Blood Coagulants Market to Record Sturdy Growth by 2025
On the other hand, the lack of awareness regarding blood clotting and its severity, the high cost of diagnostic tests in some economies,
Market HighlightsIt is estimated that the global Blood Coagulants Market is expected to register a CAGR ~ 11.5% with an estimated market value of USD 720.7 million during the forecast period of 2018–2023.
The global market is driven by factors such as increased bleeding disorders, the rise in the research activities, and an increase in the healthcare project grants provided by public and private organizations, among others. Additionally. The growing awareness created by various non-profit organizations, as well as government campaigns help to drive the growth of the market. For instance, the World Federation of Hemophilia (WFH) launched a Development Grant Program (DGP) in 2018 to encourage innovative ideas and projects to support the inherited bleeding disorders community globally. Moreover, key companies are actively involved in spreading awareness. For instance, in April 2018, CSL Behring shipped more than 10 million international units (IUs) of its medicines to treat hemophilia A to developing countries through the non-profit World Federation of Hemophilia (WFH) on account of World Hemophilia Day on April 17. The medicines were sent to countries like Vietnam, Cameroon, and others through the WFH’s Global Alliance for Progress (GAP) Program, which seeks to improve the diagnosis and treatment of bleeding disorders in developing countries.
On the other hand, the lack of awareness regarding blood clotting and its severity, the high cost of diagnostic tests in some economies, and the rising counterfeit drugs are restraining the growth of blood coagulants market. For instance, according to the statistics published by the National Hemophilia Foundation, annually 75% of hemophilic people worldwide receive inadequate treatment or have no access to treatment.
The global blood coagulants market is currently dominated by many market players. The key players in the market are involved in new product launches and strategic collaborations to strengthen its market position. For instance, For instance, in May 2016, CSL Behring announced the US FDA approval of AFSTYLA, a recombinant factor VIII Single Chain Therapy for Hemophilia A.
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The market in the Americas is expected to dominate the global blood coagulants market during the forecast period owing to the increasing per capita healthcare expenditure, increase in product innovation, and heavy adoption of new technology in the region. Europe is expected to hold the second largest position in the global blood coagulants market. The market growth in this region is because of the presence of a well-established healthcare system. The increase in marketing approvals and authorizations in the region also propels the growth of the market. For instance, in June 2018, Octapharma announced that the European Medicines Agency (EMA) had approved an extension of marketing authorization for its product, Nuwiq, a human cell line-derived recombinant factor VIII (rFVIII) for the treatment in patients with hemophilia A.
Asia-Pacific is estimated to be the fastest growing region in the market due to the increasing number of welfare programs, coupled with the substantial generation of disposable income. Additionally, the increase in people suffering from bleeding disorders drives the growth of the market. According to the statistics published by Hemophilia Foundation Australia, Von Willebrand Disease (VWD), an inherited bleeding disorder affects approximately 200,000 people annually in Australia. The market in the Middle East & Africa is likely to account for the smallest share of the global blood coagulants market. This owes to the poor access to treatment, and limited screening and diagnostic services in the region.
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The global blood coagulants market has been segmented into type and indication. The market, based on type, has been segmented into coagulation factor and others. The market, by coagulation factor, has been further segmented into recombinant coagulation factor and plasma-derived coagulation factor. The market, by indication, has been sub-segmented into hemophilia, surgery, and other bleeding disorders.
Some of the key players in the global blood coagulants market are Novo Nordisk A/S, Aptevo Biotherapeutics LLC, Baxalta US Inc., Baxter Laboratories, Bayer AG, CSL Behring, GRIFOLS USA, LLC, Octapharma, Pfizer, Shire, and SOBI.