Albany, NY -- (SBWIRE) -- 09/06/2018 -- The global hemostasis products market is fairly consolidated with top four companies, namely Ethicon, Baxter International Inc., Pfizer Inc., amd CR Bard Inc. holding close to 41% share in the overall market in 2015, as per a recent report by global Transparency Market Research (TMR). In a seemingly fragmented vendor landscape, small and medium-sized vendors held over 59% of the overall market in 2015, wherein a number of companies offered non-commercial variants of several hemostasis products.
Substantial investments in research and development are some key growth strategies of leading players to expand their outreach in untapped regional markets, says the lead analyst of the study.
Some other prominent companies in the global hemostasis products market include HemCon Medical Technologies Inc., Grifols S.A., Johnson & Johnson, Medtronic plc, Abbott Laboratories, CSL Behring LLC, and Integra LifeSciences Corporation.
As per estimates of the TMR report, the global hemostasis products market will display a healthy CAGR of 4.2% between 2016 and 2024. Expanding at this rate, the market's valuation of US$5.35 bn in 2015 will become US$7.73 bn by 2024. Among key product segments, infusible hemostats hold prominence because of its importance for bleeding management for patients suffering from blood clotting disorders such as hemophilia, dysfibrinogenemia, and Von Willebrand disease. In the coming years, however, the segment is poised to lose its attractiveness and vast share to advanced hemostats segment. Over the forecast period between 2016 and 2024, the advanced hemostats product segment is poised to expand at an impressive 6.9% CAGR.
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Application-wise, hemophilia is the leading segment of the hemostasis products market; the segment witnessed an opportunity of US$5.35 bn in 2015 and is predicted to display substantial growth over the report's forecast period.
Vast Incidence of Trauma and Rising Number of Complex Surgeries Stimulate Growth
Over the past several years, the hemostasis products market has gained substantially due to the vast research and development pursuits undertaken in the field of hemostasis technology. This has led to the development of highly reliable hemostasis products to be used in emergency situations.
Furthermore, vast rise in the number of complex surgeries and trauma cases is another factor boosting the hemostasis products market. As per statistics of the World Health Organization (WHO), approximately 1.25 mn people succumb to injuries of road accidents every year globally. Excessive bleeding or hemorrhage during road accidents are related to over one-third pre-hospital deaths every year globally.
Apart from this, the alarming rise in the number of individuals above the age of 65 years that are vulnerable to chronic diseases and may require complex surgeries is also positively influencing the hemostasis products market.
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Difference in Regulatory Policies between Countries Discourage Manufacturers to Introduce Novel Products
Strict approval policies in place laid down by national and international agencies have led to apprehensions among manufacturers of hemostasis products. The lengthy and cost-intensive approval process, along with variations in regulatory policies of different countries is discouraging manufacturers from introducing newer product varieties.
Patent expiration of some prominent hemostasis products is also a key restraint to the growth of hemostasis products market. Nevertheless, patent expiration which is usually followed by substitutes and cheaper biosimilars is likely to have a positive impact on the revenue of the market.
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