Blood clot accelerants are used to improve the process of blood clotting with a shorter period of time than normal required time in an individual. The use of blood clotting accelerants is increasing due to higher prevalence of conditions such as anemia, hemophilia, deep vein thrombosis, pulmonary embolism, and genetic blood deficiencies, which affect normal coagulation process. According to the Centers for Disease Control and Prevention (CDC), from 1998 to 2014, the precise number of people affected by deep vein thrombosis (DVT)/ pulmonary embolism(PE) is unknown, however, around 900,000 people could be affected (1 to 2 per 1,000) each year in the U.S. Blood clot accelerants are available in two types, crystalline blood clot accelerants and aqueous blood clot accelerants, whereas crystalline blood clot accelerants are more effective over aqueous blood clot accelerants due to its longer shelf life period.
Global Blood Clotting Accelerant Market- Drivers
The rising prevalence of hemophilia, thrombosis, pulmonary embolism, and deep vein thrombosis is resulting in increasing burden of blood clot conditions in the world. Blood clotting accelerant is an effective treatment for hemophilia and thrombosis blood clot conditions and also in surgical procedures. Thus, pharmaceutical companies across the world are focusing on research and development, to expect growth and make profit in the global blood clotting accelerant market. For instance, in July 2020, Precision Biologic Inc, a leading developer of blood clot accelerant products, announced the launch of CYROCHECK chromogenic factor VIII assay in the U.S. It will be used by clinical labs for determination of factor VIII in human plasma in case of hemophilia A.
Global Blood Clotting Accelerant Market- Impact of COVID-19
An unprecedented outbreak of the COVID-19 (coronavirus) has impacted blood clotting accelerants market negatively. As coronavirus spread in New York in late March, doctors of Mount Sinai Hospital noticed something strange happening to patient’s blood. Doctors from different specialties observed Signs of blood thickening and clotting were being detected in different organs in patient. Thus, use of blood clotting accelerants may lead to dangerous situation during this pandemic period, as thrombosis, blood cancer, and pulmonary embolism patients are at high risk of being affected by COVID-19 infection. In such cases, further administration of blood clot accelerants in patients may lead to patient fatalities. This factor is resulting in declining demand for blood clot accelerants during this pandemic situation.
Global Blood Clotting Accelerant Market- Restraints
Special precautions are to be taken for storage of blood clot accelerant products, as it is important to store them in specific temperature. The primary drawback in blood clotting accelerant market is that, blood clotting agents are mainly composed of blood coagulant factors, which decrease the coagulation time. These coagulant factors are at a high risk of causing impurity in blood clotting accelerators. Moreover, in case of clinical practices/ hospitality practices handling of blood clotting agents is very difficult and very small mistake in handling may lead to severe condition in patients. These factors are expected to restrain the global blood clotting accelerant market growth.
Global Blood Clotting Accelerant Market- Regional Analysis
On the basis of region, the global blood clotting accelerant market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America blood clotting accelerant market is expected to hold dominant position in the market and exhibit high growth due to pharmaceutical companies accompanied with research and development. For instance, in 2019, Baxter International Inc announced that it received the U.S. Food and Drug Administration (FDA) approval for faster preparation of its leading hemostatic product, Floseal Hemostatic Matrix, which helps to stop bleeding 96% of the time within 10 minutes during surgical procedures.
Moreover, Europe blood clotting accelerant market is expected to witness significant growth in the market due to increasing prevalence of blood related diseases such as thrombosis, blood cancer, and pulmonary embolism. Moreover, various initiatives taken by pharmaceutical companies is expected to support growth of the blood clotting accelerant market. For instance, in June 2020, Kedrion Biopharma supported ‘WFH Virtual Summit 2020’ the summit had presence of international experts present to discuss on opportunity on most current and relevant topic in field of coagulation disorders, including the challenges faced by pharmaceutical companies in COVID-19 pandemic.
Global Blood Clotting Accelerant Market- Competitive Landscape
Key players operating in global blood clotting accelerant market include Baxter International Inc, PeproTech Inc, and Kedrion SpA. Kedrion S.P.A, Octapharma AG, Novo Nordisk A/S, Sekisui Chemical CO. LTD, CSL Limited, Greiner Bio-One AG, Grifols International SA, and ACROBiosystems.
Global Blood Clotting Accelerant Market- Taxonomy