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The Factor Assays Market is estimated to grow at a CAGR of 6.4%
over the forecast period of 2023-2028 and garner a market size equivalent to $169.3
million by 2028. Factor assays are able to identify specific factor deficiencies
that lead to rare issues such as blood clotting disorders. Factor assay-based tests are
performed after mixing studies and if a deficiency of one or more coagulation
factors is suspected. The test involves performing a Prolonged Activated Partial
Thromboplastin Time Test (APTT) or PT. Some of the
common condition known as high-molecular-weight kininogen (HMWK) that
participates in the initiation of blood coagulation is hampered. In 2022, North
America held a dominant market share of 37% owing to a higher disease
prevalence and the supporting facilities to aid the developing cases.
Factor Assays Market Drivers
The Global Rise in Cardiovascular Cases with Underlying Conditions:
Cardiovascular illnesses and blood disorders have been on a rampant increase in the population. As per WHO, nearly 17-19 million people annually die due to cardiovascular diseases. Various studies have shown a high correlation between the incidence of coagulation deficiencies and cardiovascular diseases. Factor assay technology rightly aids in the timely detection of any coagulating factor deficiency, thereby helping in saving lives. The clots formed within the body can result in conditions such as stroke, heart attacks, severe leg pain and others.
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Innovation and Soaring Expenditure in the Healthcare Industry:
An increase in the proliferation of innovation in various
healthcare models has been seen in the last decade, especially in various hospitals, diagnostics testing centers, laboratory testing facilities and others through which the revenue of factor assays has benefited. In
countries such as India, various online healthcare platforms are facilitating the
usage of taking blood tests, which rightly aids in the direction of coagulation
testing. Further, the U.S. FDA has asked for a budget of $8.4 billion to aid
investments in critical public health modernization, core food safety, medical product safety programs and other vital public health infrastructure.
Clinical Research & Product Launch
In November 2022, CUREUS published a research article stating that acquired factor D deficiency strongly correlates with various viral
respiratory tract infections. Owing to the high number of COVID-19 cases worldwide, the acquired forms of deficiencies might turn high. In May 2022,
Precision Biologics launched the CRYOchem Chromogenic Factor IX assay in Canada, the EU, the United Kingdom, Australia and New Zealand.
Major Players in the Market
The major players in the Factor Assays market include
Abbott, Becton Dickinson, Beckman Coulter, Grifols, Roche, Thermo Fisher
Scientific, Accriva, Helena Biosciences, Merck and Technoclone.