Extensive research in the field of hemostasis has resulted in the development of various innovative products. These products have been very well received by approval agencies, both national and international. The result is a growth in the global hemostasis market. According to Transparency Market Research (TMR), the global hemostasis products market will expand at a 4.2% CAGR from 2016 to 2024 and reach US$7.73 bn by 2024 after being worth US$5.35 bn in 2015.
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Given below are some of the key questions answered by TMR analysts, regarding the global hemostasis products market:
Q. What are the key factors boosting the growth of the global hemostasis products market?
Highly reliable hemostasis products for use in emergency situations have been developed in the recent past on account of various research and development activities. These products are extensively used during surgeries, traumas, strokes, hemophilia, myocardial infarction, and thrombosis, thus driving the global hemostasis products market. The number of trauma and complex surgery cases are increasing, driving the market. As per WHO, 1.25 mn people are killed in road accidents annually across the globe. In addition to this, one third of pre-hospital deaths are occurring every year, across the globe, owing to excessive bleeding or hemorrhage. The growing geriatric population base, prone to various chronic diseases and thus, complex surgeries is also expected to boost the market.
Q. Which factors are expected to restrict the growth of the global hemostasis market?
One of the key challenges of the market is the strict policies for approval by national and international agencies. The approval process is not only lengthy but also cost-intensive. In addition to this, regulatory policies vary for different nations. All these factors have created an apprehensive environment amongst manufacturers of hemostasis products. As a result, manufacturers are being discouraged to introduce new varieties of products in the market, restricting the growth of the hemostasis products market.
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Another challenge faced by manufacturers is the patent expiries of hemostasis products. Some of the most prominent hemostasis products have reached their patent expiries and this has resulted in the emergence of cheaper substitutes and biosimilars. This has adversely impacted the revenues of the global hemostasis products market.
Q. What are the recent developments by key players in the global hemostasis products market?
Baxter International Inc., in a global surgical conference and Expo held in April 1-5 2017 introduced FLOSEAL FSP, which is a hemostasis product, easily prepared by a single person, requiring few steps, and with reduced contamination risk. The product is currently available in Europe.
Medtronic plc has introduced a full portfolio of transradial-specific tools, including a TRA access kit with introducer sheath, a line of catheters, and its TRAcelet™ compression device. This is extremely useful for simplifying patent hemostasis post-procedure.
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