Fibrinogen Testing Market

Fibrinogen Testing Market Outlook (2022 - 2028)

The fibrinogen testing market is expected to grow rapidly between 2022 and 2028. Fibrinogen is an important glycoprotein in the body that is required for blood circulation in vertebrates. These are enzymatically transformed to fibrin by thrombin after vascular and tissue-related damage. Because fibrinogen activity is important for the body. Tests to measure its concentration in people suffering from disorders such as diabetes are increasing rapidly. Low fibrinogen concentration might induce an upsurge in coagulation activity, which can result in thrombosis, leading to heart attack and stroke.

The increasing stress in people's lives, as well as the rising frequency of strokes and heart attacks, are driving the growth of the fibrinogen testing market. The Global Fibrinogen Testing market is expected to have a CAGR of 8.9% from USD 175.9 Million in 2022 to USD 293.9 Million in 2028.

Fibrinogen Testing Market Demand Analysis (2013-2021) v/s Market Outlook (2022 - 2028)

The fibrinogen testing market is projected to witness an 8.9 % annual growth rate from 2022 to 2028. The increased use of automated and technologically improved coagulation devices is fueling the expansion of the fibrinogen testing market. Increased rates of chronic illnesses, accidents, and lifestyle diseases such as diabetes, as well as a rise in the overall population and sugar intake, are likely to drive the expansion of the fibrinogen testing market over the forecast period. Furthermore, the rise in diagnostic needs will also create positive growth prospects for the expansion of the fibrinogen testing market in the near future.

Key Drivers to the Fibrinogen Testing Market

• Increase in the Prevalence of Chronic Diseases

The fibrinogen testing market is expected to grow significantly due to an increase in chronic diseases and lifestyle disorders such as diabetes. Diabetes is becoming more prevalent globally. The overall population suffering from diabetes is expected to rise in the upcoming period as sugary beverages and fast-food diets become more popular. Diabetes frequently affects blood clotting because even minor injuries might make it difficult to stop blood flow. As a result, it is critical to monitor fibrinogen levels in the blood and provide diabetics with an emergency outlet. This is anticipated to augment the fibrinogen testing market growth.

• Increased Prevalence of Blood Clotting Disorders

The increasing prevalence of blood clotting disorders is expected to boost the growth of the fibrinogen testing market over the forecast period. Furthermore, rising healthcare spending and new competitors are also driving the growth of the fibrinogen testing market.

• Increased Adoption of Coagulation Instruments and Reagents

Another key factor driving the growth of the Fibrinogen Testing Market is the increasing adoption of automated and technologically advanced coagulation instruments and reagents in response to the strong demand for quicker results and spontaneous testing. Furthermore, the rising privatization of diagnostic laboratories for providing value-added services and user convenience are also expected to drive the growth of the fibrinogen testing market throughout the forecast period.

• An Increase in Anticoagulant Therapy Procedures

Anticoagulant therapy comprises both - traditional medications and novel oral rapid-acting pharmaceuticals that are used by patients to address diseases such as deep vein thrombosis, pulmonary embolism, and genetic clotting disorders. Consistent blood tests, like fibrinogen and others, are used to assess the efficacy of anticoagulants because the anticoagulant medicine dose is prescribed based on the blood report findings. This is likely to drive the growth of the global fibrinogen testing market over the forecast period.

What restraints is the Fall Detection Systems Market subject to?

• “High Cost of Equipment & Low Awareness”

Only major healthcare institutes and labs can afford fibrinogen testing and other equipment. The high cost of fibrinogen testing equipment is expected to stymie the fibrinogen testing market's expansion throughout the forecast period because of financial constraints Furthermore, a lack of knowledge in developing countries is likely to stymie the growth of the global fibrinogen testing market, thereby reducing the total market value potential.

Impact of COVID-19 on Fibrinogen Testing Market

The COVID-19 outbreak had a significant impact on the market for Fibrinogen Testing. During the pandemic, there was significant drop in Fibrinogen Testing, because of the global lockdown and supply and trade disruptions. However, the demand for Fibrinogen Testing increased again when the situation got better and the Covid-19 restrictions were removed.

Competitive Landscape

The Fibrinogen Testing Market is highly competitive with the presence of several big players. The major players in the Fibrinogen Testing market are focusing on expanding their product offerings to increase revenue and market share.

Fibrinogen Testing Market Industry Report Scope

Fibrinogen Testing Market Categorization

Fibrinogen Testing Market by Reagent Type

• Q.F.A. Thrombin Kits
• Fibrinogen Kits
• Multifibren U Kits
• STA-fibrinogen Kits
• Imidazole Buffer Kits

Fibrinogen Testing Market by Indication

• Congenital Fibrinogen Disorders
• Fibrinogen storage disease
• Hereditary fibrinogen Aα-Chain amyloidosis,
• Acquired dysfibrinogenemia
• Cryofibrinogenemia
• Disseminated Intravascular Coagulation (DIC)
• End-Stage Liver Disease

Fibrinogen Testing Market by End User

• Hospitals
• Clinics
• Diagnostic Laboratories
• Ambulatory Care Centers
• Academics & Research Institutes

Fibrinogen Testing Market by Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa (MEA)

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