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Fibrinogen Testing Market Overview:
Fibrinogen Testing Market size is estimated to reach $439 million by 2030, growing at a CAGR of 7.4% during the forecast period 2024-2030. Fibrinogen is a key factor in the blood clotting process. The surge in demand for fibrinogen testing is driven by the need to evaluate and manage conditions related to abnormal blood clotting, such as thrombosis and coagulation disorders. Ongoing advancements in healthcare technology have led to the development of more accurate and efficient fibrinogen testing methods, driving adoption in clinical settings and contributing to increased demand.
The surge in demand for Fibrinogen Testing can be attributed to the rising prevalence of cardiovascular diseases, where fibrinogen plays a crucial role, contributes to the increased demand for fibrinogen testing. Monitoring fibrinogen levels aids in assessing the risk of cardiovascular events, prompting higher demand for testing services. According to World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year.
Market Snapshot:
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Fibrinogen Testing Market - Report Coverage:
The “Fibrinogen Testing Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Fibrinogen Testing Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
● The Covid-19 pandemic has significantly influenced the Fibrinogen Testing Market, with a notable surge in demand attributed to the virus's impact on coagulation and thrombotic complications. Hospitals and healthcare facilities, grappling with the increased incidence of severe cases, prioritize fibrinogen testing to assess and manage clotting disorders associated with the virus. This heightened demand underscores the pivotal role of fibrinogen testing in the clinical management of Covid-19 patients, driving the market's growth amid the ongoing global health crisis.
● The Russia-Ukraine war has significantly impacted the Fibrinogen Testing Market. As geopolitical tensions disrupt global supply chains, the availability of essential testing components has become challenging. This disruption, coupled with increased healthcare demands arising from the conflict, has led to supply shortages and increased costs for fibrinogen testing materials. The resulting instability has necessitated strategic reassessment within the industry, highlighting the importance of diversification and resilience to navigate through geopolitical uncertainties and ensure continued access to critical medical testing resources.
Key Takeaways:
● Middle East & Africa to Register Highest Growth
Geographically, in the global Fibrinogen Testing Market, Middle East & Africa is analyzed to grow with the highest CAGR of 10.5% during the forecast period 2024-2030. The Fibrinogen Testing Market in the Middle East and Africa (MEA) region is experiencing unprecedented growth, positioning itself as the fastest-growing sector in this vital healthcare domain. Several factors contribute to this remarkable expansion, including the increasing prevalence of cardiovascular diseases, rising awareness about early diagnosis, and advancements in medical infrastructure. According to the World Heart Federation, cardiovascular disease (CVD) is the leading cause of death in the Middle East and North Africa (MENA). CVD is responsible for more than one-third of all deaths in the region, or 1.4 million people annually. The MEA region has witnessed a surge in healthcare expenditure, driven by a growing population, urbanization, and a rise in lifestyle-related illnesses. The demand for fibrinogen testing, a crucial diagnostic tool for assessing blood clotting function, has soared as healthcare providers prioritize preventive healthcare measures. Additionally, supportive government initiatives and collaborations with global healthcare organizations have played a pivotal role in enhancing diagnostic capabilities in the region.
● Fibrinogen Activity Testing Segment to Register the Fastest Growth
In the Fibrinogen Testing Market analysis, the In Oral segment is estimated to grow with the highest CAGR of 8.2% during the forecast period 2024-2030. Fibrinogen Activity Testing stands out as the fastest-growing segment in the dynamic Fibrinogen Testing Market. The robust growth of this specific testing modality is attributed to several factors. Firstly, the increasing prevalence of cardiovascular and blood clotting disorders has propelled the demand for accurate assessments of fibrinogen function. Fibrinogen Activity Testing addresses this need by providing a comprehensive analysis of the functional aspects of fibrinogen in the blood clotting process. Moreover, advancements in diagnostic technologies have enhanced the precision and reliability of Fibrinogen Activity Testing, making it a preferred choice among healthcare practitioners. The Fibrinogen Activity Testing market segment of fibrinogen testing market is analyzed to have huge demand, as in this busy paced lifestyle people expect quick and efficient results which are performed by the healthcare officials for better treatment. According to the World Federation of Hemophilia (WFH) 2022 World Bleeding Disorders Registry (WBDR) Data Report, there were 208,957 people worldwide with hemophilia A and around 17,626 people with other platelet disorders, which contribute to the growth of fibrinogen testing market.
