Used to halt blood from oozing out of a damaged blood vessel, hemostasis products find application in surgery, stroke, hemophilia, myocardial infraction, and thrombosis. Increasing emphasis and rising spend on research and development has led to innovative and sophisticated hemostasis products being manufactured. They are finding takers fast too. This is because of drastic increase in trauma and accident cases. The World Health Organization (WHO) reveals that an estimated 1.25 mn people lose their lives in road accidents every year.
The global hemostasis products market stood at US$5.35 bn in 2015 and it is expected to register a healthy CAGR of 4.2% from 2016 to 2024 to reach a value of US$7.73 bn in 2024.
Numerous Factors Contribute to a Healthy CAGR
Although new, improved hemostasis products and alarming instances of trauma and surgery cases are at the forefront when it comes to driving the market, there are several other factors that generate demand too. An ever increasing number of patients, especially on account of a rapidly growing geriatric population, and the need for reliable, adequate bleeding control measures for various medical conditions are also filliping the market. The alarming spike in the population of people aged over 65 – a demographic susceptible to chronic diseases and thereby needing different complex surgeries – is also supporting demand for hemostasis products. A huge section of under-served people in Asia Pacific is also slated to boost growth further.
Regulatory Policies and Patent Expiries are a Drag on Uninhibited Market Growth
Stringent regulatory policies of national and international authorities are ending up slowing market growth. Winning approval is an expensive and lengthy procedure. Making matters worse are dissimilarities in regulatory policies across different countries/regions. This overall arduous procedure has to some extent deterred hemostasis product manufacturers from introducing different product varieties in the market.
Patent expiries of some of the well-known hemostasis product brands in the global market are also a drag on the market’s overall profitability. Patent expirations in the healthcare industry are usually followed by the introduction of substitutes and cheaper biosimilars. In the case of the global hemostasis products market, in keeping with the trend elsewhere, this is expected to adversely impact revenue generation prospects.
Product-wise and Region-wise Dominant Players
Infusible hemostats enjoy maximum demand in the market for hemostatic products on account of hemophilia, dysfibrinogenemia, and Von Willebrand disease (vWD). With over 47% market share, the product dominated the global hemostasis products market in 2015. In the coming years, however, its market share will be dented by advanced hemostats which will register an impressive CAGR of 6.9%, while the segment of infusible hemostats will have a poor showing at 0.7% CAGR.
Browse the full Global Hemostasis Products Market report at : http://www.mrrse.com/hemostasis-products-market
Region-wise, North America currently holds maximum market share and it estimated to register robust growth in the near future. Technological advancements coupled with high allocation for healthcare would propel the market further. Besides, rising trauma cases and complex surgeries needed by a growing geriatric population, would also induce growth. The market in Europe follows next and is predicted to remain robust for the same reasons as North America would. The vast untapped market in Asia Pacific, led by India – home to over 60% of the world’s hemophilics – would make impressive progress as well. Hemostasis products market in Asia Pacific would expand at a strong CAGR of 5.2% from 2016 to 2024, it is estimated.