Emergence of Innovative Products and Developing Healthcare Sector to Create Opportunities for Hemostasis Products Market Players

Hemostasis is an important procedure that is used for preventing bleeding of an injured or damaged blood vessel. This process is considered as the first stage of wound healing. With the rapid development of the healthcare sector, the global market for hemostasis products is expected to witness substantial growth in the coming years. At present, the market is fragmented and competitive in nature with a large number of players operating in it. As per a research study by Transparency Market Research (TMR), in 2015, the global market for hemostasis products was worth US$5.35 bn and is estimated to reach a value of US$7.73 bn by the end of 2024. The market is estimated to register a 4.20% CAGR between 2016 and 2024.

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This blog addresses several questions related to the development of the global hemostasis products market. Some of them are given below:

What aspects are likely to encourage the growth of the global hemostasis products market?

The rising focus of key players on technological advancements and innovations is one of the vital factors anticipated to augment global market in the next few years. In addition, the increasing number of research and development activities and the robust development of the healthcare sector are further expected to accelerate the growth of the overall market. The strong pipeline of hemostasis products and the rising number of surgical and trauma cases are some of the other factors estimated to generate promising opportunities for the key players operating in the hemostasis products market across the globe.

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Which region is projected to lead in the global hemostasis products market?

Among the key geographical regions, North America is expected to lead the global hemostasis products market in the next few years. The high growth of this region can be attributed to the rising number of innovative and effective products and the increasing pool of patients. In addition, the high-tech healthcare infrastructure and the technological developments related to hemostasis are anticipated to accelerate the growth of the market in the next few years. Furthermore, Europe and Asia Pacific markets are anticipated to witness substantial growth in the coming years.

Which business strategies have been adopted by key players to sustain in the global hemostasis products market?

Abbott Laboratories, Medtronic plc, Baxter International, Inc., Grifols, S.A., Johnson & Johnson, and Pfizer, Inc., are some of the key players operating in the global hemostasis products market. These players are making notable efforts to introduce new products in order to create a niche for themselves and gain a competitive advantage. In addition, the focus on untapped opportunities in the developing economies is expected to contribute extensively towards the growth of the global market. The increasing investments in the research and development activities is projected to bolster global hemostasis products in the next few years.

Hemostasis Products Market size and Key Trends in terms of volume and value 2016-2024

The global market for hemostasis products presently features the rising introduction of innovative and technologically advanced products, increased patent expiries and the resulting surge in biosimilars and cheaper alternatives, and increased demand across developing economies. Factors such as the vast rise in trauma and surgery cases and the increased investment in research and development activities will help in the favorable development of the market in years to come.

Transparency Market Research states that the global hemostasis products market will expand at a healthy 4.2% CAGR over the period between 2016 and 2024. Growing at this pace, the market, which had a valuation of US$5.35 bn in 2015, is expected to rise to US$7.73 bn in 2024.

Infusible Hemostats Presently Lead but Advanced Hemostats to Witness Promising Growth

Infusible hemostats are among the most common and widely used hemostatic products for a number of bleeding management practices performed on patients suffering from blood clotting disorders such as hemophilia, Von Willebrand disease (vWD), and dysfibrinogenemia. The segment thus held the largest share of over 47% in the global hemostasis products market in 2015. However, the segment is expected to lose its attractiveness and a vast share of its present share in the global market to the segment of advanced hemostats over the period between 2016 and 2024. Over this period, the market for advanced hemostats is expected to rise at a 6.9% CAGR, while segment of infusible hemostats will exhibit a meagre 07% CAGR.

Hemostasis Products Used for Treatment of Hemophilia to Remain Key Contributor to Market’s Growth

Of the key application areas for hemostasis products, including trauma, surgery, hemophilia, myocardial infraction, stroke, and thrombosis, the use of hemostasis products for the treatment of hemophilia was the leading contributor to the global market’s overall revenues in 2015. The segment held an opportunity of US$5.35 bn in 2015 and is expected to witness growth at a substantial pace over the forecasting horizon as well. However, the applications of hemostasis products for the management of trauma cases will be the most promising application segment for the global hemostasis products over the period between 2016 and 2024. Over this period, the segment will expand at a 6% CAGR as compared to the comparatively moderate 4% CAGR that the hemophilia application segment is expected to exhibit.

Vast Untapped Opportunities to Stimulate Demand for Hemostasis Products in Asia Pacific

North America is presently the largest market for hemostasis products, accounting for a 36.1% share in the global market’s revenues in 2015. The region is expected to witness expansion at a substantial pace over the next few years as well. High level of receptiveness to technological advancements, strong economies, and a swarming pool of patients with a variety of blood disorders are the chief factors that will keep North America at the forefront of the global hemostasis products market in the near future.

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The rising numbers of trauma cases and complex surgeries, rising geriatric population and high investment is research and development are also driving the hemostasis products market in North America. The market for hemostasis products in Europe, which is the second largest contributor to the global hemostasis products market’s revenues, is also chiefly driven by the abovementioned factors.

Over the period between 2016 and 2024, the market for hemostasis products in Asia Pacific is expected to yield the most promising results for the global hemostasis products market. The vast and continuously rising set of under-served population suffering from bleeding disorders such as hemophilia, especially across developing economies such as India, is expected to boost the adoption of hemostasis products in Asia Pacific. It is estimated that India has the largest number of hemophilia patients in the world, 60-70% of which were undiagnosed in 2015. TMR analysts state that the hemostasis products market in Asia Pacific will expand at a strong CAGR of 5.2% across the key regional markets from 2016 through 2024.

Some of the key vendors operating in the global hemostasis products market are Integra LifeSciences Corporation, C. R. Bard, Inc., Abbott Laboratories, Baxter International, Inc., CSL Behring LLC, HemCon Medical Technologies, Inc., Grifols, S.A., Johnson & Johnson, Medtronic plc, and Pfizer, Inc.