The market for
hemostasis products has substantially benefitted in the past few
years owing to the vast research and development activities
undertaken in the field of hemostasis technology, enabling the
development of highly reliable hemostasis products for use in
emergency situations. Extensive research activities in the field have
also resulted in the development of a wide number of innovative
products, which are being positively received by national and
international approval agencies.
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The vast global rise
in the numbers of trauma cases and complex surgeries is another key
driver of the global hemostasis products market. The WHO states that
an estimated 1.25 mn people are killed in road accidents every year
globally. Also, excessive bleeding or hemorrhage results in over
one-third of pre-hospital deaths every year globally. The vast and
alarming rise in the global population of people aged over 65%, a
demographic which is vulnerable to chronic diseases and leads to an
increased demand for a variety of complex surgeries, is also
indirectly stimulating the demand for hemostasis products across
healthcare setting.
Strict approval
policies adhered by the national and international approval agencies
have led to an apprehensive competitive environment for hemostasis
product manufacturers. The lengthy and cost-intensive approval
procedures, along with the diverse dissimilarities in regulatory
policies across different countries/regions are also discouraging
manufacturers from introducing an increasing number of product
varieties in the market. This factor is likely to hamper the
development of the global hemostasis products to a certain extent in
the next few years.
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Patent expiries of
some of the most prominent hemostasis product brands in the global
market is also a key restraint to the market’s overall
profitability. Patent expirations in the healthcare industry are
invariably followed by the introduction of substitutes and cheaper
biosimilars, which in the case of the global hemostasis products
market is expected to have a substantial impact on market’s future
revenue generation prospects.
Nevertheless, the
market has a vast set of untapped growth opportunities, especially in
emerging economies such as Asia Pacific and Latin America. Demand for
effective healthcare facilities from the rising consumer base of
middle class population and rising numbers of geriatric people in
these regions will lead to the increased adoption of a variety of
hemostasis products in the next few years. 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,
and rise to a valuation of US$7.73 bn in 2024. The market was pegged
at US$5.35 bn in 2015.
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In terms of product
variety, the segment of infusible hemostats presently leads,
accounting for a 47% share in the market in 2015. Geography-wise,
North America led, accounting for over 36% in the global market in
2015.
The top four vendors
operating in the global hemostasis products market, including
Ethicon, Pfizer Inc., Baxter International, Inc., and CR Bard, Inc.,
accounted for a share of nearly 41% in the market in 2015, states
Transparency Market Research in a recent report. In the seemingly
fragmented market, where small- and medium-scale vendors accounted
for over 59% in the overall market in the 2015, a large number of
these players provided non-commercial variations of several
hemostasis products, including platelet concentrate and frozen
plasma. Therefore, in the case of purely commercially available
products, the share held by prominent players is larger than what the
regional players hold.
Rising investments
in the research and development and strategies to expand businesses
across untapped regional markets are some of the key strategies
adopted by prominent vendors in the market. Some of the market’s
other influential companies are HemCon Medical Technologies, Inc.,
Abbott Laboratories, Grifols, S.A., CSL Behring LLC, Johnson &
Johnson, Integra LifeSciences Corporation, and Medtronic plc.
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