Global Thromboelastography Market, by Type (Standard, RapidTEG, Functional Fibrinogen, Platelet Mapping, and Heparinase), by Application (Cardio-pulmonary Bypass Surgery, Liver Transplantation, Trauma, Obstetrics, and Neonatology and Pediatrics, and Others), by End User (Hospitals & Clinics, Blood Banks, Academic Institutes, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 531.8 million in 2020 and is expected to exhibit a CAGR of 7.2% over the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Increasing number of organ transplants performed is expected to fuel the thromboelastography market growth over the forecast period. According to the Global Observatory on Donation and Transplantation, around 1,350 and 609 organ transplants were performed in Saudi Arabia and Israel, respectively, in 2018. According to the Canadian Organ Replacement Register (CORR), around 2,782 organ transplant procedures were performed in Canada and 4,351 people were on a waiting list for an organ transplant by the end of 2018.
Moreover, increasing prevalence of hemostasis disorders is also expected to drive growth of the thromboelastography market. According to the World Federation of Hemophilia 2017 statistics, around 158,225 people globally were suffering from hemophilia A in 2016.
Global Thromboelastography Market – Impact of Coronavirus (Covid-19) Pandemic
Thromboelastography assay is performed to predict the efficiency/strength of the clot during various surgical procedures such as liver transplantation, cardio-pulmonary bypass surgery, and in other applications such as trauma and obstetrics hemorrhage. During the thromboelastography procedure, consumables such as thromboelastography assay reagent, test kits, disposables such as cup and pin, and devices such as TEG systems, analyzer, etc. are required.
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it as a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus disease (COVID-19) has resulted in over 9 million infected individuals worldwide as of June 2020.
COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channel, and by its financial impact on firms and financial markets. Due to lockdown, many countries such as Saudi Arabia, UAE, Egypt, and others are facing problems with regards to the transportation of drugs from one place to another.
Furthermore, players operating in the thromboelastography market are facing major challenges on various fronts due to the COVID-19 pandemic. The major challenges include supply of raw materials for manufacturing TEG assay reagents and disposables due to irregularities in transportation facility and distributors who distribute these products in the market are experiencing irregular demand for products from the retailers.
Thus, high impact of coronavirus (COVID-19) pandemic is expected to limit growth of the global thromboelastography market over the forecast period.
Browse 31 Market Data Tables and 24 Figures spread through 159 Pages and in-depth TOC on “Thromboelastography Market”- Global Forecast to 2027, Global Thromboelastography Market, by Type (Standard, RapidTEG, Functional Fibrinogen, Platelet Mapping, and Heparinase), by Application (Cardio-pulmonary Bypass Surgery, Liver Transplantation, Trauma, Obstetrics, and Neonatology and Pediatrics, and Others), by End User (Hospitals & Clinics, Blood Banks, Academic Institutes, and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2027”
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Key players operating in the market are focused on adopting various inorganic growth strategies such as partnerships and agreements, in order to expand their product offerings in the market. For instance, in January 2020, Haemonetics Corporation announced the acquisition and gained the intellectual property rights for the TEG 6s Hemostasis Analyzer System from CoraMed Technologies, LLC. The acquisition is expected to strengthen Haemonetics’ offerings and position in the hospitals and hospital laboratories business.
Key Takeaways of the Global Thromboelastography Market: