Image: The global POC coagulation testing market is projected to grow due in part by the growing geriatric population worldwide (Photo courtesy of Shutterstock).
The global point-of-care (POC) coagulation testing market is projected to grow at a CAGR of over 6% during the period 2018-2022, driven by the growing geriatric population, worldwide, and increasing focus on personalized medicine. These are the latest findings of Technavio Research, (London, UK), a global technology research and advisory company.
The aging population is increasing gradually across the world. In 2015, people over the age of 65 years comprised about 7-8% of the global population and are estimated to grow by 50-55% with 1.2-1.4 billion people likely to be aged above 65 years by 2030. This increase in the aging population is leading to the rising prevalence of lung disease, stroke, and cancer among people over the age of 65 years as their immune systems and functioning of organs become weaker and more susceptible to infections. This is driving an increase in the number of blood coagulation disorders, thereby propelling the demand for blood coagulation testing and POC coagulation analyzers.
Additionally, the development of whole genome technology, increasing number of retail clinics, and companion diagnostics are driving the demand for personalized medicine. The increasing focus on personalized medicine is expected to positively impact the POC coagulation testing market as the determination of coagulation in blood for providing the profiles of individual patients is crucial for developing personalized medicine. Hence, the demand for diagnostic instruments such as POC coagulation analyzers is increasing as they are used to diagnose and decide the appropriate treatments required for the disease.
Based on end-user, the hospitals and clinics segment accounted for the largest market share of more than 74% in 2017 and is expected to continue dominating the POC coagulation testing market during the forecast period. Geographically, the Americas led the global POC coagulation testing market in 2017 with the largest share of over 54%, followed by the EMEA and Asia Pacific. However, the Asia Pacific region will account for the largest market share during the forecast period, while the Americas and the EMEA will witness a slight decline in their market share over the same period.