New York , Feb. 06, 2024 (GLOBE NEWSWIRE) -- The global hemostats market size is poised to grow at a CAGR of over 6% from 2023 to 2033. The market is anticipated to garner a revenue of USD 5000 million by the end of 2033, up from a revenue of USD 2900 million in the year 2022. This growth is set to be influenced by a surge in the number of road accidents. According to statistics from the World Health Organization, 1.19 million people die in car accidents each year. There are an additional twenty to fifty million non-fatal injury incidents each year, many of which result in disability.
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Bleeding-related deaths happen before and during the first hour of hospital arrival in many cases. According to a multi-institutional retrospective analysis of clinical outcomes after prehospital hemostatic gauze or dressing, it was over 88% successful in stopping bleeding and was linked to low morbidity in rural civilian concussions involving a wide range of injuries to the face, lower and upper extremities, and junctional areas.
Hemostats Market: Key Takeaways
- Market in North America region to propel the highest growth
- Orthopedic surgery to garner the highest growth
- Market in Asia Pacific to grow at a notable rate
Growing Geriatric Population to Boost the Growth of the Global Hemostats Market
The World Health Organization projects that by 2030, one in six people will be 60 years of age or older. The number of adults over 60 will rise from 1 billion in 2020 to 1.4 billion by now. As a result, bleeding problem cases are increasing along with it. An increasing number of adult patients in their later years who have bleeding issues need both elective and emergency age-related surgeries at the same time. These patients also run the risk of developing age-related comorbidities.
Hemostats Industry: Regional Overview
The global hemostats market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Prevalence of Chronic Disease to Influence the Market Expansion in North America
The North America market for hemostats is set to gather the highest revenue in the market over the coming years. This growth of the market is set to be dominated by the rising prevalence of chronic disease. One or more chronic illnesses, such as diabetes, cancer, heart disease, or stroke, affect six out of ten Americans. Hemostats can be used to constrict bleeding vessels chosen for ligation or electrocoagulation. Hemostats can also be used for blunt dissection around cysts and lipomas, or to break up locations once an abscess has been opened.
Rising Population to Drive the Market Growth in Asia Pacific
The Asia Pacific market for hemostats is also estimated to have significant growth in the market over the forecast period. This growth is set to be influenced by the rising population. With 4.3 billion people living there, or 60% of the world's population, the Asia-Pacific area is home to China and India, the two most populous nations on earth.
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Hemostats Segmentation by Application
- Trauma
- Cardiovascular Surgery
- Orthopedic Surgery
- Plastic Surgery
- Neurosurgery
- General Surgery
The orthopedic surgery segment is projected to capture the largest revenue in the market over the coming years. This could be on account of the rising prevalence of orthopedics. An estimated 2 billion people worldwide suffer from musculoskeletal problems, which result in approximately 21 million orthopedic surgeries annually, according to a recent survey (2017–2023).
Hemostats Segmentation by End User
- Hospital
- Casualty Clinics
- Others
The hospital segment is set to have significant growth in the market over the forecast period. The major element influencing the segment growth is the rising number of hospitals in the world. All across the world, the total number of hospitals stood at about 164,000.
Hemostats Segmentation by Product
- Active Homeostats
- Passive Homeostats
- Combination Homeostats
- Others
A few of the well-known market leaders in the global hemostats market that are profiled by Research Nester are Pfizer Inc., Stryker Inc., Integra LifeSciences Corporation, Baxter AG, Medtronic Plc, BD (Becton, Dickinson, and Company), Biom’up Innovative Surgery, Johnson & Johnson Services, Inc., Cryolife, Inc., Hemostatis LLC, and other.
Recent Development in the Market
- In order to strengthen the therapy for sickle cell disease and to increase the rare haematology, Pfizer Inc. announced the acquisition of Global Blood Therapeutics. The overall value of this transaction was USD 5.4 billion.
- Biomup declared that the U.S. Food and Drug Administration had approved Hemosnow. Hemosnow is a dry powder hemostatic agent used to manage minor bleeding during surgical procedures.
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