New York, March 02, 2020 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, the hemostats market was valued at USD 2.11 billion in 2018 and is expected to reach USD 3.46 billion by the year 2026, at a CAGR of 6.2%. It is a surgical instrument that is used to control the flow of blood during surgical procedures. These surgical hemostats are used in the initial steps of surgery when an incision is performed. It can be used in various forms like sealants, topical hemostats, and mechanical instruments, which are meant for surgical use only. The major goal of a hemostat is the adhesion of wounds, to cease blood flow, and ensure rapid healing of the wound. The hemostat market is widely driven by the free fall in lifestyle due to which lifestyle-oriented diseases occur in many people. Various diseases, especially cardiovascular and orthopedic diseases, are treated through surgical procedures, which is extensively driving the market.
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The number of reconstructive procedures, significantly tumor removal, has constantly been increasing. According to the American Society of Plastic Surgeons (ASPS), approximately 4.5 million tumor removal procedures were performed in 2018 in the US. The obesity epidemic is also increasing in the US, fueling the market. An annual report from the United Health Foundation stated that there had been a significant increase in the obesity rate of the U.S. by 5%. The obesity rate was recorded to be 29.9% in 2017, which increased to 31.3% in 2018. The geriatric population require critical care and are quite acquainted with surgical procedures. This population is widely affected by orthopedic surgeries due to a decrease in bone density. Therefore, the elderly population is widely driving the market.
The new technological advancements have led the market to grow. Many companies such as Baxter, Ethicon (J&J), and others have invested in research and development for new innovative products of hemostats, making it effortless to use for the end users. These devices are economical and cost efficient, therefore anticipating market growth.
Some of the market restraints include low awareness about hemostats and their use. Also, stringent rules are devised by the regulating bodies to use hemostats to avoid any kind of infections or allergies after use.
Further key findings from the report suggest
- North America is the leading consumer of the hemostats, further followed by the Asia-Pacific and Europe. Asia-Pacific is the fastest growing region with a CAGR of 7.0%. The increasing number of surgeries and changes in regulatory policies encourages the market in the region.
- A wide range of applications, continuous advancement in the product portfolio of companies such as Ethicon and Baxter international have widely driven the market. The products from these key players have received approval from the U.S. FDA as well as by other international organizations.
- Recently, in December 2018, Baxter introduced a surgical innovation, which, a disposable curved applicator which enhances the activity of Floseal. Floseal is a hemostat product by Baxter used for ENT procedures. This advancement has improved the efficacy of Floseal and made it the leading hemostat in the US.
- Recently, in May 2019, the FDA might loosen up the premarket expectations of certain collagen-based hemostats and shift them to class-II devices rather than class III devices. The recommendation was given by the general and plastic surgery devices panel. Ethicon (J&J) is against this recommendation stating that collagen-based hemostats are complex products and need strict controls to ensure safety.
- The key player in the market includes Johnson and Johnson, Baxter International, Pfizer, Integra Life Sciences, Z-Medica LLC, Abbott Laboratories, B. Braun Melsungen AG, CR Bard, Gelita Medical GmbH and Hemostasis LLC.
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For the purpose of this report, Reports and Data has segmented the Hemostat market on the basis of product, application, formulation and region:
Product Outlook (Revenue in Million USD; 2016–2026)
- Thrombin-based hemostats
- Gelatin-based hemostats
- Collagen-based hemostats
- Combination hemostats
- Oxidized regenerated cellulose-based hemostats
Application Outlook (Revenue in Million USD; 2016–2026)
- General surgery
- Orthopedic surgery
- Cardiovascular surgery
- Reconstructive surgery
- Gynecological surgery
- Neurological surgery
- Other surgeries
Formulation Outlook (Revenue in Million USD; 2016–2026)
- Sheet & pad hemostat
- Sponge hemostats
- Matrix & gel hemostats
- Powder hemostat
End Use Outlook (Revenue in Million USD; 2016–2026)
- Hospitals
- Clinics
- Ambulatory centers
- Community healthcare
- Others
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Regional Outlook (Revenue in Million USD; 2016–2026)
- North America
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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