Global Hemorrhagic Shock Treatment Market, by Drug (NVX-408, YW-356, LB-1148, Neutrolide, and Others), by Distribution Channel(Hospital Pharmacy, Retail Pharmacy, and Online Channels), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 175.4 million in 2020 and is expected to exhibit a CAGR of 4.0% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
The growing focus of market players on research & development, the rising number of drug approvals, and introduction of approved drugs in the market is expected to favor growth of the global hemorrhagic shock treatment market. Moreover, companies are focused on strategic licensing agreements and collaborations for development of novel therapies.
For instance, in January 2017, Jiangsu Nhwa Pharmaceutical and NuvOx Pharma LLC entered a licensing agreement to develop NVX-408 in China for perioperative blood loss and hemorrhagic shock treatment. NVX-408 is injected intravenously and is an oxygen therapeutic that flows through the lungs and collects oxygen and releases it after flowing through the blood and hypoxic tissue. The drug can improve survival rate during severe blood loss.
In February 2017, the USAISR (U.S. Army Institute of Surgical Research) received FDA clearance for its hemorrhagic shock device. The researchers of USAISR collaborated with engineers and scientists at the University of Colorado and Flashback Technologies Inc., to develop an algorithm to detect when a patient is going into hemorrhagic shock. The device is the first medical monitoring technology capable of early detection of impending circulatory shock in trauma patients.
Hemorrhagic Shock Treatment Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 outbreak has adversely affected the growth of the hemorrhagic shock treatment market as challenges faced during research and development activities.. The ongoing COVID-19 pandemic is preventing healthcare facilities from favorably managing COVID-19 patients and delaying other medical emergencies such as accidents and other chronic disease cases. According to the World Health Organization (WHO), 94% of the countries’ Ministry of Health staff working in the area of non-communicable diseases (NCDs) such as Parkinson’s disease, strokes, diabetes, Alzheimer’s disease, and others were fully or partially reassigned to support COVID-19.
Browse 24 Market Data Tables and 30 Figures spread through 155 Pages and in-depth TOC on Global Hemorrhagic Shock Treatment Market, By Drug (NVX-408, YW-356, LB-1148, Neutrolide, and Others), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Channels), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Forecast to 2027"
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The increasing funding for research & development of treatment and therapies is a major factor propelling the growth of the global hemorrhagic shock treatment market. Additionally, researchers are focused on development of various hemorrhagic shock treatments. For instance, in October 2019, scientists at the Feinstein Institutes for Medical Research (FIMR) completed a study involving bio-electronic medicine strategies for hemorrhagic shock treatment.
Key Takeaways of the Global Hemorrhagic Shock Treatment Market: