SELBYVILLE, Del., Oct. 15, 2020 /PRNewswire/ -- According to the latest report "Heparin Market by Product (Low Molecular Weight Heparin, Unfractionated Heparin), Source (Porcine, Bovine), Application (Venous Thromboembolism, Atrial Fibrillation/Flutter, Coronary Artery Disease), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of heparin will cross $6.6 billion by 2026.
High demand for anticoagulant products for venous thromboembolism and coronary artery disease is a major impact rendering factor responsible for the heparin market growth. For instance, according to Center for Disease Control and Prevention (CDC), around 18.2 million adults aged 20 and above had coronary artery disease in 2017. This has increased the adoption of heparin. Moreover, organizations such as the National Institutes of Health (NIH) and CDC are undertaking initiatives for growing awareness levels through programs that aim at preventing thrombosis-associated complications in the initial stages.
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The low molecular weight heparin segment valuation was around USD 3.6 billion in 2019 due to the increasing usage of low molecular weight heparin in surgeries and in the treatment of coagulation disorders. Furthermore, researchers at the Rensselaer Polytechnic Institute and the University of North Carolina (UNC) had developed a synthetic form of low molecular weight heparin that is safe and can be reversed in activity using an antidote called protamine. This synthetic heparin is safer and cost-effective than the available heparin which is derived from animals.
The porcine heparin segment dominated the heparin market share of 98.8% in 2019. The porcine source heparin is widely used to prevent blood clots after surgery, during dialysis & blood transfusion and when collecting the blood samples. Usage of the porcine source heparin in patients with atrial fibrillation will further foster the market demand.
The coronary artery disease application accounted for USD 1 billion in 2019. Arterial thrombosis is caused when an artery is damaged by atherosclerosis. This may further lead to myocardial infraction and coronary artery disease. Moreover, the increasing prevalence of coronary artery disease in emerging economies will boost segment growth.
The online pharmacy segment held over 14.7% of revenue share in 2019. Online pharmacies offer benefits such as substantial discounts and availability of a wide range of products and doorstep delivery. Additionally, the rising popularity of online shopping among the young population and millennials in emerging countries will drive the segment expansion.
The Asia Pacific heparin market size is expected to showcase significant growth from 2020 to 2026 on account of the presence of a large patient pool in highly populous countries such as India and China that are prone to various types of chronic illness. For instance, according to an Asia Pacific Thrombosis Advisory Board report, in 2017, venous thromboembolism (VTE) was considered one of the most common disorders in the Asian population. The report further stated that the incidence rate of VTE was approximately 100 per 100,000 population per annum. Such an increase in the number of chronic disorders will augment the regional market demand. In addition, the presence of mass local manufacturers in Southeast Asia will fuel the APAC market growth.
A few notable companies operating in the heparin market are Amphastar Pharmaceutical, Sanofi, Hepalink group, Pfizer, Leo Pharma, and Laboratorios Farmaceuticos Rovi SA among others. Industry players are focusing on various strategies such as acquisitions, business expansion and novel product launches to consolidate their market presence.
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Table of Contents (ToC) of the report:
Chapter 3 Heparin Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 - 2026
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By source
3.4.3 By application
3.4.4 By distribution channel
3.5 COVID-19 impact analysis
3.6 Porter's analysis
3.7 Competitive landscape
3.7.1 Company matrix analysis, 2019
3.8 PESTEL analysis
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Global Heparin Market revenue to cross USD 6.6 Bn by 2026: GMI
Asia Pacific heparin market size is expected to showcase significant growth from 2020 to 2026. on account of presence of large patient pool in highly populous countries such as India and China are prone to various types of chronic illness.
SOURCE Global Market Insights, Inc.