Hemostasis Products Market to Register Substantial Expansion by 2024

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.

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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