Hemostasis Products Market
Hemostasis Products Market
Hemostasis Products Market to Reach US$ 2.7 Bn by 2032, driven by increase in number of surgeries such as orthopedic surgery, gynecological surgery, reconstructive surgery, and cardiac surgery; rise in in various cancer types that require surgical procedures; and development of new hemostasis product market by large number of key players: Global Insight Services
New York, March 2023: According to a new research study by Global Insight Services (GIS), the global Hemostasis Products Market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 2.7 Billion by 2032.
Hemostat is referred to a surgical agent that regulates and controls the bleeding process during surgical procedures. Hemostats help to shorten surgery time and reduces the need for blood transfusion. Hemostatic agents are essential in establishing hemostasis in pre-hospital conditions and preventing death associated with hemorrhage. Hemostats are used to compress blood vessels and prevent the flow of blood or other fluids. They are generally used in adjunct to surgical procedures to manage bleeding. Hemostatic agents offer different benefits, which include decreased wound healing & operative time, better management of anti-coagulated patients, and reduction in the patient recovery period boosting the hemostasis market.
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Hemostasis Products Market: Key Trends and Drivers
Rise in flowable hemostats usage boosts the flowable hemostats market. According to the International Osteoporosis Foundation, in 2019, approximately 200 million people were affected by osteoporosis-related fractures across the globe. Thus, rise in burden of orthopedic disorders increases the demand for hemostats to reduce surgical injuries, which is anticipated to foster the growth of the hemostats market size. Furthermore, rise in geriatric population notably contributes toward the growth of the market. This is attributed to the fact that aged individuals are highly susceptible to various types of diseases, which increases the need for surgeries, thus boosting the hemostats market share. Furthermore, increase in number of road accidents has led to surge in surgical procedures, which augmented the growth of the hemostats market. According to the World Health Organization, in 2019, approximately 235 million major surgical procedures were performed across the globe. According to the National Cancer Statistics, in 2020, there were 1,806,590 new cases of cancer in the U.S. Therefore, surge in number of surgeries is anticipated to boost the growth of the market. According to the American Society of Plastic Surgeons, 15.6 million cosmetic surgeries were performed in 2020. Furthermore, increase in number of product approvals is expected to provide lucrative hemostats market opportunity for the expansion during the hemostats market forecast period. Thus, rise in hemostats utilization in surgeries is bound to increase hemostasis market potential.
Hemostasis Products Market: Restraints & Challenges
Some of the market obstacles include a scarcity of experienced specialists and significant investment costs, as well as legal and ethical concerns about the market methods and outcomes in numerous nations.
Hemostasis Products Market Report Findings
The Infusible hemostasis products segment is likely to hold a dominant Hemostasis Products Market share and grow at a substantial CAGR during the forecast period.
Based on Product, the market is bifurcated into Topical Hemostasis Product, Infusible Hemostasis Product, and Advanced Hemostasis Product. Infusible hemostasis products segment surpassed USD xx million in 2021. This is attributable to the growing number of patients suffering from cardiac diseases such as myocardial infarction, coronary heart disease, aortic disease etc. Cardiovascular disease is responsible for majority of deaths in countries such as India. It accounts for more than 25% of total deaths occurring in the country. Thereby, stimulating the product demand.
The Hemostat agents segment is anticipated to hold a majority of the Hemostasis Products Market size throughout the study period.
Based on the application, the market is bifurcated into Trauma, Surgery, Hemophilia, Myocardial Infarction, Thrombosis, and Others. Hemostat agents, such as products containing thrombin, are a safe and effective alternative to gelatin sponges and oxidized cellulose in controlling bleeding during surgeries. Hemostatic agents containing thrombin and collagen are superior to surgical hemostasis alone in controlling microvascular bleeding during cardiac surgery. It is also reasonable to use fibrin sealants as an adjunct to surgical hemostasis to limit bleeding in cardiac and aortic surgery.
