Heparin Market Growth & Trends
The global heparin market size is expected to reach USD 9.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 2.4% from 2022 to 2030. The increasing geriatric population and heightened demand for transfusions are key factors propelling the market growth. Moreover, the outbreak of the COVID-19 has further propelled market growth. For instance, as per The Lancet Journal in 2022, the demand for heparin exacerbated attributable to its use in COVID-19 patients for thromboprophylaxis.
Increasing demand for blood components, transfusion, and plasma derivatives in the treatment of infectious diseases are expected to drive the market. For instance, according to American Red Cross in 2022, around 16 million blood components are transfused each year in the U.S. Furthermore, the surge in the number of surgeries that were delayed due to the COVID-19 pandemic has further escalated the demand for heparin for blood-clot prevention.
The growing geriatric population is estimated to fuel the market growth. According to United Nations, it was estimated that, in 2020, there were around 727 million people with ages above 60 years worldwide. In addition, the percentage share of the aged population above 65 years is estimated to increase from 9.3% to 2020 to 16% in 2050. The geriatric population has a higher rate of complex surgeries and thus is anticipated to propel the demand for heparin as an anticoagulant, as this population has a significantly higher rate of developing blood clots and related conditions such as deep vein thrombosis.
Growing number of surgeries is a key factor accelerating the demand for whole blood and transfusions. For instance, the annual number of major surgeries performed globally has reached 310 million, 40 to 50 million surgeries performed in the U.S., and around 20 million were performed in Europe in 2020. These surgeries are projected to escalate the demand for heparin.
The competitive rivalry in the marketplace is expected to be moderate due to changing dynamics towards oral anticoagulants. The involvement of players in discovering novel routes of administration for anticoagulants such as heparin is expected to change the market scenario over the forecast period. Rising number of players offering generics also increases competitive rivalry.
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