● Increasing Prevalence of Cardiovascular Diseases Propelling the Market Growth.
The increasing prevalence of cardiovascular diseases owing to factors such as sedentary lifestyle, obesity, hypertension, diabetes and aging populations has to led to an increased demand for diagnostic tests such as Fibrinogen Test which in turn drives the market growth. Cardiovascular diseases such as heart attacks and strokes, are a major cause of morbidity and mortality worldwide. Fibrinogen testing is used to assess the risk of these conditions and monitor their progression, which drives the demand for fibrinogen testing. Additionally, Fibrinogen testing can also be used to assess the risk of developing CVD. Elevated fibrinogen levels have been associated with an increased risk of CVD and measuring fibrinogen levels can help identify individuals who are at higher risk of developing CVD. The number of deaths due to heart attacks in India has consistently over 25,000 in the last four years, and over 28,000 in the last three years, according to data on "Accidental Deaths & Suicides in India" (ADSI) compiled by the National Crime Records Bureau (NCRB).
● High Cost is Limiting the Market Growth.
The Fibrinogen Testing Market faces a significant challenge with the issue of high costs associated with testing procedures, posing a hurdle to market growth and accessibility. The intricate nature of fibrinogen testing methodologies, often involving advanced diagnostic technologies and specialized reagents, contributes to elevated testing expenses. This high cost can limit the adoption of fibrinogen testing, particularly in resource-constrained healthcare environments. Moreover, the expenses incurred in research and development to enhance testing accuracy and efficiency contribute to the overall high costs, impacting both providers and end-users. The financial burden becomes a critical consideration for healthcare institutions and patients, potentially leading to delayed or reduced testing frequency. In comparison to routine laboratory tests, Fibrinogen testing can be relatively expensive. In USA, the average cost of fibrinogen testing can range from approximately $60 to $200 per test. The cost of fibrinogen testing can vary depending on the healthcare setting and the specific test being used. Additionally, some insurance plans may not cover the cost of fibrinogen testing or may only cover it under certain circumstances, which can create additional financial burdens for patients.
Fibrinogen Testing Market Share (%) By Region, 2023
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Fibrinogen Testing Market. The top 10 companies in this industry are listed below:
- F.Hoffmann-La Roche
- Siemens
- Thermo Fisher Scientific
- Sysmex Corporation
- Tcoag Ireland
- BioSystems
- Horiba
- Scienco, Inc
- Hemosconics LLC
- Helena laboratories Corporation
Scope of Report:
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1. Fibrinogen Testing Market - Overview
1.1 Definitions and Scope
2. Fibrinogen Testing Market - Executive Summary
3. Fibrinogen Testing Market - Comparative Analysis
3.1 Company Benchmarking
3.2 Global Financial Analysis
3.3 Market Share Analysis
3.4 Patent Analysis
3.5 Pricing Analysis
4. Fibrinogen Testing Market - Start-up Companies Scenario Premium
4.1 Key Start-up Company Analysis by
4.1.1 Investment
4.1.2 Revenue
4.1.3 Venture Capital and Funding Scenario
5. Fibrinogen Testing Market – Industry Market Entry Scenario Premium Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Case Studies of Successful Ventures
