Growth in the hemostasis valve market is mainly driven by the increasing number of interventional procedures.
[98 Pages Report] The hemostasis valves market is projected to grow from USD 132 million in 2018 to USD 175 million by 2023, at a CAGR of 5.8% during the forecast period.
After arriving at the overall market size using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the hemostasis valves industry.
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By type, the double Y-connector hemostasis valves segment is expected to grow at the highest rate during the forecast period
Based on type, the hemostasis valves market is segmented into three segments, namely, hemostasis valve Y-connectors, double Y-connector hemostasis valves, one-handed hemostasis valves, and other hemostasis valves. During the forecast period, the double Y-connector hemostasis valves segment is estimated to register the highest growth rate.
By end user, the hospitals segment to dominate the hemostasis valves market during the forecast period
Based on end user, the hemostasis valves market is segmented into hospitals and other end users. The hospitals segment is estimated to account for the largest share of the overall market in 2018. This is primarily attributed to the increasing number of hospitals in emerging countries due to infrastructural development initiatives and increasing number of patients prefer hospitals for surgical procedures.
North America is estimated to command the largest share of the market in 2018.
The hemostasis valves market is segmented into four major geographic segments North America, Europe, Asia Pacific, and the Rest of the World. In 2018, North America is expected to command the largest share of the global hemostasis valves market, followed by Europe. The large share of the North American market is attributed to increasing number of interventional surgeries and rising geriatric population.
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Key Market Players
Some of the prominent players in the hemostasis valves are Merit Medical Systems (US), Abbott (US), Teleflex Incorporated (US), Boston Scientific (US), B. Braun Melsungen (Germany), DeRoyal Industries, Inc. (US), Freudenberg Medical (US), Scitech (Brazil), and Argon Medical (US).
In 2017, Merit Medical Systems held the leading position in the hemostasis valves market. The company operates through two business segments, namely, Cardiovascular and Endoscopy. The company’s strong brand recognition and extensive product portfolio in the hemostasis valves market is its key strength. Merit Medical markets its products across the US, Canada, Africa, Europe, the Middle East, Asia, South and Central America, and Oceania. The company recorded positive growth in its revenue in 2017, as compared to 2016. Moreover, Merit Medical generated 96.3% of revenue through its Cardiovascular segment.