Fibrinogen Testing Market Size Worth $439 Million By 2030: IndustryARC

The Global Fibrinogen Testing Market size is predicted to reach $439 Million by 2030, growing at a CAGR of 7.4% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The increasing demand for Fibrinogen Testing is attributed to various factors contributing to its growing significance in healthcare. Firstly, the rising prevalence of cardiovascular diseases necessitates accurate assessment of fibrinogen levels, as it plays a crucial role in blood clotting and cardiovascular health. Additionally, the awareness of fibrinogen’s involvement in various medical conditions beyond cardiovascular issues, such as liver diseases and inflammatory disorders, has led to an expanded scope of testing applications, finds IndustryARC in its recent report, titled “Fibrinogen Testing Market Size, Share & Trends Analysis Report By Type (Fibrinogen Antigen Testing, Fibrinogen Activity Testing), By Reagent Type (Fibrinogen Kits, Multifibren Kits, STA-Fibrinogen Kits), By Indication (Congenital Fibrinogen Disorders, Disseminated Intravascular Coagulation, Hereditary Fibrinogen ∝ chain Amyloidosis, Fibrinogen Storage Diseases, Acquired Dysfibrinogenemia, Cryofibrinogenemia, End-Stage Liver Disease), By Sample (Venous Blood, Capillary Blood), By End User (Hospitals, Clinics, Ambulatory Care Centers, Diagnostic Laboratories, Academics and Research Institutes, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030.”

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North America Holds the Highest Market Share:

North America region held a major market share of 35% in 2023. The Fibrinogen Testing market has witnessed substantial growth in recent years, with North America emerging as a pivotal player, steering the industry towards unprecedented success. Several factors contribute to the region’s dominance in this market. Firstly, the increasing incidence of cardiovascular diseases in North America has propelled the demand for accurate and efficient fibrinogen testing. As a critical parameter in assessing blood clotting and cardiovascular health, fibrinogen testing is becoming integral to early diagnosis and management of heart-related conditions. The presence of key market players, research institutions, and a supportive regulatory framework further fosters innovation and development in fibrinogen testing technologies. Moreover, companies introducing advanced tests has driven its uptake. In May 2022, Precision BioLogic Inc., a leading developer of hemostasis diagnostic products, is pleased to announce the launch of its new CRYOcheck Chromogenic Factor IX assay in Canada, the European Union, United Kingdom, Australia, and New Zealand following market authorization by Health Canada and respective in-country regulatory authorities

Fibrinogen Testing Market 2024-2030: Scope of the Report

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Fibrinogen Testing Market Report – Key Takeaways:

• Clinics Segment to Register Highest Growth

According to the Fibrinogen Testing Market forecast, Clinics segment is analyzed to grow with the highest CAGR of 10.9% during the forecast period. The clinics are the initial point of contact between patient and healthcare system that provides individuals with access to information and resources they need for optimal health outcomes, As the fibrinogen kits are deployed at clinics for quick and efficient results of fibrinogen levels that are performed by the healthcare officials which is pre-requisite for the majority of medical health related operations. The Fibrinogen Testing market is poised for significant expansion, with a particular emphasis on the growth of the clinics segment. The forecast indicates a substantial upward trajectory for fibrinogen testing, driven by various factors within the clinic setting. Clinics, as key healthcare delivery hubs, are increasingly recognizing the pivotal role of fibrinogen testing in diagnosing and managing various health conditions, especially cardiovascular diseases. The versatility of fibrinogen testing, extending beyond cardiovascular applications to inflammatory disorders and liver diseases, positions clinics as crucial contributors to the market’s growth.

• The Increase in Anticoagulant Therapy Procedures is a Key Driver Enhancing The Growth Of The Market.

The growing demand for Anticoagulant therapy procedures is driving the growth of Fibrinogen Testing Market. Healthcare providers are using fibrinogen testing to monitor patients on anticoagulant therapy and ensure that they receive the appropriate treatment to prevent bleeding or blood clot formation. Increasing prevalence of blood clotting disorders will increase the use of anticoagulant therapy which in turn will increase the use of fibrinogen testing. According to Centre for Diseases Control and Prevention data released in June 2022, Blood Clots leads to VTE (venous thromboembolism) and VTE affects as many as 900,000 Americans each year. Also, according to the same data, 3 in 10 people who have a blood clot will have another episode within 10 years and blood clots cost nation up to $10 billion each. Blood clots are a leading cause of death in people after cancer and 100,000 people die of blood clots each year. As a result, the demand for Fibrinogen Testing is rising.

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Key Opportunity Analysis:

Rise In Number of Diagnostics Centers is Creating Growth Opportunities in The Market

The rise in number of diagnostics centers will create opportunities for the growth of the market. The factors such as higher life expectancy, changes in lifestyle, health-conscious population and improvement in testing services contribute to the growth of the diagnostics industry which in turn will create opportunities for the growth of the market. Moreover, the outbreak of Covid19 increased the penetration of testing services across the world. Additionally, Government also increases healthcare spending which bodes well for all the companies operating in this diagnostics industry. In March 2022, the UK Government announced an investment of $347M (£260m) to enhance research and development (R&D) as well as the production of novel therapies, devices and diagnostics. The investment would boost UK medical manufacturing, diagnostics center and medical research. Furthermore, the penetration of testing centers is low especially in the rural regions where the dependence on primary health centers is high. This bodes well for diagnostics companies in terms of expansion. The expansion of diagnostics labs will increase the rate of testing services which in turn will create significant opportunities for the growth of the market.

Ongoing Advancements in Diagnostic Technologies Create Lucrative Growth Opportunities.

The ongoing developments in diagnostic technologies contribute to the expansion of the fibrinogen testing market in several ways. Firstly, the adoption of advanced technologies enables healthcare providers to offer more comprehensive and sophisticated fibrinogen testing services, meeting the growing demand for precision diagnostics. Moreover, the incorporation of artificial intelligence and machine learning algorithms enhances the analytical capabilities of diagnostic tools, enabling the identification of subtle variations in fibrinogen levels with unprecedented accuracy. In addition to improving the diagnostic accuracy, advancements in technology also pave the way for the development of user-friendly and point-of-care diagnostic solutions. The ease of accessibility and convenience offered by these technologies not only streamlines the testing process but also extends the reach of fibrinogen testing to diverse healthcare settings. This democratization of diagnostic capabilities aligns with the broader trend in healthcare towards personalized and preventive medicine.

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The Report also Covers the Following Areas:

• Fibrinogen Testing Market Size and Forecast
• Fibrinogen Testing Market Trends
• Fibrinogen Testing Market Analysis by Indication

Fibrinogen Testing Market 2023-2030: Key Highlights

• CAGR of the market during the forecast period 2024-2030
• Value Chain analysis of key stake holders
• Detailed analysis of market drivers and opportunities during the forecast period
• Fibrinogen Testing Market size estimation and forecast.
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials.
• Comprehensive analysis of challenges and constraints in the Fibrinogen Testing Market.

Covid and Ukrainian Crisis Impact:

• 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.

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List of Key Market Players in Fibrinogen Testing Market:

The key companies profiled in the Fibrinogen Testing Market Report are listed below:

• F.Hoffmann-La Roche
• Siemens
• Thermo Fisher Scientific
• Sysmex Corporation
• Tcoag Ireland
• BioSystems
• Horiba
• Scienco, Inc
• Hemosconics LLC
• Helena laboratories Corporation

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