Heparin Market | New Tech Developments and advancements to watch out for 2024
“A focus on the expansion of R&D activities, in-licensing and acquisitions, and portfolio management are the key strategies adopted by the market leader,” the author of the study finds. In 2015, the company spent over US$5 bn on the research and development of 18 new medicines and vaccines. Companies in the heparin market in Europe are also emphasizing on key BRIC-M countries, developing market-specific innovations, and prioritizing resource allocation.
Rise in Incidence of Coagulation and Renal Disorders Spurring Demand for Heparin
The recall of heparin products imported from China in 2008 was a turning point in the heparin market across the globe. The presence of a high level of allergenic substances in heparin products imported from China resulted in over a 100 deaths in the U.S. Tainted supplies were also found in several European countries, forcing the implementation of strict regulations regarding the use of active pharmaceutical ingredients (APIs) produced outside the European Economic Area (EEA).
“This event spurred the domestic development of crude and API heparin and a number of companies entered the heparin processing business in the years that followed. This has had a significant impact on the growth of the heparin market in Europe,” a lead analyst at TMR comments.
The heparin market in Europe is also fueled by the growing incidence of coagulation disorders such as venous thromboembolism (VTE). “These disorders cause nearly half a million deaths in the region each year, even more than the collective deaths caused by breast and prostate cancer, AIDS, and highway accidents,” the author of the study finds.
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Low-molecular-weight Heparin to Register Remarkable Growth by 2024
The opportunity in the Europe heparin market is estimated to be worth US$3.4 bn by 2024, rising from US$2.2 bn in 2015. The market is projected to register a steady CAGR of 5.2% from 2016 to 2024. Among the key product types, low-molecular-weight heparin (LMWH) accounted for a massive share of close to 80% in 2015, emerging as the leading segment. Generating a revenue of US$2.9 bn by the end of the forecast period, LMWH is also anticipated to post substantial growth, registering a 5.8% CAGR from 2016 to 2024. Unfractionated heparin, on the other hand, will grow at a sluggish pace.
On the basis of end user, hospitals led the heparin market in Europe by value and are also anticipated to expand at the most rapid pace by 2024. By region, Germany contributed majority of the heparin market share in 2015. In addition to Germany, France, Belgium, and Portugal are likely to register the highest growth rates throughout the forecast period.
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