The growth of the hemostats market is driven by the rise in chronic diseases, increasing surgeries, and advancements in surgical technologies.
AUSTIN, TX, UNITED STATES, November 25, 2024 /
EINPresswire.com/ -- The
Hemostats Market size was valued at USD 3.73 billion in 2023 and is anticipated to grow to USD 7.03 billion by 2032, registering a robust CAGR of 7.31% over the forecast period of 2024-2032.
Market Growth Driven by Surge in Surgeries and Technological Advancements
Hemostats are vital in controlling bleeding during surgery, and as surgical procedures become more complex and frequent, the demand for these products is expected to rise. Additionally, the growing geriatric population and the focus on minimally invasive procedures are pushing the market forward. Technological innovations in hemostat products, including the development of bioabsorbable and more effective products, are further fueling market growth.
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Market Overview
The hemostats market has witnessed steady growth owing to the increasing number of surgeries globally. Hemostats are used in a wide range of medical procedures to control bleeding, prevent excessive blood loss, and promote faster recovery. With a significant rise in orthopedic, neurological, cardiovascular, and general surgeries, the demand for hemostats has surged. Additionally, the advancements in hemostatic technologies—such as the development of gel-based and combination hemostats—have enhanced their effectiveness in clinical applications. The supply side of the market has been bolstered by innovations from leading medical device companies, leading to an improved product range catering to various surgical needs. Moreover, there has been an increase in the awareness and availability of hemostatic products across both developed and emerging markets, further stimulating market growth. The expanding healthcare infrastructure and the increase in outpatient surgical procedures have also fueled the demand for hemostatic products.
Key Players:
· R Bard
· Baxter
· Teleflex Incorporated
· Ethicon
· Medtronic Plc
· Pfizer
· B Braun Melsungen AG, and others.
Segment Analysis
By Type:
· Thrombin- based hemostats
· Gelatin-Based hemostats
· Collagen-Based hemostats
· Combination hemostats
· Other
Thrombin-based hemostats are the most widely used hemostatic agents in surgeries due to their high efficacy in promoting clot formation and their broad applicability in various surgical settings. Their ability to rapidly promote blood coagulation makes them a dominant force in the market, holding a significant share of 45% in 2023. This type of hemostat is used in a range of surgical applications, including cardiovascular, orthopedic, and general surgery, due to its proven efficiency in stopping bleeding.
Gelatin-based hemostats are experiencing the highest growth due to their versatility and favorable biocompatibility. These products are gaining popularity in a variety of surgeries, including dental, orthopedic, and gastrointestinal procedures. With their fast-acting properties and ability to be easily absorbed by the body, gelatin-based hemostats are seeing a steady rise in demand, and the segment is expected to grow at a CAGR of 7.5%.
By Formulation:
· Matrix & Gel Hemostats
· Sheet & Pad hemostats
· Powder Hemostats
· Sponge Hemostats
Matrix & Gel hemostats were the dominant segment due to their excellent hemostatic properties and ability to be applied directly to surgical wounds. The ability of these hemostats to conform to the surgical site, coupled with their efficient bleeding control, makes them highly preferred by surgeons across various specialties.
Sponge hemostats are becoming increasingly popular, particularly in minimally invasive surgeries, due to their lightweight nature and ease of use. The demand for sponge-based hemostats is expected to grow rapidly, with an anticipated CAGR of 8% over the forecast period, owing to their high absorption capacity and user-friendly application.
By Application:
· Orthopedic Surgery
· General surgery
· Neurological surgery
· Cardiovascular Surgery
· Others
Orthopedic surgery held the largest share in the hemostats market, accounting for 25% of the market. The growing number of orthopedic procedures, including joint replacement and spine surgeries, has significantly increased the demand for hemostatic products. These surgeries often involve complex soft tissue repair, making hemostats an essential part of the procedure to control bleeding.
Cardiovascular surgery is expected to witness the highest growth during the forecast period, with an anticipated CAGR of 8.2%. The complexity and high blood loss in cardiovascular surgeries require highly efficient hemostatic products, driving the demand for specialized hemostats in this field.
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Regional Analysis
North America dominated the hemostats market, accounting for approximately 35% of the global market share. The presence of leading medical device companies, such as Medtronic and Ethicon, alongside a robust healthcare infrastructure, contributes to the region's dominance. The high volume of surgeries performed in the region, driven by an aging population and increasing prevalence of chronic conditions, further boosts demand for hemostatic products. Additionally, regulatory approvals and product launches in the U.S. are accelerating market growth. Companies are increasingly focusing on developing innovative hemostatic solutions to cater to the growing surgical demand in this region. In 2023, Ethicon's ETHIZIA Hemostatic Sealing Patch received CE Mark approval for the EMEA region, which is also expected to contribute to expanding the North American market share.
The Asia-Pacific (APAC) region is expected to be the fastest-growing region for the hemostats market, with a significant CAGR during the forecast period. The region is experiencing rapid growth in its healthcare infrastructure, particularly in countries like China, India, and Japan. With a large population base, increasing healthcare awareness, and a growing elderly population, the demand for surgical procedures is on the rise, directly fueling the demand for hemostatic products. Additionally, significant investments in healthcare from both private and government sectors are further enhancing market growth in the region. Local companies in the region are also increasing their production of hemostats, contributing to the market's expansion. Product launches in the region are expected to meet the growing demand for more affordable and effective hemostatic solutions.
Recent Developments in the Hemostats Market
· January 2023 – Medcura, Inc. received the U.S. FDA's Breakthrough Device Designation for its LifeGel Absorbable Surgical Hemostat. This designation allows the product to be used in surgical procedures where swelling is tolerated.
· November 2023 – Ethicon, part of Johnson & Johnson Medical Devices, announced the CE Mark approval for its ETHIZIA Hemostatic Sealing Patch.
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