As per the research study published in June 2021, titled “German Heart Surgery Report 2020: The Annual Updated Registry of the German Society for Thoracic and Cardiovascular Surgery”, a total of 92,809 operations were classified as heart surgery procedures in the classical sense, of which 29,444 were isolated coronary artery bypass grafting procedures, 35,469 were isolated heart valve procedures, and the number of isolated heart transplantations increased by 2% to 340. Additionally, according to the British Heart Foundation’s February 2021 report, about 371,000 heart procedures and operations were performed in England in 2020. Hence, the high number of heart surgeries and operations being performed every year may boost demand for hemostat agents that control bleeding.
The Hospitals segment is anticipated to hold a majority of the Hemostasis Products Market size throughout the study period.
Based on the end-use, the market is bifurcated into Hospitals, Clinics, and Others. The increase in hospital visits and growing expenditures on hospital care can be attributed to the growth of the hospital segment. Hospital spending climbed 6.4% amounting to USD 1,270.1 billion in 2020, the National Health expenditure data sheet states. This was an increase from the 6.3% growth in 2019. Additionally, there were almost 130 million hospital visits in the United States. Few of the well-known market leaders in the global hemostasis products market that are profiled by Research Nester are Pfizer Inc., Integra LifeSciences Corporation, Baxter, Medtronic, Stryker, BD (Becton, Dickinson and Company), Biom’up Innovative Surgery, Johnson & Johnson Services, Inc., CryoLife, Inc., Hemostatis LLC, and others.
The Asia Pacific region is estimated to exhibit the highest growth rate during the Hemostasis Products Market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Among regional markets, the market growth in Asia Pacific is elevated by rising instances of road accidents followed by rise in blood donations in the region. According to the Ministry of Road Transport & Highways under Government of India, in 2022, the country witnessed 3,66,138 road accidents, leading to 1,31,714 losses of lives and 3,48,279 people injured. 18-45 years’ age group is the prime group caught up in road accidents, which accounts for nearly 70% of total accidental deaths. Furthermore, in Japan, 400 mL blood donations are expected to result in an estimated 1.3 million liters of blood being donated in 2020. Additionally, from 1998 to 2020, blood donation increases by 40 folds in China and in 2020, there were approximately 16 million blood donation in the country.
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The global hemostasis products market is moderately fragmented and consists of a number of major players. Companies like Abbott Laboratories, Baxter International, Inc., C. R. Bard, Inc. (BD), CSL Behring LLC, Dexur, Grifols, S.A., Johnson & Johnson, Medtronic plc, Pfizer, Inc., and Tricol Biomedical, among others, hold the substantial market share in the Hemostasis Products market.
Recent Developments in the Blood-Brain Barrier Market:
- In May 2022, Precision BioLogic Inc., a developer of hemostasis diagnostic products, reported the launch of its new cryocheck Chromogenic Factor IX assay in Canada, the European Union, and the United Kingdom, Australia, and New Zealand.
- In February 2022, Futura Surgicare Pvt Ltd expanded its product portfolio by launching hemostatic products under the brand Hemostax (Oxidised Regenerated Cellulose) under a new vertical, Dolphin Hemostats. Hemostax Standard is an absorbable hemostat designed to help surgeons control bleeding more efficiently.
Hemostasis Products Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global Hemostasis Products Market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future Hemostasis Products Market potential from 2021 to 2031 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Hemostasis Products Market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global kidney stones management market.
Global Hemostasis Products Market Segmentation
- Topical Hemostasis Product
- Infusible Hemostasis Product
- Advanced Hemostasis Product
- Myocardial Infarction
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of World
- Latin America
- Middle East
- Abbott Laboratories
- Baxter International, Inc.
- C. R. Bard, Inc. (BD)
- CSL Behring LLC
- Boston Scientific Corporation
- Grifols, S.A.
- OraSure Technologies, Inc.
- Johnson & Johnson
- Medtronic plc
- Pfizer, Inc.
- Tricol Biomedical