Hemostats Market
Number of pages: 100 | Report Format: PDF | Published date: February 01, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 4.32 billion |
|
Revenue Forecast in 2031 |
US$ 7.42 billion |
|
CAGR |
6.3% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Product Type, Formulation, Application, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the hemostats market was valued at US$ 4.32 billion in 2022 and is expected to register a revenue CAGR of 6.3% to reach US$ 7.42 billion by 2031.
Hemostats Market Fundamentals
Hemostats are materials that stop bleeding after internal and external injuries, surgeries, traumatic cuts, dental operations, or spontaneous interventions. Hemostats are also known as hemostatic agents, hemostatic matrices, or hemostatic plugs. Hemostats were initially made to clamp tiny blood arteries to stop bleeding. These substances are offered in a variety of forms, including powder form, liquid flowable form (fibrin glues), and others. Each kind of hemostat has a unique characteristic that qualifies it for a particular application. For instance, when control of bleeding by conventional surgical procedures is unsuccessful, Evil, a fibrin sealant comprised of two components—human thrombin and human clottable protein—is recommended as a supportive treatment for patients undergoing surgery.
Hemostats Market Dynamics
The growth rate of the global hemostats market is further fueled by the rising number of regulatory approvals, year-over-year growth in accidents, and low genetic conditions. Hemostasis is essential in controlling surgical inventions and accidents, such as cardiovascular disease, congenital impairments, etc., as the WHO and several other international organizations acknowledge. The global hemostats market is also being driven by the need to control patient blood loss during operations. This includes surgical hemostasis tools like artery forceps, clamps, mosquito forceps, staples, etc., as well as local hemostatic products like alum powder, surgical/fibrin glue, or medications like injectable factor VIII. Hemostatic medicines made of thrombin and collagen are better for reducing bleeding than surgical hemostasis. Hemostasis is also growing rapidly due to the rise in orthopedic and cardiac surgeries, the high rate of accidents and injuries, the large population and growth in R&D activities, the rise in hospitals and surgical centers, and the expansion of emerging markets. According to World Health Organization statistics, an estimated 17.9 million people died from CVDs in 2019, representing 32% of all global deaths. Furthermore, the WHO reports that over person-years, the high density of procedures conducted per million inhabitants has increased. As a result, all of these variables are anticipated to fuel market expansion globally. Furthermore, the use of some sealants and hemostatic adhesives, which support the growth of the global hemostats market, is driven by rising public awareness of minimally invasive surgical procedures. Growth in the market is also accelerating due to rising chronic disease occurrences and more support from the government. Additionally, increased R&D efforts by public and private institutions to develop efficient hemostatic agents, along with cutting-edge technical advancements in the healthcare industry, will have a significant positive commercial impact over the projected period.
However, the global hemostats market is facing significant challenges due to the rise in product recalls, poor reimbursement reductions, high prices of surgical operations, a lack of supplies in some underdeveloped regions, and tight administrative approvals.
Hemostats Market Ecosystem
The global hemostats market is analyzed from the following perspectives: product type, formulation, application, and region.
Hemostats Market by Product Type
Based on the product type, the hemostats market is segmented into thrombin-based hemostats, oxidized regenerated cellulose-based hemostats, gelatin-based hemostats, collagen-based hemostats, and others.
The thrombin-based segment is projected to grow at 6.2% revenue CAGR in the global hemostats market during the forecast period. The development and introduction of novel and cutting-edge thrombin-based products, as well as growing awareness of the benefits of these products, are the main factors propelling the revenue growth of the thrombin-based hemostats segment. Other important factors include increasing surgical procedures, aging populations, and a growing preference for improved wound management solutions. Additionally, the creation and introduction of fresh, cutting-edge combination hemostat products and growing public awareness of their advantages are anticipated to support the segment's revenue growth.
Hemostats Market by Formulation
Based on the formulation, the global hemostats market is segmented into matrix & gel, sponge, sheet & pad, and powder.
The matrix & gel segment accounts for the largest revenue in the global hemostats market. This is due to the advantage that they can be applied topically and provide quick & effective hemostatic control.
