Thromboelastography Machine Market – Size, Trends, Outlook, and Forecast, 2018-2026
Posted: May 16, 2019
Thromboelastography (TEG) is a viscoelastic hemostatic assay that measures the visco-elastic properties of blood clot formation. It is mainly used in surgery and anesthesiology. These tests are capable of measuring coagulation factor function. Some other tests for blood coagulation includes prothrombin time (PT,INR) and partial thromboplastin time (aPTT). However, thromboelastography provides information regarding all components of hemostasis such as coagulation and platelet function. Also, TEG offers a particular advantage in diagnosing fibrinolysis. TEG machines are used for carrying out this test.
Increasing use of TEG machines for blood management has helped in predicting and managing bleeding disorders. It also helps in evaluating the risk for re-operation, which leads to cost saving, as it reduces unnecessary blood component transfusions. These machines have applications in hospitals, blood banks, pharmaceutical, and academic institutes.
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Increasing patient population suffering from lifestyle associated diseases and chronic blood disorder is expected to contribute to significant growth of the thromboelastography machine market. For instance, according to the Leukemia & Lymphoma Society (LLS), about every 3 minutes, one person is diagnosed with blood cancer, which accounted for combined total of 174,250 people in the U.S. in 2017. Moreover, around 1,735,350 new cancer cases are expected to be diagnosed in 2018, which accounts for around 10% of the total U.S. population as per the data given by the Leukemia and Lymphoma society (LLS). Furthermore, rising awareness in the management of acute coagulopathy of trauma is expected to propel growth of the thromboelastography machine market.
Moreover, emergence of high throughput TEG analyzers is propelling the market growth. For instance, in 2017, Haemonetics Corporation received FDA 510(k) approval for its TEG 6s Hemostasis System, which is used to study an individual’s hemostasis condition in a laboratory or in point-of-care setting. However, increasing research activities for the development of substitutes for testing the efficiency of blood coagulation is expected to limit growth of thromboelastography machine market.
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North America is expected to be dominant in the global thromboelastography machine market during the forecast period. This is owing to developed healthcare infrastructure and rising R&D activities in the region. Moreover, growing incidence of surgeries and organ transplant procedures is expected to propel growth of the market. For instance, according to U.S. Department of Health and Human Services, 34,770 transplants were performed in the U.S in 2017.
Moreover, increasing prevalence of hemostasis disorders has fuelled growth of thromboelastography machine market in this region. For instance, according to the World Federation of Hemophilia annual report, approximately 17,346 people were suffering from Hemophilia in India in 2015.
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Major players operating in the thromboelastography machine markets include Haemonetics Corporation, Life Diagnostica, Hemologix s.r.l., Medirox AB, Instrumentation Laboratory, Diagnostica Stago and others. Key players in thromboelastography machine market are focusing on implementing strategies such as new product launches and acquisitions in order to retain dominant position in the market. For instance, in 2016, Instrumentation Laboratory (IL) acquired CA Casyso AG (Basel, Switzerland) and its Tem subsidiaries (Tem). This will help IL in expanding its product line in Hemostasis and Critical Care IVD and in viscoelastic testing.
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