Heparin Market Expected to Reach $11.01 Billion by 2028

According to a new report published by Allied Market Research, titled, “Heparin Market by Product, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2028," the global heparin market size was valued at $6,535 million in 2020, and is projected to reach $11,015 million by 2028, registering a CAGR of 6.6% from 2021 to 2028.

Heparin is a glycosaminoglycan that occurs naturally. It is used as an anticoagulant in medicine (blood thinner). It is particularly useful in the treatment of heart attacks and unstable angina. It is injected into a vein or injected under the skin. It is used to treat a variety of health problems such as acute coronary syndrome, deep vein thrombosis, pulmonary embolism, and atrial fibrillation as well as to perform cardiopulmonary bypass and hemofiltration during heart surgery. Its use also extends to the administration of major orthopedic procedures such as hip and knee replacements.

The major factor that boosts the growth of the heparin market includes increase in the incidence of venous thrombosis as a result of various underlying factors such as cardiovascular diseases. Furthermore, the use of heparin in a variety of operations, such as orthopaedic and cardiac surgeries, as well as an increase in the number of patients undergoing such procedures is driving the market growth. However, many negative side effects associated with heparin, such as heparin-induced thrombocytopenia, limit the market growth. Furthermore, since heparin is extracted from animal sources, it raises major safety and supply concerns, which also hinder the growth of the market. In contrast, the availability of synthetic and semi-synthetic heparin mimetics that aid in the treatment of various cancers, coagulation, and inflammatory diseases is expected to provide lucrative opportunities for heparin product adoption. Furthermore, increased government support for healthcare infrastructure improvements and robust R&D initiatives to produce heparin with enhanced therapeutic potential and reduced side effects are expected to create lucrative opportunities for the industry.

COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The COVID-19 pandemic has helped the industry grow significantly, as the demand for heparin has increased, as it helps to control respiratory inflation and thin the blood of those at risk of a blood clot as well as all patients admitted to the hospital with (suspected) COVID-19 treated with prophylactic-dose low-molecular-weight heparin.  This supports the heparin market to gain traction during the forecast period.

The heparin market is segmented on the basis of product, application, distribution channel, and region. By product, the market is divided into unfractionated heparin, low molecular weight heparin (LMWH), and ultra-low molecular weight heparin (ULMWH). Presently, the low molecular weight heparin segment dominated the global market in 2020 and is anticipated to continue this trend during the forecast period. The key factors such as longer and more predicable activity than UFH and rise in demand for low molecular weight heparin products in hospitalized patients suffering from venous thromboembolism boost the growth of heparin market.

On the basis of application, the market is fragmented into venous thromboembolism, atrial fibrillation, coronary artery disease, and others. The venous thromboembolism segment is expected to account for the highest revenue during forecast period, owing to rise in prevalence of thromboembolic disorders as a result of extended hospital stays, alcohol intake, smoking, cancer chemotherapy, and pregnancy. 

By distribution channel, it is classified into hospital pharmacies, drug stores & retail pharmacies, and online pharmacies. The hospital pharmacies segment accounted for maximum market revenue in 2020, and is anticipated to maintain its dominant position during the forecast period. This is attributed to the fact that patients' trust in hospitals is based on high-quality services and easy access to medications as well as greater reliance on healthcare professionals for heparin prescriptions. However, the online pharmacies segment is anticipated to grow at a significant rate in the near future, owing to increase in preference for online purchasing of heparin over the traditional methods and disruptions in the offline supply chain due to regional and country-level lockdowns as a result of the COVID-19 pandemic.

Key Findings Of The Study 

• Based on product, the low molecular weight heparin segment held the largest heparin market share in the global market in 2020.
• On the basis of application, the venous thromboembolism segment held the largest market share in 2020 and is expected to remain dominant during the forecast period. 
• On the basis of distribution channel, the hospital pharmacies segment held the largest heparin market share in 2020 and is expected to remain dominant during the forecast period. 
• Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 7.8% during the forecast period. 

Europe accounted for the largest market share of the global heparin market in 2020, and is expected to remain dominant during the forecast period. This was attributed to increase in sports injuries and cardiovascular disorders and growing demand for heparin for cardiovascular diseases & sports injuries. In addition, the region's high share can be attributed to higher healthcare expenditure levels, high patient awareness, and sophisticated healthcare infrastructure. In addition, Asia-Pacific is expected to experience the highest growth rate during the forecast period, owing to growing geriatric population and the rising prevalence of long-term survivors of acute myocardial infarction (AMI).