Hemostats by Application
Based on the application, the hemostats market is segmented into general surgery, orthopedic surgery, cardiovascular surgery, neurological surgery, gynecological surgery, reconstructive surgery, and other surgeries.
The general surgery segment accounts for the largest revenue share in the global hemostats market. This is due to the rise in various sorts of surgical operations. The category for cardiovascular and trauma is predicted to have the highest CAGR over the projection period. This is attributable to the rise in traumatic episodes, especially accidents, and the rising prevalence of cardiovascular conditions requiring surgical intervention.
Hemostats Market by Region
Geographically, the global hemostats market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North American hemostats market accounted for the largest share of the global market. Due to the aforementioned trend, this region has highly developed healthcare systems that are widely used. As a result, the North American hemostat market is highly established, with the US market being crucial. The rising elderly population and rising number of operations are the primary factors propelling the North American market expansion.
Europe accounts for the second largest revenue share in the global hemostats market. The rising use of minimally invasive surgical methods in Europe is a key factor in the rise in market revenue. There is a sizable investment opportunity for market participants due to the rise in the use of minimally invasive surgical techniques in a variety of procedures that call for hemostats and other specialized devices. The ability of economic changes in the area to raise disposable income and healthcare spending, promoting the demand for healthcare services and products, can be attributed as a primary market driver.
Asia Pacific is projected to record a high revenue CAGR during the forecast period. Many people are becoming aware of the need for greater health facilities, the increasing medical tourism business, and increased disposable income. Due to increased surgical and medical tourism, Asia Pacific is expected to see profitable growth during the anticipated period. Regional growth is mostly driven by liberal policies coupled with a prosperous environment. With more modern medical procedures and a huge patient population, India, China, and Japan have relatively more developed healthcare systems. With the development of the medical tourism sector and bettering health care thanks to government backing, the market in Malaysia, Singapore, and other Asian nations is growing quickly. This growth is additionally brought on by rising cancer, spine, and cardiovascular disease cases and increasing healthcare costs. For instance, according to the International Diabetes Federation, 90 billion people in South-East Asia (SEA) will have diabetes by 2021. It is anticipated that there will be 113 billion more diabetic people worldwide in 2030 and 152 billion more in 2045.
Brazil leads the market for hemostats in Latin America, and this dominance is anticipated to persist throughout the forecast period. The region's rising prevalence of traffic accidents is the main reason for the expansion of the Brazilian market. According to the most recent WHO statistics, which were published in 2019, there were 43,999 traffic-related fatalities in Brazil or 3.99% of all fatalities. The age-adjusted death rate of Brazil, which is 20.22 per 100,000 people on average, is the 76th highest in the world. The market in Brazil is anticipated to be driven by other factors like the developed healthcare sector, rising demand for hemostasis agents, and new product launches. In addition, the big population's growing senior population and unhealthful lifestyle choices will fuel the
Hemostats Competitive Landscape
The prominent players operating in the global hemostats market are: -
Hemostats Strategic Developments
The hemostats are surgical tools used to control bleeding during medical procedures. They are commonly used by surgeons, doctors, and other healthcare professionals. Hemostats allow for the clamping and occlusion of blood vessels or tissue, helping to halt bleeding and provide a clear surgical field.
The global hemostats are projected to grow at 6.3% revenue CAGR during the forecast period.
BD & Company, Baxter International Inc., Braun Melsungen AG, Medical Devices Business Services, Inc., and Pfizer Inc. are some of the key players in the global hemostats market.
The Asia Pacific region is projected to grow at a high revenue CAGR in the global hemostats market.
Hemostats are subject to regulatory approvals and compliance standards in different countries. Meeting these regulatory requirements can be time-consuming and costly, creating barriers to entry for new players in the market. Also, the hemostat market is highly competitive, with numerous manufacturers and suppliers offering a wide range of products. This intense competition can put pressure on pricing and profit margins.
*Insights on financial performance are subject to the availability of information in the public domain