According to the most recent estimate released by a reputable Market Research Firm (FMI), the Global Platelet Function Test Industry is poised for an unparalleled boom, with sales expected to reach an incredible US$ 2,170.8 million by 2032. The sector is predicted to reach US$ 1,178.4 million in 2022 alone, exhibiting an incredible development trajectory.
Platelet abnormalities are becoming more commonplace worldwide, which is driving up demand for platelet function testing, which is what is causing this jump. The industry’s resiliency and critical role in resolving health issues related to platelet functioning are highlighted by the projected Compound Annual Growth Rate (CAGR) of 6.3% from 2022 to 2032.
Platelets, integral to the human body’s clotting process, play a critical role in preventing excessive bleeding when damage occurs. They travel to the affected area, transforming into a mesh that adheres to the damaged surface. Maintaining an appropriate number of functional platelets is paramount for this process. However, in certain cases, platelets lose their ability to bind to damaged sites, compromising their ability to control bleeding.
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Global Platelet Function Test Industry: Drivers and Restraints
With the increasing number of platelet disorders, the demand for platelet function tests is increasing rapidly. The increasing incidence rate of disorders like thrombocythemia (abnormal increase in the number of platelets) and thrombocytopenia (decrease in the number of platelets) is expected to boost the demand for the platelet function test industry during the forecast period.
It has been observed that platelet function disorders are 1.5 times more likely to occur in women and the geriatric population, with the increasing global life expectancy rate there is an expansion in the patient pool requiring platelet function tests, which in turn is expected to drive demand for the platelet function test industry. Increasing adoption of platelet therapy for cancer patients is also expected to boost the platelet function test industry due to the increasing number of cancer patients. Some other factors like an increasing number of surgical procedures, increasing awareness, and the development of new technology are expected to boost the platelet function test industry.
However, the reduction in the reimbursement rates for the tests and the dearth of trained professionals in emerging economies are expected to decelerate the market growth.
Platelet Function Test Industry: Overview and Region-wise Outlook
Geographically, the platelet function test market is segmented into seven key regions: North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan, and the Middle East and Africa (MEA).
North America and Western Europe are expected to lead the platelet function test market during the forecast period, mainly due to the high adoption rate of platelet function tests and high awareness of platelet-related disorders. Also, the presence of several manufacturers and an increasing rate of clinical research are expected to promote platelet function test market growth in this region.
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APEJ region is expected to witness high market growth followed by North America and Western Europe mainly due to the large patient population and the development of affordable platelet function tests by the manufacturers owing to low taxation rates. The improving distribution channel and large patient pool in this region are also expected to boost the platelet function test market. Eastern Europe, Japan, and Latin America are expected to follow next due to increasing government spending on the healthcare and development of efficient reforms for manufacturers of platelet function test kits and systems.
MEA is also expected to witness significant growth in the Global Platelet Function Test Industry owing to improving political stability and increasing awareness related to platelet disorders.
Global Platelet Function Test Industry: Key Players
Some key participants in the Global Platelet Function Test Industry are F. Hoffmann-La Roche Ltd, Haemonetics Corporation, Siemens AG, Accriva Diagnostics, Helena Laboratories, Terumo BCT, Inc., Fresenius SE & Co KGaA., and Aggredyne, Inc.
Currently, companies are focusing on developing more accurate test systems and analyzers along with a constant effort to establish distribution channels in emerging countries.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology, and applications.
The report covers an exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition and companies involved
- Technology
- Value Chain
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Global Platelet Function Test Industry: Segmentation
The Global Platelet Function Test Industry is segmented into the following segments: by product type, by end-user, by application, and by region.
Segmentation by product
- Systems
- Reagents
- Accessories
Segmentation by end-user
- Hospitals
- Blood banks
- Diagnostics centers
- Academic institutions
- Others
Segmentation by application
- Clinical applications
- Research applications
- Pharmaceutical development
- Others
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