The hemostasis valves market size is expected to reach USD 175 million by 2023 from USD 132 million in 2018, at a CAGR of 5.8%. The growth in this market is attributed to the increasing number of interventional procedures. Emerging markets will be the key growth hotspots in the hemostasis valves market; a favorable market scenario in these countries will serve to attract a number of players to focus on opportunities there.
Prominent players in the hemostasis valves market include Boston Scientific (US), Abbott (US), Teleflex Incorporated (US), B. Braun Melsungen (Germany), DeRoyal Industries, Inc. (US), Argon Medical (US), Freudenberg Medical (US), and Scitech (Brazil).
The key strategies followed by most companies in the hemostasis valves market are product launches, expansions, collaborations, and acquisitions to achieve growth in the global hemostasis valves market. Expansions accounted for the largest share of the overall growth strategies adopted from 2015 to 2018.
In 2017, Merit Medical Systems was the leading player 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.
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Abbott ranked second in the hemostasis valves market in 2017. The company markets its products in more than 130 countries across North America, Asia Pacific, Europe, Latin America/Caribbean, the Middle East, and Africa. Abbott has a diversified product portfolio. The company focuses on inorganic growth strategies, such as acquisitions. For instance, in 2017, the company acquired St. Jude Medical (US) to enhance its product portfolio. This helped Abbott strengthen its position in the hemostasis valves market.
B.Braun ranked third in the hemostasis valves market in 2017. The company offers a wide range of hemostasis valve products for interventional procedures. The company focuses on organic strategies to strengthen its position in the market. For instance, B. Braun opened five production plants and other administrative buildings in Penang in 2018, and it also established a new subsidiary—B. Braun Medical Zambia Limited in 2017.
Hemostasis Valve Market by Type (Hemostasis Valve Y Connector, Double Y Connector Hemostasis Valve, One Handed), Application (Angioplasty, Angiography), End User (Hospitals), and Region (North America, Europe, Asia Pacific) - Global Forecast to 2023
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