Global Prothrombin Time Testing Market: Overview
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 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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.