Platelet Aggregation Devices Market Can Witness Growth, Owing to Rising Cardiac Cases and Increasing Product Approvals
Platelet aggregation devices market is estimated to be valued at USD 611.7 Mn in 2024, exhibiting a CAGR of 6.6% over the forecast period (2024-2031). The market growth is driven by rising prevalence of cardiac diseases and growing product approvals. Furthermore, increasing investments by key players for development of advanced platelet aggregation testing devices can also drive the market growth.
Market Dynamics
Rising cardiac cases: Growing prevalence of cardiovascular diseases worldwide can drive the platelet aggregation devices market growth. In 2021, according to the WHO, cardiovascular diseases are the leading cause of deaths globally, with an estimated 17.9 million deaths due to CVD each year. This high disease burden has increased demand for platelet function testing devices for effective diagnosis and treatment.
Increasing Prevalence of Cardiovascular Diseases
Cardiovascular diseases such as heart attacks and strokes are major causes of mortality worldwide. Platelet aggregation devices play a key role in the pathogenesis of these diseases. As incidence of cardiovascular diseases rises due to changing lifestyles and aging population, there will be huge need for platelet aggregation devices for diagnosing and monitoring these conditions. This increasing disease burden can drive the platelet aggregation devices market growth.
Advancements in Platelet Function Testing Technologies
Manufacturers are continuously innovating and introducing novel platelet aggregation testing devices with improved functionality. For example, modern devices allow for faster, automated, and more accurate testing using smaller sample volumes. Some devices can also perform multiple tests simultaneously. Continuous technological enhancements are enabling these devices to deliver more precise and reproducible results. This expands the clinical applications of platelet aggregation testing and boosts demand for platelet aggregation devices.
High Cost of Advanced Devices
While basic platelet aggregometry devices are relatively affordable, high-end devices with advanced capabilities are quite expensive. High prices of these devices limit their adoption, especially in cost-sensitive developing regions.
Lack of Standardization
There has been lack of universally accepted standards for platelet function testing. Variations exist in pre-analytical and analytical methodologies between different manufacturers. This hinders direct comparison of test results and clinical interpretability. The absence of standardization poses challenges for researchers and regulatory bodies and can hamper the market growth.
Increasing Focus on Personalized Medicine
Precision or personalized medicine aims to tailor treatment based on an individual's genomic and molecular characteristics. Platelet function testing has applications in personalized antiplatelet therapy by enabling customization of drug choice and dosage regimens based on a patient's response. This emerging focus on personalized care presents lucrative opportunities.
Link - https://www.coherentmarketinsights.com/market-insight/platelet-aggregation-devices-market-5393
Key Developments
- In February 2023, Terumo Corporation, a healthcare company, launched IMUGARD WB Platelet Pooling Set that supports extended shelf life of whole blood-derived platelets from five days to seven days. IMUGARD is the first platelet pooling set approved for seven-day storage in the U.S. and provides an alternate source of platelet supply at a time when demand continues to increase while the supply remains challenged by the lack of blood donors.
- In May 2022, Precision BioLogic, a life science company, launched its CRYOcheck Chromogenic Factor IX assay for hemophilia B monitoring across the Europe, U.K., Australia, Canada, and New Zealand following regulatory approvals. This assay features a broad testing range, user-friendly design, and compatibility with automated analyzers, significantly enhancing hemophilia testing capabilities in these regions.
Key Players
Sysmex Corporation, WerfenLife SA, Siemens Healthineers, Sentinel Ch. SpA, Haemonetics Corporation, Chrono-Log Corporation, Bio/Data Corporation, Aggredyne Inc., F. Hoffmann-La Roche Ltd., and Helena Laboratories Corporation
