Thromboelastography Market is Estimated to Witness High Growth Owing to Rapid Adoption in Hospitals

Thromboelastography Market


Thromboelastography (TEG) is a type of medical test that measures the speed and strength of clotting formation over time, as well as how well the blood clots break down. This test helps medical professionals quickly determine a patient's blood coagulation issues. TEG tests are commonly used in monitoring patients undergoing liver transplants, open heart surgeries, or patients who are bleeding excessively.

The global thromboelastography market is estimated to be valued at US$ 125.17 billion 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 Opportunity:

The rapid adoption of thromboelastography testing in hospitals across the globe, especially in developed economies, is estimated to propel the market growth over the forecast period. Hospitals are increasingly adopting TEG tests as they provide quick results to assess bleeding risks in patients and help determine appropriate treatment. Moreover, TEG tests assist surgeons to enhance outcomes in complex surgeries involving massive blood loss. The portable nature of TEG analyzers also allows point-of-care testing in critical care units and operation theatres. With growing application of TEG in cardiology, liver transplants, and trauma cases, the demand from hospitals is expected to rise significantly, thus offering high growth potential for players in the thromboelastography market.

Porter’s Analysis

Threat of new entrants: New entrants face high costs associated with R&D, manufacturing and distribution channels. The market is dominated by established players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and established suppliers.
Bargaining power of suppliers: A few major players supply to this industry giving them strong bargaining power.
Threat of new substitutes: Substitutes like Doppler ultrasound are available posing threat.
Competitive rivalry: Intense competition exists among established brands to develop new products.

SWOT Analysis

Strength: Non-invasive diagnostic technique. Real-time monitoring capability.
Weakness: Skilled professionals required. High device costs.
Opportunity: Growing aging population and chronic diseases. Expanding application areas.
Threats: Reimbursement issues. Stringent regulatory approvals.

Key Takeaways

Global Thromboelastography Market Size is expected to witness high growth. North America dominates the market currently due to developed healthcare infrastructure and rising target patient pool. However, Asia Pacific is likely to grow at the fastest pace owing to growing healthcare spending, increasing awareness and rapidly developing economy.

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. The major players are focusing on new product launches and geographical expansion to strengthen their market presence.


 

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