Pune, India, Jan. 06, 2022 (GLOBE NEWSWIRE) -- The global heparin market size is projected to reach USD 12.06 billion by 2028, exhibiting a CAGR of 3.7% during the 2021-2028 forecast period. The market stood at USD 8.82 billion in 2020 and is expected to reach USD 9.38 billion in 2021. Increasing cases of chronic disorders globally are likely to boost market growth, shares Fortune Business Insights™ in its report, titled, "Heparin Market, 2021-2028"
Heparin is a drug that is used extensively to cure several chronic disorders globally. It is an extremely effective drug that helps patients recover faster and boost their health. It cures several diseases such as deep vein thrombosis and pulmonary embolism, which, in turn, can boost their demand drastically. Increasing investments in the development of advanced drugs are expected to boost heparin's demand.
Industry Development
- April 2019: B Braun Medical Inc. launched its novel and first of its kind Heparin Sodium Injection with a safety needle for subcutaneous, and intravenous purposes.
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COVID-19 Impact
Rising Demand for Effective Medications to Foster Market Progress
This market is expected to be positively impacted during the pandemic because of the rising demand for effective medications. According to studies, rising infection among COVID-19 patients is leading to disorders such as kidney failures, and other disorders. As a result, the product's demand is expected to increase rapidly. The adoption of online retail enables manufacturers to increase their market reach and boost their sales. These factors are likely to boost market growth during the pandemic.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 3.7% |
| 2028 Value Projection | USD 12.06 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 9.38 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 138 |
| Segments covered | Product Types, Source, Application, end-Users and Geography |
| Growth Drivers | Shortage of Raw Material Coupled with Higher Prices of Certain Types to Restrain Market Growth |
| LMWH Segment to Emerge as Dominant Segment in 2021-28 | |
| Increased Incidence of Cardiovascular and Other Chronic Disorders to Boost Market Growth |
Segmentation
By product type, the market is segmented into unfractionated and low molecular weight heparin. As per the source, it is classified into bovine and porcine. Based on application, it is divided into the stroke, heart attacks, atrial fibrillation, deep vein thrombosis & pulmonary embolism, and others. As per the route of administration, it is categorized into subcutaneous injection and intravenous infusion. By end-user, it is segregated into clinics, hospitals & ASCs, and others. Geographically, it is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Drivers and Restraints
Rising Cases of Cardiovascular Disorders to Bolster Market Growth
Increasing investments in the development of advanced drugs and medications are likely to fuel market progress. Increasing cases of cardiovascular diseases enable manufacturers to develop effective solutions that mitigate diseases. The rising cases of heart disorders in developing countries such as India are likely to boost product demand drastically. This factor is likely to fuel the demand for the product. Further, technological advancements in the medical sector lead to the development of advanced and effective drugs. Increasing spending capacity, evolving lifestyle, and rising demand for effective medication is likely to propel the product's sales. These factors are likely to drive the market growth.
However, raw material shortages and higher prices of medicines may hinder the progress of the market.
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Regional Insights
Rising Investments in Healthcare Sector to Boost Market Growth in North America
North America is expected to dominate the heparin market share because of the rising investments in the healthcare sector. North America reached USD 4.50 billion in 2020 and is expected to lead the growth of the market. Evolving consumer preferences and increased medical expenditure boost the product's adoption. In addition, the presence of major players is expected to boost industry progress.
In Europe, rapid adoption of technologically advanced products is expected to boost heparin's demand. Further, the prevalence of several cardiovascular diseases is expected to boost market progress.
In Asia Pacific, increasing diabetes patients is expected to boost demand for the products. Increasing healthcare expenditure, rising spending capacity, and evolving preferences are expected to bolster heparin's demand. These factors are likely to fuel industry progress.
Competitive Landscape
Prominent Companies Launch Novel Products to Improve Brand Image
The prominent companies operating in the market launch novel products to boost their brand image. For example, Fresenius Kabi presented two presentations of its Heparin Sodium in the U.S. in April 2021. The company incorporated the product in ready-to-administer Freeflex IV bags to increase its brand image and boost sales. Further, companies invest heavily in research and development to improve their product quality and improve brand image. In addition, the incorporation of technologically advanced production processes helps companies improve quality, boost operational efficiency, increase revenues and satisfy goals.
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List of Key Players Profiled in this Market Report
- Opocrin S.p.A. (Formigine, Italy)
- Baxter (Deerfield, U.S.)
- Pfizer Inc. (New York, U.S.)
- Bioiberica S.A.U. (Barcelona, Spain)
- Fresenius SE & Co. KGaA (Bad Homburg, Germany)
- Hebei Changshan Biochemical Pharmaceutical Co., Ltd. (Shijiazhuang, China)
- B. Braun Melsungen AG (Melsungen, Germany)
- Dr. Reddy’s Laboratories Ltd. (Hyderabad, India)
- LEO Pharma A/S (Ballerup, Denmark)
- Aspen Holdings (Durban, South Africa)
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