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Global bleeding disorder testing market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Mounting Prevalence of the Various Bleeding Disorders to Drive Bleeding Disorder Testing Market
The need to treat bleeding disorders will increase as liver illnesses, anemia, and other blood coagulation problems rise. Growing consumer awareness of the value of treating different forms of bleeding disorders is also opening up promising new bleeding disorder testing market expansion potential. Expanding R&D projects to treat diverse blood disorders will also increase growth potential. The market has expanded and developed recently to fulfill the growing need. Hemophilia A, Hemophilia B, von Willebrand disease, and other bleeding diseases are becoming more common among the population, and this is one of the main factors driving the market expansion. Creating testing tools and incorporating artificial intelligence (AI) and machine learning (ML) by top industry participants have also become significant contributing factors. For instance, the National Hemophilia Foundation reports that Von Willebrand disease, which affects up to 1% of Americans or 1 in every 100 persons, is the most prevalent bleeding illness.
The federal government's increased investment in encouraging these solutions further impacts the bleeding disorder testing market. The market is also positively impacted by the rise in healthcare spending, improvements in the healthcare infrastructure, and strong demand for extended care delivery. The market will face significant challenges due to the lack of qualified experts and skilled professionals. The price of medications will however slow down the pace of growth of the market. Inadequate reimbursement procedures will further constrain the potential for expansion.
Bleeding Disorder Testing Market: COVID-19 Impact
Due to a large decline in patient visits during the lockdown, COVID-19 had a detrimental influence on the bleeding disorder testing market. There were fewer diagnostic procedures for hemophilia A, haemophilia B, and other disorders due to the COVID-19 restrictions put in place by the governments of various nations. Additionally, the focus of medical professionals and diagnostic facilities has shifted to include more tests and procedures connected to COVID-19, resulting in fewer tests and procedures for other illnesses. One of the reasons for the lower rate of testing for bleeding disorders in the general population was this, together with the patient's fear of catching an infection.
Increasing Use of Nanomaterials, and AI Technology in Testing and Diagnostics to Boost Bleeding Disorder Testing Market Growth
The subject of blood condition diagnostics through blood screening is seeing technological breakthroughs due to the rising R&D efforts and investments by numerous foundations and national and worldwide organizations. The use of artificial intelligence in disease diagnosis is one of the market trends, projected to fuel bleeding disorder testing market expansion. Machine learning is used in numerous clinical trials to diagnose bleeding disorders like hemophilia with improving efficiency and accuracy. The use of AI in hemophilia is still in its early stages, according to a 2022 article from the National Center for Biotechnology Information (NCBI), due to its many benefits, including the ability to predict the severity of hemophilia A and improve recognition of the mutated gene that causes the disease. One of the contributing elements to the increase in testing worldwide is the population's growing knowledge of illnesses, as well as technological developments and improvements made by various foundations in industrialized and emerging nations. Due to its growth potential, there are also an increasing number of clinical investigations using nano diagnostics to identify bleeding disorders.
Bleeding Disorder Testing Market Benefits from Rising Prevalence and Diagnosis Rate of Bleeding Disorders Among the General Population
Due to various genetic variables, the prevalence of diseases, including Hemophilia A, B, idiopathic thrombocytopenic purpura, and others, is rising in both developed and developing nations. As a result, the number of patients with bleeding disorders is increasing. According to the World Federation of Hemophilia's 2020 annual global survey, there will be 393,658 individuals worldwide who suffer from bleeding disorders, up from about 287,066 in 2015. This surge is due to a rise in the disorder's prevalence among diagnoses in the general population. The general public is becoming more aware of these conditions, the available testing, and the treatment options due to increased efforts and activities by healthcare organizations and other charities. The increase in diagnosis is also attributed to the growing number of treatment facilities that offer people with bleeding disorders such as hemophilia, von Willebrand disease, and others training and education on the illnesses, diagnosis, and treatment. The elements above and the growing healthcare infrastructure in developing nations are anticipated to drive bleeding disorder testing market expansion throughout the forecast period.
Bleeding Disorder Testing Market Growth Faces Challenges in Form of Low Guidelines Adherence, and Low Testing Uptake in Emerging Markets
Organizations in developed nations like the United States, the United Kingdom, and others are establishing national recommendations for diagnosing and treating bleeding disorders. This is why these problems are diagnosed and treated more frequently, which boosts the bleeding disorder testing market there. On the other hand, emerging nations with relatively lesser adherence to the recommendations for diagnosis and testing are having a negative impact on the region's testing and diagnosis rates for these disorders. The focus of national organizations and other institutions in developing nations is less on raising public awareness of these problems and how to treat them, which impacts how widely testing is used. Along with these, one of the difficulties preventing the early diagnosis and appropriate treatment of patients with bleeding disorders is the high cost of reagents and instruments in places like Africa, and others locations.
