The platelet aggregation devices market is projected to register a CAGR of 6.7% during the forecast period, with a revenue of approximately USD 490 million in 2020, and is expected to reach USD 720 million by 2026. The major factors attributing to the growth of the platelet aggregation devices market are the rising burden of chronic diseases, increasing geriatric population, and technological advancements in platelet aggregometer.
The outbreak of COVID-19 worldwide is also expected to show a positive impact on the market, and there is strong evidence that SARS-CoV-2 infection is associated with atherothrombotic phenomena. According to the National Clinical Trial Registry (NCT), currently, there are about three clinical trials to determine the effect of COVID-19 on platelet aggregation, which is expected to drive the platelet aggregation devices market in the coming years.
The platelet aggregation devices are meant to treat various cardiovascular diseases and bleeding disorders are expected to suffer due to the coronavirus (COVID-19) pandemic, as well as affect the supply chain of the devices across the world.
There is an increasing incidence of heart problems, such as stroke and coronary heart disease, which cause a global burden of cardiac death that has increased the growth of the platelet aggregation devices market. For instance, according to the American Heart Association Research Report 2018, cardiovascular disease is listed as the underlying cause of death, and it accounts for nearly 836,546 deaths in the United States. This is nearly 1 out of every 3 deaths in the country. About 2,300 Americans die of cardiovascular disease each day, which is an average of 1 death every 38 seconds. The significant increase in the number of people suffering from cardiovascular diseases ultimately increases the use of platelet aggregation devices to study platelet aggregation worldwide and drives the market over the forecast period.
Traditional light transmission aggregometry (LTA) remains the most useful technique for diagnosing the platelet defects. Additionally, LTA requires a large sample volume and analytical variables affect the LTA results. Therefore all these factors in traditional aggregometry have spurred the development and advancement of aggregometry techniques which is widely being adopted in the current market. Hence all these advancements are found improving the adoption rate and in turn helping in the market growth.
Moreover, the commercial development of new technologies used in treatment, research and development, and diagnosis, depends on skilled technicians who would be able to standardize, use, and adapt the techniques. The advancements in any methodology require skilled technicians. Thus, owing to the dearth of skilled professionals to handle new technologies or devices, the market is expected to witness hindrances, in terms of growth, over the forecast period.
Key Market Trends
Systems Segment is Expected to Show Good Growth in the Market Over the Forecast Period
The platelet aggregation system or aggregometer is used to determine how well the platelets stick together. Such systems measure platelet aggregation with the use of a platelet antagonist, such as ADP, thrombin, and ristocetin. There are an increasing growth of aggregation systems over the forecast period is due to factors, such as continuous technological advances in the field of platelet aggregation devices, the escalation of trends in platelet aggregation testing methods, growing adoption and market preference of automated systems among diagnostic laboratories, and growing advantages offered by point-of-care testing analyzers, as compared to conventional instruments.
With the rising COVID-19 cases, and the lockdown and inhibitions on the intercountry transport were found having an impact on the supply chain of the systems. Many manufacturers have thus stopped the production due to the lack of labour that is found impacting the segment growth. However, the increasing evidence of the effect of COVID-19 on platelet aggregation is found leading to rising research studies on the process.
The growing burden of bleeding disorders is expected to increase the demand for platelet aggregation systems, as these are used to diagnose bleeding disorders. As per the data provided by Genetic Home Reference, the incidence of immune thrombocytopenia was estimated at 4 per 100,000 in children and 3 per 100,000 in adults across globe, in 2020. The need for platelet aggregation systems is increasing in the academic and pharmaceutical companies, due to the increase in research studies, mainly to know the mechanisms involved in the interaction of platelets with vascular surfaces and evaluation and screening of anti-thrombotic factors to know new targets for antiplatelet drugs.
Furthermore, the companies are also taking initiatives for developing their products and growing their presence in the market. For instance, in May 2019, Haemonetics Corporation has received an approval from the US FDA (Food and Drug Administration) for TEG 6s Hemostasis System, a coagulation analyzer. It is used for screening blood hemostasis. Hence, owing to the above-mentioned factors, the market in this segment is expected to grow good over the forecast period.
North America is Expected to Hold the Largest Share in the Platelet Aggregation Devices Market
The North American region holds the largest market share due to the strong presence of device manufacturers, due to the increasing number of target disorders, increasing geriatric population, technological advancements in platelet aggregometer, and rising awareness among healthcare professionals regarding the benefits offered by platelet aggregation testing in disease diagnosis. Also, the rising research and development expenses in this country may boost the market growth.
