Wilmington, Delaware, United States, April 04, 2023 (GLOBE NEWSWIRE) -- According to TMR estimates, the global hemostasis valves industry would be worth USD 161.3 Bn worldwide in 2022. The market is predicted to reach USD 245.6 Bn by 2031, rising at a rapidly increasing CAGR of 4.8% from 2023 to 2031.
Two prominent drivers of this market include the rise in the cases of hemophilia and the increasing usage of point-of-care systems for testing. The prevalence of blood coagulation diagnoses among patients is on the rise, especially among those who have a tendency more likely to lose too much blood during operations. The National Haemophilia Foundation estimates that 400,000 people globally were impacted by hemophilia in 2019 and that 75.2% of those individuals are still not receiving sufficient care or do not have access to care. As a consequence, the market's expansion is affected favorably.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 161.3 Bn in 2022 | |
| Estimated Value | USD 245.6 Bn by 2031 | |
| Growth Rate | 4.8% | |
| Forecast Period | 2023–2031 | |
| No. of Pages | 193 Pages | |
| Market Segmentation | By Product Type, Application, and End-user | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific Corporation, Teleflex Incorporated, Terumo Corporation, Merit Medical Systems, Inc., Freudenberg Medical, LLC, Argon Medical Devices, Qosina Corp., and DeRoyal Industries | |
Point-of-care diagnostic tests are more frequently used by patients and doctors, and growing patient knowledge of POC procedures is fueling market expansion. In addition, one of the factors is experts with low skill levels effectively use POC instruments for diagnosis. POC development efforts are also supported by several private groups, such as the California Institute of Technology, Dartmouth College, and foreign organizations. For instance, the American Association for Clinical Chemistry created an accreditation program in August 2018 to improve experts' diagnostic testing outside of clinical labs. As a result, it is expected that the market will grow successfully throughout the projection.
The number of tests will likely increase considerably as a result of improved diagnostic and preventive care management due to increased knowledge of hemostasis conditions. The debut of numerous innovative diagnostic systems and tests as a result of technological advancements, such as the launch of automated blood coagulation analyzers, will present this market with a sizable development chance in the years to come.
Key Findings of the Market Report
- The global hemostasis valves market is expected to garner a 4.8% CAGR from 2023 to 2031.
- In 2022, North America was the most lucrative market in terms of market share
- The hospital segment by end-users is expected to garner a prominent market share from 2023 to 2031.
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Global Market for Hemostasis Valves: Key Trends
- Hospitals are anticipated to hold the biggest share of the market in the global hemostasis valve market from 2023 to 2033 due to factors like the expansion of hospitals in emerging nations as a result of the expansion of the healthcare infrastructure.
- The demand for hospitals will increase significantly as a result of amenities like patient safety, healthy cuisine, supportive services, and a welcoming atmosphere.
- The National Bureau of Economic Research (NBER) estimates that better amenities increase hospital demand by an average of 38.4%. As healthcare reform easily takes effect and states introduce new policies to optimize patient flows, hospitals are likely to experience an enormous influx of new patients.
Global Hemostasis Valves Market: Regional Outlook
- Throughout the entire projection period, North America is anticipated to lead the global hemostasis valve market. This is due to several variables, including the aging population and the increasing incidence of chronic illnesses like infectious diseases.
- Around 1,056,000 Americans are anticipated to experience coronary events in 2019 in the United States, along with 335,000 recurrent and 710,000 new coronary incidents, which are further anticipated to increase the demand for hemostasis devices in the global market during the forecast time frame due to an increase in cardiac surgery.
Global Hemostasis Valves Market: Key Players
- Boston Scientific Corporation
- Abbott Laboratories
- Merit Medical Systems
- B.Braun Melsungen AG
- Teleflex Incorporated
- Merit Medical Systems, Inc.
- Terumo Corporation
- Argon Medical Devices
- Qosina Corp.
- DeRoyal Industries
- Freudenberg Medical
Some developments by the key players are:
- In May 2019, Argon Medical revealed the purchase of Mana-Tech, Ltd., the exclusive distributor of the company in the United Kingdom and Ireland. It is anticipated that the business will benefit greatly from the opportunity to increase its footprint in the UK, Ireland, and the rest of Europe as a result of this purchase of Mana-Tech, Ltd. As part of the purchase, the complete staff of Mana-Tech, including its sales, management, customer support, and delivery divisions, will join Argon.
- Freudenberg Medical constructed its new headquarters in Massachusetts as well as a production plant in Beverly, Massachusetts, which became operational in November 2020. Expanded production and innovation capabilities as well as Class 8 cleanroom area for molding and assembly are part of the newly constructed 36,000 square foot facility. The business is FDA-registered and has ISO 13485 certification.
Browse in-depth TOC on Hemostasis Valves Market Trends, Growth Drivers
28 - Tables
63 - Figures
193 – Pages
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Global Hemostasis Valves Market Segmentation
By Product Type
- Y-connectors
- Double Valves
- One-handed
- Others
By Application
- Angiography
- Angioplasty
- Interventional Cardiology and Radiology
- Others
By End Users
- Hospitals
- Specialty Clinics
- Ambulatory Surgery Centers
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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