The fibrinogen testing reagents market observes a dynamic nature of consumer preference for each product as part of their operating instrument. Though, there have been no significant technological advancements in the development of reagents since many years now. The applications and usage still remain the same, but the influx of new manufacturers in the fibrinogen testing reagents market surely assures a much more competitive market space than it currently is.
There are several factors for the fibrinogen testing reagents market to grow in the coming years, as bleeding conditions in the US, followed by India and China, are expected contribute to the largest consumer base for fibrinogen testing reagents.
According to the latest research by PMR, the global fibrinogen testing reagents market is estimated to have accounted for US$ 116.3 Mn in terms of value during 2017. The report on the fibrinogen testing reagents market further projects that, the market is likely to grow at a CAGR of 8.9% during the forecast period 2018-2028.
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Rising Preference for the Convenience of Online Services Favoring Sales of Fibrinogen Testing Reagents
An increase in the online sale of products and ordering of online tests have positively impacted the growth of the global fibrinogen testing reagents market. Several laboratories offer online services, wherein, patients can order their desired tests, while the testing is taken care of by a laboratory. The adoption rate of online services is higher in countries such as the UK and the US. Such differences lead to a better market space for fibrinogen testing reagents.
Also, a rise in the awareness among people about blood condition diseases has led to an increase in acceptance of disposable products. Parallel influences of diagnostic consumables have a positive impact on the overall fibrinogen testing reagents market.
The fibrinogen kits segment is the leading segment in terms of revenue, by reagent type, in the fibrinogen testing reagents market, registering a 71.4% revenue share in 2017. After fibrinogen kits, the multifibren U reagents and omidazole buffer kits are expected to follow in the fibrinogen testing reagents market, by reagent type.
Fibrinogen testing reagents are most widely used for the diagnosis of end-stage liver disease. The end-stage liver disease segment, by indication, is thus expected to dominate the fibrinogen testing reagents market in term of revenue over the forecast period of 2018-2028. Among all end users in the fibrinogen testing reagents market, the hospitals segment is the most lucrative segment, and this is followed by the diagnostic laboratories segment.
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East Asia Likely to Emerge Lucrative for Fibrinogen Testing Reagents Market
While Europe has been a prominent regional market for fibrinogen testing reagents, followed by North America, the former will maintain a significant revenue share of nearly a third of the fibrinogen testing reagents market. and is estimated to have registered a revenue share of 31.4% in 2017.
The report has cited East Asia as an attractive region for fibrinogen testing reagents market players. South Korea, South Africa, and Russia are some of the lucrative countries reflecting high growth potential for the fibrinogen testing reagents market, according to the report. South Korea has been projected as one of the fastest thriving markets for the global fibrinogen testing reagents.
Leading Players in Fibrinogen Testing Reagents Market Strategizing on Expansion in Emerging Regions
- Thermo Fisher Scientific Inc.
- Helena Laboratories Corporation
- TULIP DIAGNOSTICS (P) LTD
- Biosystems S.A.
- Randox Laboratories Ltd.
- Medirox AB
- Enzyme Research Laboratories(r2 Diagnostics)
- Kamiya biomedical Company
- Pathway Diagnostics Limited
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A majority of key players are reportedly focusing on increasing their shares in South Asian and Latin American markets for fibrinogen testing reagents via strategic mergers and acquisitions involving recognized regional players and investment groups. On the other hand, regional players in the fibrinogen testing reagents market are focusing on entering long-term contractual relationships with direct end users to be able to sustain continuous revenue flow.