Postpartum Hemorrhage (PPH) Treatment Devices Market to Expand at a 4.90% CAGR from 2015 to 2023
While the marketing strategies are helping to boost adoption of newer postpartum devices, this translates into an overall increase in cost for businesses, which is reflected in higher product prices. Consequently, this has created a moderate aversion for expensive products that are predominantly developed by large global players. In particular, patients in emerging economies tend to opt for conventional products offered by regional players at cheaper prices.
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As per estimates of the TMR report, the global market for postpartum hemorrhage treatment devices was worth US$604.4 mn in 2014. The opportunities in the market are likely to translate into a revenue of US$926.1 mn by 2023-end, rising at a CAGR of 4.90% from 2015 to 2023. In terms of product, uterine balloon tamponades led the overall market in 2014, due to their higher effectiveness and easy commercial availability. Geography-wise, North America emerged dominant in 2014, on the back of easy availability of advanced healthcare products.
Intense Efforts to Serve Remotely Located Patients Stokes Growth
The prevalence of postpartum hemorrhage is rising at an alarming rate, which is the foremost factor driving the postpartum hemorrhage treatment devices market. Despite remarkable medical advances, the mortality rate of women due to complications during pregnancy is significantly high. As per statistics of the World Bank and United States Agency for International Development, more than 99% maternal deaths are registered in emerging economies, mainly because of lack of affordable products and lack of skilled medical professionals for complicated pregnancies. The availability of cheaper postpartum hemorrhage (PPH) treatment devices is anticipated to fuel the market in these regions in the upcoming years.
Apart from this, meticulous efforts by manufacturers of postpartum hemorrhage treatment devices to expand presence and extend promotions in underserved regions is stoking growth of the PPH treatment devices market. Leading market players will also benefit from increasing government initiatives and efforts to provide PPH treatments and devices for patients located in remote areas.
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High Price Factor of Newer Devices Roadblock to Market’s Growth
On the downside, immense lack of awareness regarding the availability of PPH treatment and devices among a large percentage of patients located in remote areas of Asia Pacific, Middle East and Africa, and Sub-Saharan Africa is holding back the market’s growth. Slow adoption of novel PPH treatments and devices due to the high price factor is also negatively impacting the market’s growth.
Nevertheless, efforts of product manufacturers to expand their existing distribution channels to serve remote areas of emerging economies is indicative of bright growth prospects for PPH treatment devices market. Promotional campaigns to raise awareness about the availability and usefulness of PPH devices is likely to augur the growth of this market.
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The global postpartum hemorrhage treatment devices market is progressing at a CAGR of 4.9% within a forecast period of 2015 to 2023. Owing to this positive growth rate, the market is expected to reach US$926.1 mn before the end of 2023. The global postpartum hemorrhage treatment devices market was recorded at US$604.4 mn in 2014, according to a research report released by Transparency Market Research. The report, titled “Postpartum Hemorrhage