Thromboelastography is predominantly used in cardiovascular surgeries, liver transplantations, and heavy postpartum bleeding cases for better evaluation of the coagulation status of patients and to guide in transfusion therapy.

Market key trends:
Rising incidences of cardiovascular diseases such as deep vein thrombosis (DVT), pulmonary embolism (PE), and strokes has been a major driver for the thromboelastography market. According to the World Health Organization, cardiovascular diseases accounted for approximately 17.9 million deaths globally in 2019, representing 32% of all global deaths. Thromboelastography aids in timely diagnosis and management of cardiovascular conditions related to abnormal blood coagulation. Moreover, increasing efficacy of thromboelastography over conventional coagulation tests for hypercoagulable states and bleeding disorders is boosting its demand among healthcare facilities. In addition, technological advancements in thrombography devices allowing their use in point-of-care settings is expected to further contribute to the market growth during the forecast period.

Porter’s Analysis:

Threat of new entrants: The high capital requirements for manufacturing and research and development pose significant barriers for new companies to enter the thromboelastography market.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternative products. However, customized products give established brands an edge over alternatives.

Bargaining power of suppliers: A few large medical device companies dominate the supply market, giving them significant influence on pricing.

Threat of new substitutes: No major threat as thromboelastography is used as a complementary technique to standard coagulation tests.

Competitive rivalry: Intense due to the presence of several global and regional players competing on product features and pricing.

SWOT Analysis:

Strengths: Advanced product features like automated analysis, connectivity options, ease of use. Wide applications in surgical procedures, trauma, and cardiovascular diseases.

Weaknesses: High costs of ownership. Technical complexities requiring regular training. Limited portable and point-of-care options.

Opportunities: Rising surgical volumes and cardiovascular disorders globally. Expanding applications in obstetrics, hereditary bleeding disorders.

Threats: Slow adoption in developing nations due to budget constraints. Reimbursement barriers in certain regions.

Key Takeaways:

The Global Thromboelastography Market Size is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing number of surgical procedures worldwide. The growth is driven by rise in ageing population, chronic diseases, and adoption of personalized medicine approach.

Regionally, North America holds the major market share currently due to advanced healthcare infrastructure and availability of reimbursements. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to high patient volumes, improving access to healthcare in emerging countries, and increasing healthcare spending.

Key players operating in the thromboelastography market are Lepu Medical Technology (Beijing) Co.,Ltd., Render Biotech Co., Haemonetics Corporation, TA Instruments, HemaCore LLC, 5-Diagnostics, Xenometrix AG, Framar Hemologix srl, Instrumentation Laboratory, Medirox AB, Diagnostica Stago, Life Diagnostica, SYCOmed e.K., Nordic Biomarker, and Shenzhen Ultra-Diagnostics Biotec. Co., Ltd. These companies focus on new product innovation, geographical expansion, and mergers & acquisitions to gain market share.

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