6. Fibrinogen Testing Market - Forces
6.1 Market Drivers
6.2 Market Constraints/Challenges
6.3 Porters Five Force Model
6.3.1 Bargaining power of suppliers
6.3.2 Bargaining powers of customers
6.3.3 Threat of new entrants
6.3.4 Rivalry among existing players
6.3.5 Threat of substitutes
7. Fibrinogen Testing Market – Strategic Analysis
7.1 Value Chain Analysis
7.2 Opportunities Analysis
7.3 Market Life Cycle
8. Fibrinogen Testing Market Segment Analysis – By Type
8.1 Fibrinogen Antigen Testing
8.2 Fibrinogen Activity Testing
9. Fibrinogen Testing Market Segment Analysis – By Reagent Type
9.1 Fibrinogen Kits
9.2 Multifibren Kits
9.3 STA-Fibrinogen Kits
10. Fibrinogen Testing Market Segment Analysis – By Indication
10.1 Congenital Fibrinogen Disorders
10.2 Disseminated Intravascular Coagulation
10.3 Hereditary Fibrinogen ∝ chain Amyloidosis
10.4 Fibrinogen Storage Diseases
10.5 Acquired Dysfibrinogenemia
10.6 Cryofibrinogenemia
10.7 End-Stage Liver Disease
11. Fibrinogen Testing Market Segment Analysis – By Sample
11.1 Venous Blood
11.2 Capillary Blood
12. Fibrinogen Testing Market Segment Analysis – By End User
12.1 Hospitals
12.2 Clinics
12.3 Ambulatory Care Centers
12.4 Diagnostic Laboratories
12.5 Academics and Research Institutes
12.6 Others
13. Fibrinogen Testing Market Segment Analysis -By Geography
13.1 North America
13.1.1 U.S.
13.1.2 Canada
13.1.3 Mexico
13.2 Europe
13.2.1 U.K.
13.2.2 Germany
13.2.3 France
13.2.4 Italy
13.2.5 Spain
13.2.6 Russia
13.2.7 Austria
13.2.8 Belgium
13.2.9 Denmark
13.2.10 Netherlands
13.2.11 Rest of Europe
13.3 Asia-Pacific
13.3.1 China
13.3.2 India
13.3.3 Japan
13.3.4 South Korea
13.3.5 New Zealand
13.3.6 Indonesia
13.3.7 Malaysia
13.3.8 Thailand
13.3.9 Rest of Asia-Pacific
13.4 South America
13.4.1 Brazil
13.4.2 Argentina
13.4.3 Chile
13.4.4 Colombia
13.4.5 Caribbean Netherlands
13.4.6 Rest of South America
13.5 Rest of the World
13.5.1 Middle East
13.5.2 Africa
14. Fibrinogen Testing Market - Entropy
15. Fibrinogen Testing Market – Industry/Segment Competition Landscape Premium
15.1 Market Share Analysis
15.1.1 Global Market Share – Key Companies
15.1.2 Market Share by Region – Key companies
15.1.3 Market Share by Countries – Key Companies
15.2 Competition Matrix
15.3 Best Practices for Companies
16. Fibrinogen Testing Market – Key Company List by Country Premium Premium
17. Fibrinogen Testing Market - Company Analysis
17.1 F.Hoffmann-La Roche
17.2 Siemens
17.3 Thermo Fisher Scientific
17.4 Sysmex Corporation
17.5 Tcoag Ireland
17.6 BioSystems
17.7 Horiba
17.8 Scienco, Inc
17.9 Hemosconics LLC
17.10 Helena laboratories Corporation
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The Fibrinogen Testing Market is projected to grow at 7.4% CAGR during the forecast period 2024-2030.
Global Fibrinogen Testing Market size is estimated to be $267 million in 2023 and is projected to reach $439 million by 2030.
The leading players in the Fibrinogen Testing Market are F.Hoffmann-La Siemens, Thermo Fisher Scientific, Sysmex Corporation, Tcoag Ireland and others.
Ongoing advancements in diagnostic technologies, such as precision imaging and molecular diagnostics, will play a pivotal role in enhancing the accuracy and efficiency of fibrinogen testing processes, meeting the demand for more sophisticated diagnostic tools. The increasing emphasis on rapid and decentralized healthcare solutions is driving the adoption of point-of-care fibrinogen testing. This trend aims to provide quick and convenient diagnostic results, particularly in emergency and remote healthcare settings
The increasing incidence of cardiovascular diseases, where fibrinogen plays a crucial role, is a major driver for the demand in fibrinogen testing. The global aging population contributes to a higher prevalence of clotting disorders and related conditions, driving the need for fibrinogen testing. Continuous innovations in diagnostic technologies offer an opportunity to enhance the precision and efficiency of fibrinogen testing methods, providing more accurate and timely results.