Heparin Market to Hit USD 11.43 Billion with a CAGR of 3.9% by 2027; Rising Prevalence of Chronic Diseases to Propel Business, states Fortune Business…

December 10, 2020 06:54 ET | Source: Fortune Business Insights

Pune, India, Dec. 10, 2020 (GLOBE NEWSWIRE) -- The global heparin market size is expected to reach USD 11.43 billion by 2027, exhibiting a CAGR of 3.9% during the forecast period. The market size stood at USD 8.39 billion in 2019. The increasing cases of cardiovascular diseases such as deep vein thrombosis & pulmonary embolism are expected to spur demand for heparin in the forthcoming years, states Fortune Business Insights, in a report. The market size in North America stood at USD 4.28 billion in 2019. The growth in the region is attributed to the prevalence of cardiovascular diseases such as pulmonary embolism. The higher adoption of advanced heparin products will have an excellent effect on the market in the region.

Key Development:

May 2019: Pfizer, Inc. announced that it has received the approval from the U.S. FDA for the administration of its heparin product offering, Fragmin to minimize the recurrence of symptomatic venous thromboembolism (VTE) in pediatric patients aged one month and above.

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Rising Incidence of Chronic Disorders to Incite Business Development

The increasing prevalence of cardiovascular diseases around the world, including heart attacks and strokes will spur opportunities for the market. As per the American Heart Association (AHA) Heart Disease and Stroke Statistics, an estimated 5.3 million Americans suffered from atrial fibrillation in 2019.

The growing demand for heparin among patients can have an excellent impact on the market. As per the Centers for Disease Control and Prevention, coronary heart disease is the most common type of heart disease, killing 365,914 people in 2017.4. About18.2 million adultsage 20 and older have CAD (about 6.7%). Moreover, 2 in 10 deaths from CAD happen in adults less than 65 years old. The increasing awareness about the benefits of heparin in the treatment and management of heart diseases will improve the prospects of the market in the foreseeable future.

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Minimal Impact on the Market During COVID-19

The limitations on non-essential medical procedures and consultations has had a drastic impact on the global market amid COVID-19. The healthcare industry has observed a decline in other medical services besides coronavirus. The increased emphasis on COVIDs vaccine has reduced the demand for other therapeutics.

Furthermore, the lack of supply and production of heparin will simultaneously limit the scope of the market. However, government initiatives, including heavy investments and free medical aid will influence the healthy growth of the market in the time of the pandemic.

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High Adoption of Advanced Products to Boost Market in North America

The market size in North America stood at USD 4.28 billion in 2019. The growth in the region is attributed to the prevalence of cardiovascular diseases such as pulmonary embolism. The higher adoption of advanced heparin products will have an excellent effect on the market in the region.

The increasing healthcare expenditure is expected to foster the healthy growth of the market in North America. The presence of major companies can further enhance the development of the market in the region. Europe is expected to hold the largest share owing to the acceptance of technologically advanced products in the region. The rising number of patients suffering from a range of cardiovascular diseases will further spur opportunities in the region.

Asia Pacific is expected to experience a rapid growth rate owing to the growing patient population. The surging healthcare expenditure in the developing nations will have a tremendous effect on the market in Asia Pacific.

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Heparin Market to Hit USD 11.43 Billion with a CAGR of 3.9% by 2027; Rising Prevalence of Chronic Diseases to Propel Business, states Fortune Business...