The global Hemostasis Products Market is led by market players Ethicon, Baxter International, Inc., CR Bard, Inc., and Pfizer Inc., which collectively accounted for 41% of the total market share. The market is fragmented and various small and medium scale companies held 59% of the market, as of 2015. Some of these players are: HemCon Medical Technologies, Inc., CSL Behring LLC, Abbott Laboratories, Grifols, S.A., Johnson & Johnson, Medtronic plc., and Integra LifeSciences Corporation. Most of the small and medium scale players in the market are providing non-commercial variations of hemostasis products such as frozen plasma or platelet concentrate, Transparency Market Research states in its new study. Other prominent players are adopting the strategy of investing in research and development so as to expand their businesses across those regional markets, which are presently untapped.
The global Hemostasis Products Market rise from US$5.35 bn in 2015 to US$7.73 bn in 2024 and will exhibit a 4.2% CAGR during the period from 2016 to 2024. In terms of product, the infusible hemostats segment is leading. The segment accounted for 47% of the market in 2015. By application, the hemophilia segment led in the market in 2015 and is expected to continue to grow in the market at a healthy pace, exhibiting a 4% CAGR from 2016 to 2024. However, the trauma cases segment is most likely to emerge as the most promising application segment of the global hemostasis products market. The segment is projected to expand at a 6% CAGR between 2016 and 2024.
North America Leading in Hemostasis Market Driven by Rising Cases of Blood Disorders
On the basis of geography, North America held 36% of the global hemostasis market in 2015. The region is anticipated to experience considerable growth at a substantial pace in the coming years fueled by high level of receptiveness among people towards technological advancements, increasing number of patients with blood related disorders, and rising expenditure towards healthcare. A surge in the number of trauma cases, leading to complex surgeries is another factor pushing the demand for hemostasis products. In addition to this, the rising geriatric population and the extensive investment in research and development will ensure the growth of the North American hemostasis products market. Europe is expected to be the second leading regional segment. “However, Asia Pacific is estimated to emerge as the most promising regional segment during the forecast period,” said a TMR analyst.
R&D Continues to Push Development of Innovative Hemostasis Products
Extensive R&D has benefitted the global hemostasis products market to a great extent, resulting in the development of products that are highly reliable and can be used for emergency situations to save a patient’s life. A large number of innovative hemostasis products have taken place on account of successful research and development activities undertaken by players. The fact that these new products have been received positively by both national and international agencies also needs to be mentioned.
Another factor boosting the demand for hemostasis products is the increase in the number of complex surgeries and trauma cases. The number of people killed in road accidents per year is 1.25 mn, estimates WHO. This is creating a favorable environment for the growth of the hemostasis products market. Moreover, the number of people dying before reaching hospital because of excessive bleeding or hemorrhage is appalling. Also, the increasing geriatric population and the vulnerability of this age group to various chronic diseases will push the market towards growth, says TMR. On the other hand, stringent approval policies can be a challenge for the growth of the market. Patent expiries of popular hemostasis product brands will also hamper the growth of the market.
Read Market Research Report on Hemostasis Products – http://www.transparencymarketresearch.com/hemostasis-products-market.html