Pune, May 28, 2020 (GLOBE NEWSWIRE) -- The global hemostats market size is anticipated to USD 5.44 billion by the end of 2025. The growth of this region is accountable for the increasing incidences of sports-related injuries worldwide. A hemostat is a surgical tool used for controlling the flow of blood at the time of performing operations. According to a recent report by Fortune Business Insights titled, “Hemostats Market Size, Share & Industry Analysis, By Product Type (Active Hemostats, Passive Hemostats, Combination Hemostats, Others), By Application (Trauma, Cardiovascular Surgery, General Surgery, Plastic Surgery, Orthopedic Surgery, Neurosurgery, Others), By End, User (Hospitals, Ambulatory Surgical Centers, Tactical Combat Casualty Care Centers, Others) and Regional Forecast, 2018-2025,” the value of this market was USD 3.33 billion in 2017 and is expected to exhibit a CAGR of 6.4% between 2018 and 2025.
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What are the Objectives of the Report?
The report offers a comprehensive overview of the market emphasizing factors promoting, demoting, creating opportunities, and challenging the market. It also highlights significant industry developments, current trends, and other useful insights into the market. The report discusses the table of segmentation in detail and mentions the names of the leading segment with attributed factors. Additionally, the report highlights the names of players functioning in the market and the major strategies adopted by them to gain the highest revenue and emerge dominant in the competition.
An Overview of the Impact of COVID-19 on this Market:
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Drivers & Restraints-
Rising Number of Sports Injuries to Augment Growth
The increasing number of accidental cases and the rise in the number of surgical procedures are the major factors promoting hemostat market growth. Additionally, the increasing emphasis on sports and physical activities and the rising number of sports injuries is also expected to aid in the expansion of the market. Besides this, the increasing prevalence of chronic diseases that requires surgical treatment procedures is also adding impetus to the market.
On the contrary, in some cases with anticoagulated patients, there arises the need for blood transfusion and this may make it difficult for surgeons to achieve hemostasis and control the excess blood flow. This may pose a major challenge to the market in the coming years. Nevertheless, increasing investments in research and development of excessive bleeding management techniques and devices are likely to create better growth opportunities in the future.
Segment-
Passive Hemostats Segment to Hold Dominance Owing to Improved Patient Outcomes
Based on segmentation by product, the passive hemostats segment earned a 48.1% share in 2017 and gained dominance owing to various advantages offered by this segment. This includes minimal complications, improved patient outcomes, and cost-efficiency.
Regional Analysis-
North America to Dominate Market on Account of Presence of Increasing Number of Ambulatory Patients Opting Surgery
Geographically, North America earned a revenue of USD 1.17 billion in 2017 and emerged dominant, attributable to the rise in the number of surgeries and supported interventions for controlling blood loss during operations from the government. This, coupled with the high rate of hospital visits including both inpatient and ambulatory patients opting for therapeutic and invasive surgeries are likely to help this region continue dominating the market in the forthcoming years.
On the other side, the Asia Pacific hemostats market share is likely to rise at a rapid pace in the coming years on account of increasing disposable incomes of people in the country and their willingness to spend more on better healthcare and medical facilities and the adoption of advanced technology in the healthcare sector of the region.
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Competitive Landscape-
Ethicon and Baxter Covering Majority Revenue on Account of Diverse Portfolio
In 2017, Baxter earned the highest revenue and emerged dominant owing to its increased efforts to improve its diversification strategy that improved the accessibility of its major brands. Ethicon earned the second-largest share owing to established brand presence, and wide network distribution especially in Africa, Latin America, and Asia Pacific. Other players are investing heavily in research and development of next-generation device technology and the launch of new products besides collaborative efforts to gain momentum in the market.
Key Industry Developments of the Hemostats Market include:
December 2018 – An additional curved applicator was launched by Baxter International Inc. for a hemostatic agent called Floseal. This agent applies to ENT surgical procedures and is likely to help expand the sale worldwide.
June 2019 – Food and Drug Administration approved the device technology called VISTASEAL manufactured by Ethicon. This product is a next-generation device technology used for addressing moderate bleeding during surgeries.
List of Key Companies Operating in the Hemostats Market are:
- Biom’up
- Baxter International Inc.
- Medtronic
- Stryker
- Pfizer Inc.
- CryoLife Inc.
- Ethicon LLC
- Integra Life Sciences
- BD
- Other players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Technological Advancements in Hemostats
- Key Industry Trends
- Overview of Pricing by Key Countries
- Global Hemostats Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Active Hemostats
- Thrombin based Hemostats
- Fibrin Sealants
- Passive Hemostats
- Plant-based
- Animal-based
- Others
- Combination Hemostats
- Others
- Active Hemostats
- Market Analysis, Insights and Forecast – By Application
- Trauma
- Cardiovascular Surgery
- General Surgery
- Plastic Surgery
- Orthopedic Surgery
- Neurosurgery
- Others
- Market Analysis, Insights and Forecast – By End-user
- Hospitals
- Ambulatory Surgical Centers
- Tactical Combat Casualty Care Centers
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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