General Radiography Category Dominates Bleeding Disorder Testing Market due to Rising Prevalence of Disease
The general radiography category held the largest bleeding disorder testing market share, and it is anticipated that it will continue to rule the market during the forecast period. More patients are in all locations due to the rising frequency of bleeding diseases like Hemophilia A. This leads to a higher diagnosis rate and growing awareness of the many diagnostic options. For instance, the World Federation of Hemophilia reported that 209,614 persons worldwide had hemophilia in 2020, accounting for about 60.4% of those affected by bleeding disorders. The attention and efforts of government agencies and other healthcare organizations are intensifying to create recommendations for diagnosing and treating bleeding disorders such as von Willebrand's disease. This is expected to boost segmental growth, coupled with the increased prevalence of the illness in the population.
Recombinant Coagulation Factor Concentrates Category Leads Bleeding Disorder Testing Market with Widespread Use in von Willebrand Disease
The recombinant coagulation factor concentrates category held the largest bleeding disorder testing market share. It is anticipated that it will continue to rule the market during the forecast period due to their widespread use among people with illnesses such as von Willebrand disease, hemophilia, and Glanzmann's thrombasthenia. Recombinant DNA technology is used in the laboratory to create these coagulation factors. To inject them the patient, they are then condensed into a powder form and carefully combined with sterile water. This expansion is linked to expanding R&D efforts and pharmaceutical companies' increased attention to recombinant goods, which has led to the introduction of new medications. Besides, due to its capability to treat bleeding episodes and prevent excessive post-surgery bleeding in patients with the disease, the plasma-derived coagulation factor concentrates market is also predicted to have a considerable growth rate throughout the forecast period.
North America’s Bleeding Disorder Testing Market Surges Ahead with Higher Adoption of Advanced Medical Technologies
Over the forecast period, it is anticipated that the North American market will account for the largest revenue share due to the early adoption of cutting-edge medical technologies and ongoing pharma company development. Around 20,000 individuals seek hemophilia treatment, and 1% of the population has Von Willebrand disease, according to the Hemophilia Federation of America (VWD). Additionally, it is predicted that North America's bleeding disorder testing market share for bleeding disorder testing will grow during the projection period due to increased regulatory approvals and launches of testing instruments and devices in the U.S. and Canada. HemoSonics, LLC's Quantra Hemostasis Analyzer platform, and QPLus cartridge were given de novo marketing approval by the FDA in March 2019 for commercial availability in the United States.
The Asia Pacific market is anticipated to experience stable revenue growth throughout the forecast period due to the availability of top-notch healthcare facilities, growing public demand for government programs, advanced technology, better adoption rates, and rising healthcare costs. One of the main factors anticipated to drive the bleeding disorder testing market growth in the Asia Pacific region is the improving healthcare infrastructure in emerging nations like China, Japan, Australia, and other countries, as well as the rising awareness and diagnosis rate of bleeding disorder testing. In 2019, Hemophilia Health Care Hackathon was held in Japan by CSL and the National Foundation of Hemophilia. The purpose of the event was to raise patient awareness of hemophilia, enhance testing rates, and improve treatment effectiveness.
Global Bleeding Disorder Testing Market: Competitive Landscape
In July 2022, with improved performance, fresh features, and higher advantages, HORIBA, Ltd. introduced new products in its Yumizen H500 and H550 hematological product series. Similarly, in February 2022, to strengthen its sales and service organization in Saudi Arabia, Sysmex Corporation created a new subsidiary, Sysmex LLC. The new subsidiary's main focus will be the hematology, hemostasis, and urinalysis markets.
A few of the players in the bleeding disorder testing market Novo Nordisk, Bayer AG, Baxter International Inc., Alnylam Pharmaceuticals, Inc., Pfizer, Inc., Xenetic Biosciences, Inc., Bristol-Myers Squibb Company, Sanofi, Amgen, Inc and Janssen Global Services, LLC.
Global Bleeding Disorder Testing Market is Segmented as Below:
By Type
By Drug Class
By Region
Key Elements Included In The Study: Global Bleeding Disorder Testing Market
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Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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