ALBANY, New York, Feb. 4, 2020 /PRNewswire/ -- Haemostasis valves market promises to expand growth with rising incidences of cancer, and increasing awareness about neurology around the world. According to World Health Organization, there are over 18.1 million new cases of cancer each year. Moreover, this constitutes one in five men, and one in 6 women around the world. The cancer cases are also among one of the most common fatalities around the world. While one in 8 men die from cancer each year, one in eleven women fall prey to its deadly grip each year.
The hemostasis valves market promises strong growth amidst its strong application in curbing thromboembolism which are often a side-product of cancer treatments. Active cancer spread results in nearly 20% incidences of VTE. The incidences are also strongly linked with chemotherapy which is a major cause of death among cancer patients, reports TMR analysts.
Key Findings of the Hemostasis Valves Market Study
- Minimally-invasive surgeries like neuroendovascular are expected to emerge as a major driver for the hemostasis market.
- The application of hemostatic valves in improving medical procedures, and enhanced tactile control, and feel drive product advancements in the market.
- One of the major frontier for product development remains single-user, and single-handed operations for hemostasis valves.
- Growing expansion of therapeutic approach to cancer promise new developments for hemostasis valves. These include new designs which promise to shorten development times.
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Hemostasis Valves Market: Key Driving Factors
According to the study, there are over 2 million estimated surgeries performed each year. Moreover, estimates by WHO put the number of needed surgeries at around 321.7 million for a population of 6.5 billion in 2010. The rising disposable income and expansion of private insurance systems in emerging regions like Asia will make way for far more surgeries than previously possible. The growing elderly population, which is often prone to chronic illnesses will also lead to significant rise in surgical procedures in the western hemisphere.
- Growing elderly population, and expansion of programs like Medicaid will drive growth of the hemostasis valves market.
- Nutritional deficiencies will likely make way for most surgeries in the sub-saharan region. The number of needed procedures range between 131,412 in the region.
- Unintentional injuries result in over 25 cases which require surgeries in the region.
- The limited infrastructure, and chaotic traffic in developing countries makes way for high number of road accidents in the developed world. For example, road accidents claimed over 1, 50,000 lives in India in 2019, rising from 0.5% from previous year.
Key Impediments for Hemostasis Valves Market Players
- The hemostasis valves market also faces some restraint to growth including limited healthcare expansion in the developed world, growing complexity in surgical procedures, and continuous dive into innovation, which makes operations very challenging.
- The reluctance of elderly patients, and their limited ability to undergo invasive procedures for life-saving treatments is likely to remain a challenge.
- The high costs of advanced hemostasis valves also pose a challenge to surgical operations, especially in cases wherein reimbursement mechanisms are not available to the patients.
- Rising awareness about cancer surgeries, and higher detection rates are expected to counter challenging restraints to drive growth in the hemostasis valve market.
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Hemostasis Valves Market: Region-wise Analysis
The hemostasis valves market promises tremendous growth in North America, and Europe, wherein the rising incidences of cancer, elderly population, and expansion of MEDICAID programs promises new opportunities.
The approval of several therapeutic approaches to cancer treatments also promises to open new opportunities for growth for players in the hemostasis valves market in the region.
The growth in Asia Pacific promises to drive the highest CAGR-driven growth globally. Asia Pacific, home to 60% of the global population is witnessing a major expansion of the healthcare sector. The expansion also encompasses growing disposable incomes, and rising investment in reimbursement model by government entities, and private players.
Hemostasis valves market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
According to the Transparency Market Research study, the hemostasis valve market is witnessing major product advancements with a keen emphasis on quick product approvals from the FDA. The new product advancements include innovations in product materials, single-hand usage features, and growing collaborations in order to acquire larger share of the global market. The collaborations are especially visible in relation to distribution channels, wherein local vendors play a key role in bringing products to new pockets.
The investment in supply chains, and collaborations are expected to keep margins high for players in distribution of hemostasis valves in relation to new products. The key companies in the hemostasis valves include Boston Scientific Corporation, B. Braun Melsungen AG, Teleflex Incorporated, Terumo Corporation, Merit Medical Systems, Inc, Freudenberg Medical, ARGON MEDICAL.
Transparency Market Research has segmented the haemostasis valves market based on product, application, end-users, and region.
- Hemostasis Valves Market by Product
- Y Connector Hemostasis Valves
- Double Y Connector Hemostasis Valves
- One-handed Hemostasis Valves
- Hemostasis Valves Market by Application
- Hemostasis Valves Market by End User
- Ambulatory Surgery Centers
- Hemostasis Valves Market by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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Hemostasis Products Market - The global hemostasis products market will expand at a healthy 4.2% CAGR over the period between 2016 and 2024. Growing at this pace, the market, which had a valuation of US$5.35 bn in 2015, is expected to rise to US$7.73 bn in 2024.
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