The global market for hemostasis products presently features the rising introduction of innovative and technologically advanced products, increased patent expiries and the resulting surge in biosimilars and cheaper alternatives, and increased demand across developing economies. Factors such as the vast rise in trauma and surgery cases and the increased investment in research and development activities will help in the favorable development of the market in years to come.
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Introduction of Technologically Advanced Products and Rising Number of Trauma and Surgery Cases Stimulate Market’s Growth
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.
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.
Stringent Regulatory Scenario and Patent Expiries Boost Adoption of Off-label Products, Hinder Market’s Growth
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.
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.