INR Test Meter Market is expected to reach US$ 2.4 Billion by the end of 2032 | FMI
[300+ Pages Report] The market for INR test metres is anticipated to reach US$ 1.3 billion by the end of 2022, growing at a CAGR of 6.3 percent, and surpassing US$ 2.4 billion by 2032. With a market share of approximately 79.7% in 2021, the devices segment dominated the global INR test metre market in terms of product type.
As per Future Market Insights, the global INR test meter market was around US$ 1.2 Bn in 2021, and is projected to exhibit a CAGR growth of close to 6.3% over the forecast period, exceeding valuation of US$ 2.4 Bn in 2032.
Patients with coagulopathic aberrations related to pathological conditions have a strong reliance on PT diagnostic platforms. Patients who take warfarin frequently have medical conditions that put them at high risk for severe illness, including hospitalization, intensive care admissions, and death, as per the Centers for Disease Control and Prevention.
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With the emerging importance of utilizing point-of-care tests, the market for INT test meters is set to witness high demand during the forecast period (2022-2032). One of the primary factors driving the growth of the INR test mater market is rising prevalence of cardiovascular diseases and blood disorders across the globe.
Demand for INR test meters is expected to grow due to increased awareness of these disorders, which will improve diagnostic rates and preventive care management. Further, with favorable government funds and investments for acquiring and installing such medical devices in public healthcare facilities, the demand in the market is projected to surge through 2022 & beyond.
Key Takeaways from Market Study
- In terms of product, devices held approximately 7% of market value share in 2021, owing to their efficacy in delivering positive therapeutic outcomes.
- Based on end users, hospitals segment is expected to register a CAGR of 8% during the forecast period.
- North America is considered as the leading region with a value share of 6% in 2021, owing to high lifestyle associated disease cases, and rapid device approvals.
- The U.K. is expected to lead the growth in Europe INR test meter market backed by its development in healthcare infrastructure
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“Growing advancements of digital solutions for medical use is set to propel the sales of the INR test meter market across the globe,” says an analyst of Future Market Insights.
Key manufacturers in the INR test meter market are adopting strategic approaches such as mergers and research activities for revenue growth and product portfolio expansion. Producers are also engaged in several patent expiry mitigation approaches to further provide upgraded product lines, thus establishing a strong geographical outlook.
- In November 2021, CoaguSense Inc. incorporated a novel “Prothrombin Time Home Testing System” connected with MedM remote care platform.
- In May 2021, Biosynex acquired Avalun to become a European leader in rapid diagnostic testing.
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What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the INR test meter market in its latest study, presenting a historical demand assessment of 2012 – 2021 and projections for 2022 – 2032.
The research study is based on the product – (device, lancet, and test strips), by end user (hospitals, speciality clinics, ambulatory surgical centres, and home care settings), across seven key regions of the world.
About Healthcare Division at Future Market Insights
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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