New York, USA, June 26, 2023 (GLOBE NEWSWIRE) -- Hemostats Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Hemostats Market Information by Product Type, Instrument Type, Application And Region - Forecast till 2030", the market size was valued at USD 3.5 billion in 2022 and is projected to grow from USD 3.75 Billion in 2023 to USD 5.73 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.30% during the forecast period (2023 - 2030).
Market Synopsis
The increasing number of various types of chronic diseases such as, spinal problems, cardiovascular diseases, cancer, accidents, and cases of trauma are the drivers of the hemostats market growth. This has led to the extensive surge in the surgical procedures and medical specialist for the management and treatment of various diseases across the globe. A surgical tool known as a hemostat is used to manage and control bleeding during operations. Hemostats aid in reducing the length of surgery and the requirement for blood transfusions. Hemostatic drugs are crucial to achieving hemostasis in pre-hospital settings and avoiding hemorrhage-related fatalities. The incidence of various chronic diseases, including cancer, cardiovascular disease, and trauma and accident-related events, is rising in modern healthcare. The number of surgical operations and medical specializations for the treatment and management of various diseases worldwide has significantly increased as a result. A surgical surgery is a difficult attempt that could result in several consequences, including bleeding. This demonstrates its efficacy in controlling such bleeding in the surgical theatre. Additionally, freshly introduced medications like Floseal assist in quickly managing the bleeding issue.
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Hemostat devices constrict blood arteries and stop the flow of fluids like blood. Some of the major market trends now in place include the ongoing expansion of the number of healthcare facilities catering to patients' surgical needs. To treat bleeding issues related to various surgical operations, there is a growing and ongoing demand for an extensive variety of effective product solutions with significant efficacies. To control bleeding, they are typically used in conjunction with surgical operations. In addition, other benefits, including lower expenses and a decreased risk of infections, are due to improvements. This has prompted creating and producing technologically upgraded product options with several enhanced characteristics. The market for hemostasis is boosted by the benefits that hemostatic drugs provide, such as faster wound healing and less time spent operating, better treatment of anticoagulated patients, and shorter patient recovery times.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 5.73 Billion |
| CAGR | 7.30% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Instrument Type And Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing Prevalence of surgeries to boost market growth |
| Rising sports injuries and continuous progression of new products is also enhancing the market |
Hemostats Market Competitive Landscape:
- Ethicon Inc. (US)
- Pfizer Inc. (US)
- Z-Medica LLC (US)
- CR Bard Inc. (US)
- Braun Melsungen AG (Germany)
- Baxter International Inc. (US)
- Integra LifeSciences (US)
- Marine Polymer Technologies Inc. (US)
- Teleflex (US)
- Gelita Medical GmbH
Hemostats Market Trends:
Market Drivers:
The most significant factor propelling the global market is the rise in surgical procedures conducted worldwide, which has raised the prevalence of bleeding problems following surgeries. Another significant market-driving trend that will continue throughout the projected period is the increasing frequency of product releases with cutting-edge features. One advantage of contemporary products is their efficiency in producing hemostasis. This has also increased the number of surgical procedures these products cover. The current situation involves the accessibility of numerous therapeutic medical equipment and a significant improvement in achieving hemostasis during surgical procedures.
The market for hemostats is being driven by a few factors, including an increase in surgical procedures, an increase in approvals from regulatory agencies, an increase in the frequency of spinal disorders and sports-related injuries, and a boost in focus on managing blood loss in patients during operations. Due to the great reduction in the risk of bleeding during surgical procedures, there is now an immense demand for the item offered on the global market.
Restraints
A significant barrier to expanding the hemostats industry will be the lack of trained experts and qualified professionals. The price of medications will also reduce the market's growth pace. Inadequate reimbursement procedures will further constrain the potential for expansion.
Browse In-depth Market Research Report (100 Pages) on Hemostats: https://www.marketresearchfuture.com/reports/hemostats-market-6413
COVID 19 Analysis
Most healthcare systems have delayed or canceled non-essential medical operations due to mounting fears about the unique COVID-19 pandemic. Most healthcare systems have delayed or canceled non-essential medical treatments due to the mounting concern over the emerging coronavirus pandemic, COVID-19. This additionally encompasses surgical operations like cosmetic surgery and others that are vital in nature but not directly related to the management or treatment of COVID-19. Several medical device manufacturers have abandoned or changed their financial forecasts and revenue expectations, indicative of the competitive environment. Thus, the decline in surgical procedures has hampered the expansion of the hemostats industry.
Hemostats Market Segmentation
By instrument type, the market includes Halstead mosquito hemostatic forceps. By application, the market includes gynecology, neurology, and cardiovascular. By product type, the market includes thrombin-based, collagen-based, tissue sealants-fibrin sealants.
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Hemostats Market Regional Insights
The mass adoption of technologically improved items and the increasing volume of surgeries driving up demand for the product is only a few elements contributing to the dominance. Europe is the second-most important region in the market. This is due to several variables, including high healthcare spending and a high volume of operations driving demand for products with cutting-edge technology. Due to its large patient base, rising surgical procedures, and more product introductions, Asia-Pacific is predicted to have the highest CAGR. The Americas, the Middle East, and Africa are two more regions expected to have relatively lower market share and growth rates.
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