Platelet Incubator Market is likely to expand at a CAGR of 5.1% from 2018 to 2026.
Posted: Mar 17, 2019
Transparency Market Research (TMR) has published a new report titled, "Platelet Incubator Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026". According to the report, the global platelet incubator market was valued at US$ 345.5 Mn in 2017. It is projected to expand at a CAGR of 5.1% from 2018 to 2026. The global market is anticipated to expand at a relatively steady pace owing to no pipeline of platelet incubators and high replacement rate of platelet incubators.
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High prevalence of thrombocytopenia among the geriatric population due to increase in major hemorrhage due to trauma or significant post-operative bleeding (e.g. post cardiac surgery), booming research & development for innovation of technologically advanced platelet storage system, and developing health care infrastructure are expected to fuel the global platelet incubator market during the forecast period. North America is likely to account for a major share of the global market during the forecast period, owing to a strong presence of major players with established distribution networks in the region. The platelet incubator market in Asia Pacific is projected to expand at a high CAGR from 2018 to 2026.
Investments by public & private players in innovation of platelet incubator to drive market
Platelet-related disorders are a major threat to public health. Dengue is a common condition responsible for fluctuation of platelet value from normal range, predominantly found in underdeveloped countries with poor sanitation system. Thrombocytopenia is a condition caused by deficiency in number of platelets in the human blood, leading to low platelet levels. Thrombocytopenia can be induced due to any chronic health condition. Considering the increase in incidence of platelet-related disorder, it is important to understand the factors influencing the severity of the diseases and the best possible treatment diagnosis options for them. Public and private players are focused on the reduction in the prevalence of platelet-related disorders by installing platelet storage systems in health care settings. In developed countries, physicians and governments have begun to educate the general population about the importance of platelet transfusion. Several agencies are providing funds to research organizations in order to promote the innovation of technology, which can be utilized in the manufacture of new generation platelet storage systems that are more effective than traditional platelet incubators. This is likely to augment the global platelet incubator market during the forecast period.
Bench-top platelet incubator segment to dominate market
In terms of product, the global platelet incubator market has been classified into bench-top platelet incubator and floor-standing platelet incubator. The bench-top platelet incubator segment is projected to account for a major share of the global market during the forecast period. The segment is anticipated to expand at a steady pace, owing to the availability of promising, effective, and efficient platelet incubators for accurate storage of platelets. The global platelet incubator market is witnessing a shift toward priority development of new technologically advanced platelet incubators in order to ensure an environment with continuously controlled temperature for storage of platelets. The floor-standing platelet incubator segment is expected to expand at a rapid pace during the forecast period, due to an increase in investment by manufacturers for the development of low-cost and innovative incubators.
Blood banks to be lucrative segment
Based on end-user, the global platelet incubator market has been divided into blood banks, hospitals, academic & research institutes, and others. The blood banks segment is projected to dominate the global market, owing to the predominant availability of high funding for installation of technologically advanced platelet incubators. The segment is anticipated to expand at a steady pace in the near future, due to the presence of platelet storage systems in almost every blood banks. The hospitals segment is expected to expand at a notable CAGR during the forecast period.
North America to be highly attractive market
North America and Europe accounted for significant share of the global platelet incubator market in 2017. This is attributed to high health care expenditure, high rate of platelet transfusion and treatment of chronic disease (leukemia), which induce a decline in the number of platelets, dysfunctional platelets, or rise in number of platelets in the patient’s blood, rise in awareness about importance of platelet transfusion, greater market penetration of newly developed advanced platelet incubator products, favorable reimbursement policies assuring business growth for new market entrants, and presence of major players in the regions. However, change in reimbursement and insurance policies for laboratories in 2017 and stringent regulatory framework for manufacturing of laboratory equipment in the U.S. are likely to hamper the platelet incubator market in North America in the next two to three years. Asia Pacific is likely to offer significant opportunities to the platelet incubator market during the forecast period, owing to an increase in the geriatric population, demand for better quality of platelet incubators, and rise in incidence of platelet-related disorders in the region.
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Concentrated market, with relatively high buyer power
The global platelet incubator market is dominated by a few major players, accounting for nearly 70% share of the market. Technological advancements, evaluation of accuracy and efficacy of platelet incubator, and increased per capita income are boosting buyer power in terms of opting for advanced platelet incubators. These key players are projected to dominate the global market owing to a strong global presence and established distribution network. The report profiles leading players such as Helmer Scientific, Boekel Scientific, SARSTEDT AG & Co. KG, Lmb Technologie GmbH, LABCOLD, EMSA? Electrical Equipment San. and Tic. Inc., Meditech Technologies India Private Limited, Biolab Scientific, BIOBASE, Nuve Sanayi Malzemeleri Imalat ve Tic. Inc., and TERUMO CORPORATION.
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