The global INR test meter market will develop at a compound annual growth rate (CAGR) of 6.3%, indicating the market’s potential for significant expansion. This increasing trajectory is anticipated to raise the market value from an estimated US$1,336.1 million in 2023 to a substantial US$2,453.3 million by 2033, according to Future Market Insights.
Test meters that measure the International Normalized Ratio, or INR, are essential tools for tracking blood clotting times in patients with cardiovascular and blood illnesses. INR test meters are predicted to be in high demand as individuals and healthcare professionals use them as vital tools as the prevalence of these illnesses rises globally.
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Understanding INR Test Meters:
An INR test meter is a portable, battery-operated device that allows patients taking warfarin, a blood thinner medication, to conveniently monitor their response to the medication. The meter features a simple design:
- Display Screen: Shows the INR test results.
- Test Strip Slot: Accepts meter-specific test strips.
- Lancet Compatibility: Works with lancets (small needles) to draw a blood sample.
The user inserts a test strip into the meter and then uses a lancet to draw a small blood sample, applying it to the strip. The meter reads the strip, measures the blood clotting time, and calculates the INR (International Normalized Ratio) using a standardized formula. This INR value helps healthcare providers determine if the warfarin dosage is appropriate for the patient. The U.S. Food and Drug Administration (FDA) regulates INR test meters and test strips as medical devices
Key Takeaways :
- Future Market Insights considers that the INR test meter market contributed approximately 72.8% in 2021.
- United States is likely to hold a market share of 32.1% and considerably dominates North America’s
- INR test meter market in North America consists of a total share of about 35.6% in 2022
- Germany held a market share of nearly 3.6% in the INR test meter market.
- Europe INR test meter market holds a share of 32.0%.
- Devices are expected to account for around 79.7% in 2021 throughout the forecast period,
- Hospitals held the highest market share value of 32.4%, opines FMI.
Competitive Landscape
According to FMI, the INR test meter industry is anticipated to be quite competitive. Leading businesses are using strategies including mergers and acquisitions, partnerships and collaborations, and the introduction of new technology products to match consumer demand and grow their client base. Among the significant advancements made by the major market participants are:
- In December 2022, Abbott Laboratories invested $536 million in building a new manufacturing facility in Bowling Green, Ohio, state officials announced this week
The facility produces specialty and metabolic powder nutritional products, some of which are used by individuals with extreme food allergies or other dietary conditions.
- In July 2023, German-based Siemens Healthineers is bringing cutting-edge surgical training and technology for Atrium Health’s future medical school as its first strategic partner.
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Key Companies:
- F. Hoffmann-La Roche Ltd
- Lepu Medical Technology (Beijing) Co. Ltd.
- ACON Laboratories, Inc.
- CoaguSense Inc.
- Abbott
- Eurolyser Diagnostica GmbH
- Horiba ABX SAS
- Avalun SAS
- Roche Diagnostics
- Siemens Healthineers
Key Segments :
By Product:
- Device
- Lancet
- Test Strips
By End User:
- Hospitals
- Specialty Clinics
- Ambulatory Surgical Centers
- Homecare Settings
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- Oceania
- Middle East and Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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