Blood coagulants market is expected to grow significantly over the forecast period. It is estimated that the global 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 market is driven by factors such as increased bleeding disorders, the rise in the research activities and the 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 helps 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.
Moreover, major companies in the market are involved in strategic collaborations, and new product launches to brace their position in the market. For instance, in May 2016, CSL Behring announced the US FDA approval of AFSTYLA, a recombinant factor VIII Single Chain Therapy for Hemophilia A. Similarly, the drug received approval from European Commission (EC) in January 2017.
The 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.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The blood coagulants market in the Americas has further been segmented into North America and Latin America, with the North American market divided into the US and Canada. The European blood coagulants market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The blood coagulants market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The blood coagulants market in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary Blood Coagulants Market Share (%), by Region, 2017
Source: World Health Organization (WHO), World Federation of Hemophilia (WFH)
Geographically, the Americas is expected to dominate the blood coagulants market due to the increasing per capita healthcare expenditure. The rise in product innovation and heavy adoption of new technology is anticipated to drive the growth of the market.
Europe showed a considerable amount of growth in the blood coagulants market. The market growth in this region is because of the presence of a well-established healthcare system and increase in marketing approvals and authorizations in the region. 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 also propels the growth of the market in this region. 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.
On the other hand, the Middle East & Africa has the least share of the market due to the poor access to treatment, and limited screening and diagnostic services in the region.
Blood Coagulants Market, by Type
Blood Coagulants Market, by Indication
Blood Coagulants Market, by Region
Blood Coagulants Market, by Key Players
The global blood coagulants market is expected to reach a valuation of USD 720.7 million by 2023.
The global blood coagulants market is expected to exhibit a strong 11.5% CAGR over the forecast period from 2018 to 2023.
The increasing prevalence of bleeding disorders is the major driver for the blood coagulants market.
The Americas is expected to be the dominant regional segment of the market over the forecast period.
Leading players in the blood coagulants market include SOBI, Bayer AG, Baxalta, Novo Nordisk, Pfizer, Shire, Grifols, and Baxter, among others.