Hemostatic Valves
The global hemostatic valves market size was valued at USD 150 million in 2021 and is projected to reach around USD 250 million in 2030 exhibiting a CAGR of 6.0% in the forecasted period. The rising number of interventional procedures globally and the increasing patient pool suffering from several diseases are anticipated to drive the hemostasis valves market over the years. Likewise, increasing need for innovative hemostasis devices by hospitals & clinicians that help in better treatment and meet procedural demands are driving the hemostatic valves are projected to increase the market growth. On the other hand, fears about the risks related to hemostasis valves is one of the restraining factors limiting the growth.
As per the World Health Organization (WHO), cardiovascular diseases (CVDs) kill around 17.9 million people annually, accounting for nearly 31% of all deaths. Additionally, above 75% of CVD fatalities occur in low and middle-income nations. Moreover, the WHO evaluates that heart attacks and strokes record for 85% of all deaths. This is rising the demand for angiography and angioplasty procedures, which in turn is growing the demand for hemostasis valves. A hemostasis valve inhibits blood reflux, while an angiography catheter is introduced into a vessel.
Several countries have been rigorously faced hardest hit by the COVID-19 crisis, which has led to a decline in economic activities. However, as is the case in the UK and Germany, healthcare spending will drive demand for hemostasis valves. Despite the COVID-19 challenges, most nations have maintained a steady healthcare expenditure in 2020. For example, The UK health care spending is accounted at £177.7 billion. The robust evaluations for Europe’s healthcare expenditure would offer lucrative chances for the medical device manufacturers to increase their product portfolio of hemostasis valve. The use of hemostasis valve during coronary angiography procedures is growing speedily due to the increase in the geriatric population.
Type Insights
Based on type, the market is segmented into hemostasis valve Y connector, double Y connector hemostasis valve, and one-handed hemostasis valve. The double Y connector hemostasis valve segment is expected to hold the maximum market share. The factors can be accredited to less side-effects of treatment and a high degree of accuracy.
Application Insights
On the basis of application, the market is bifurcated into angioplasty and angiography. The angiography segment is expected to hold the most substantial CAGR in the estimated period owing to the increasing number of coronary angiography procedures all over the world.
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End User Insights
On the basis of end user, the market is bifurcated into hospitals, ambulatory surgical centers, and others. Hospitals are predicted to hold the largest market share. The factors can be attributed for the rising number of patients selecting hospitals for surgical procedures and an increasing number of hospitals in developing countries.
Region Insights
North America dominates the hemostatic valves market, due to growing presence of key players, technological development and rising prevalence of blood disorder disease. Moreover, demand for hemostasis valves in the US and Canada will be directed by the growing number of interventional procedures in the nation. The U.S. regulatory experts are actively accepting several cost-containment plans to decrease their healthcare burden. A value-based healthcare system in the U.S. is likely to impact investments in the R&D programs of ground-breaking hemostasis valves. Most of the important players are launching a new product in the U.S., which will further create chances in the market. For instance, in May 2019, Merit Medical Systems Inc. launched the Push, Hold and Deliver-PhD polycarbonate hemostasis valve, which permits surgeons and healthcare professionals to use the valve with one hand through interventional procedures.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period due to the increasing prevalence of hemophilia in the region.
Key Companies Insights
To stay competitive in the total market, players are using new approaches such as new product development, mergers and acquisitions, joint ventures, and geographic expansions. Some of the key players working in the global hemostatic valves market include:
Some of the Recent Developments:
Segments
By Type
By Application
By End-User
By Region
North America
United States
Canada
Mexico
Europe
Germany
France
UK
Italy
Russia
Asia-Pacific
China
Japan
South Korea
India
Australia
Indonesia
Thailand
Malaysia
Philippines
Vietnam
Latin America
Brazil
Middle East & Africa
Turkey
GCC Countries
Egypt
South Africa
Analysis of the impact of COVID-19 and the Russia-Ukraine War:
The readers of this section will be better informed on the effects of the pandemic, the post-pandemic, and the Russia-Ukraine War on the global market for refrigerated freight services. The factors that have changed since the poll was done include demand, consumption, transportation, consumer behavior, and supply chain management. Industry experts have also emphasized the crucial factors that will help players identify opportunities and maintain the sector as a whole in the approaching years.
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