The country is also witnessing a greater impact of COVID-19, affecting many markets, including the market studied. The market studied was largely impacted at the beginning of the year due to the cancellation of diagnostic procedures. However, there is a recent positive trend, as the studies of the effect of COVID-19 on platelet aggregation are booming throughout the country, and the demand for the devices is rising compared to the beginning of the year.
According to the CDC (Centers for Disease Control and Prevention), 2019, Hemophilia A is found affecting 1 in 5,000 male births. About 400 babies are born with haemophilia each year. The median age at diagnosis is 36 months for people with mild haemophilia, 8 months for those with moderate haemophilia, and 1 month for those with severe haemophilia.
As per the National Hemophilia Foundation 2019, around 20,000 individuals are found to be affected by haemophilia disorder in the United States. Thus, it is evident that bleeding disorders are on the rise in this country. Therefore, platelet aggregation testing is found to be very beneficial in disease diagnosis, thus, factors, such as rising number of surgical procedures in this country, a large number of the population, undergoing cardiovascular surgeries, increasing prevalence of orthopaedic, and bleeding and urological disorders, are creating high growth opportunities for the players in the United States.
However, factors such as procedural limitations, unfavourable healthcare reforms in the U.S., and stringent regulatory policies and limited medical reimbursements are posing significant challenges for the growth of the market.
The market studied is moderately competitive and there are several companies that are operating in this market. The global players in the market are Aggredyne Inc., Bio/Data Corporation, F. Hoffmann-La Roche Ltd, Haemonetics Corporation, Helena Laboratories Corporation, Siemens AG and WerfenLife, S.A among others. The novel launches and recent developments are found to be the key strategies adopted by the key players to develop their positions in the global platelet aggregation devices market.
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TABLE OF CONTENTS
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Rising Incidence of Chronic Diseases
- 4.2.2 Increasing Geriatric Population
- 4.2.3 Technological Advancements in Platelet Aggregometers
- 4.3 Market Restraints
- 4.3.1 High Cost of Devices and Shortage of Skilled Personnel
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Product
- 5.1.1 Systems
- 5.1.2 Reagents
- 5.1.3 Consumables and Accessories
- 5.2 By Application
- 5.2.1 Clinical Applications
- 5.2.2 Research Applications
- 5.3 By End User
- 5.3.1 Hospitals
- 5.3.2 Diagnostic Laboratories
- 5.3.3 Other End Users
- 5.4 Geography
- 5.4.1 North America
- 184.108.40.206 United States
- 220.127.116.11 Canada
- 18.104.22.168 Mexico
- 5.4.2 Europe
- 22.214.171.124 Germany
- 126.96.36.199 United Kingdom
- 188.8.131.52 France
- 184.108.40.206 Italy
- 220.127.116.11 Spain
- 18.104.22.168 Rest of Europe
- 5.4.3 Asia-Pacific
- 22.214.171.124 China
- 126.96.36.199 Japan
- 188.8.131.52 India
- 184.108.40.206 Australia
- 220.127.116.11 South Korea
- 18.104.22.168 Rest of Asia-Pacific
- 5.4.4 Middle East and Africa
- 22.214.171.124 GCC
- 126.96.36.199 South Africa
- 188.8.131.52 Rest of Middle East and Africa
- 5.4.5 South America
- 184.108.40.206 Brazil
- 220.127.116.11 Argentina
- 18.104.22.168 Rest of South America
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Aggredyne, Inc.
- 6.1.2 Bio/Data Corporation
- 6.1.3 Chrono-Log Corporation
- 6.1.4 F. Hoffmann-La Roche Ltd
- 6.1.5 Haemonetics Corporation
- 6.1.6 Helena Laboratories Corporation
- 6.1.7 Sentinel Ch. S.P.A.
- 6.1.8 Siemens Healthineers AG
- 6.1.9 WerfenLife, S.A.
- 6.1.10 Sysmex Corporation
- 6.1.11 Tem Group
- 6.1.12 Laboratory Corporation of America Holdings
- 6.1.13 Sienco, Inc.
- 6.1.14 Chrono-log Corporation
- 6.1.15 Instrumentation Laboratory
- 6.1.16 Drucker Diagnostics
- 6.1.17 Matis Medical
- 6.1.18 Pathway Diagnostics Limited
- 6.1.19 Haemochrom Diagnostica GmbH
- 6.1.20 Grifols, S.A.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS