Pune, India, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The global hemostats market size was valued at USD 4.46 billion in 2022 and it is projected to grow from USD 4.75 billion in 2023 to USD 7.94 billion by 2030, exhibiting a CAGR of 7.6% during the forecast period. The rising prevalence of chronic diseases and the growing number of surgical procedures globally have increased the demand for hemostats to control bleeding during complex surgeries. Efforts to innovate and gain regulatory approvals for new products are further contributing to the growth of the hemostats market.
Additionally, the increasing focus on operating in developing and introducing new, innovative products and the increasing number of product approvals by the regulatory bodies further support the market’s growth. Fortune Business Insights presents this information in their report titled "Hemostats Market, 2023–2030."
Key Industry Development
- July 2021: Medcura, Inc. launched a new line of high-performance antibacterial hemostats, available in the U.S. market through a prominent drugstore chain.
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Key Takeaways:
- The growth of the hemostats market is being driven by the increasing prevalence of chronic diseases, the rising number of surgeries, and the technological advancements in hemostats.
- The key players in the hemostats market are Johnson & Johnson, Baxter International Inc., Medtronic, Ethicon, Inc., and Haemonetics Corporation.
- These companies are investing in research and development, new product development, and mergers and acquisitions to maintain their competitive edge in the market.
- The hemostats market is facing some challenges, such as the rising cost of healthcare, the increasing regulation of healthcare products, and the need for more skilled healthcare professionals.
Discover the Leading Players Featured in the Report:
Major players in the hemostats market are Baxter (U.S.), Integra LifeSciences (U.S.), Stryker (U.S), Artivion, Inc. (U.S.), Biom'up (U.S.), BD (Becton, Dickinson and Company) (U.S.), Medtronic (Ireland), Johnson & Johnson Services, Inc. (U.S.), Pfizer Inc. (U.S.).
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 7.6% |
| 2030 Value Projection | USD 7.94 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 4.75 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 125 |
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Drivers and Restraints
Global Surge in Surgical Procedures Drives Demand for Hemostatic Products
The surge in surgical procedures globally, coupled with a focus on achieving effective hemostasis, has driven the demand for hemostatic products. With a variety of medical instruments available, surgeons are increasingly using these products to minimize bleeding complications during surgeries, contributing to substantial market demand.
However, the adoption of the product is limited due to clinical constraints, bleeding complications during surgery, and high costs, which hampers hemostats market growth.
Report Scope & Segmentation:
By Product
- Active Hemostats
- Thrombin Based Hemostats
- Fibrin Sealants
- Passive Hemostats
- Plant
- Animal
- Others
- Combination Hemostats
- Others
By Application
- Trauma
- Cardiovascular Surgery
- General Surgery
- Plastic Surgery
- Orthopaedic Surgery
- Neurosurgery
- Others
By End-User
- Hospitals & ASCs
- Tactical Combat Casualty Care Centers
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Wide Array of Advanced Offerings and Innovative Products Catapult the Passive Hemostats Segment to the Forefront
By product, the market is segmented into active hemostats, passive hemostats, combination hemostats, and others. The passive hemostats segment held the largest market share in 2022 due to a wide range of advanced product offerings and increased adoption of technology. Additionally, new product introductions by key players boosted market growth.
Cardiovascular Segment Anticipated for Exponential Growth due to Surge in Cardiovascular Conditions
By application, the market is classified into trauma, cardiovascular surgery, general surgery, plastic surgery, orthopedic surgery, neurosurgery, and others. The cardiovascular surgery segment is expected to have the highest growth rate due to rising cardiovascular diseases requiring surgery globally.
Hospitals & ASCs Dominate Due to Wide Availability of Resources for Complex Surgical Interventions
By end-user, the market is categorized into hospitals & ASCs, tactical combat casualty care centers, and others. The primary factor driving the dominance of hospitals & ASCs is that in both developed and developing nations, the majority of surgical procedures take place in hospitals due to the availability of necessary resources for complex surgical interventions.
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The market research report presents a comprehensive market examination, emphasizing crucial elements, including the competitive environment, distribution channels, and prominent product categories. Furthermore, the report provides valuable observations on market trends and significant industry advancements. Apart from the aforementioned factors, the report encompasses numerous variables that have bolstered market expansion in recent times.
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Regional Insights
North America Leads with Advanced Product Adoption and High Surgical Procedure Volumes
North America held a substantial hemostats market share and was valued at USD 1.56 billion, attributed to factors such as advanced product adoption, high surgical procedure volumes driving demand, and increasing U.S. FDA product approvals, reinforcing the region's global dominance.
Europe stands as the second-most prominent market region due to robust healthcare spending driving demand for technologically advanced products, supported by a significant volume of surgeries.
Competitive Landscape
Dynamic Competition Drives Market with Diverse Strategies and Emerging Players
In the market's competitive landscape, a monopolistic competition framework is evident, featuring many companies, encompassing well-established and emerging entities. Notably, these companies proactively engage in diverse strategic pursuits, including mergers, acquisitions, and collaborations, as mechanisms to fortify their market position. Specific emerging players are projected to emerge as potent market contenders, driven by their amplified regulatory approvals, facilitating the introduction of novel products.
FAQ’s
How Big Is The Hemostats Market?
Hemostats Market size Is USD 4.75 billion in 2023.
How Fast is the Hemostats Market Growing?
The Hemostats Market will exhibit a CAGR of 7.6% during the forecast period, 2023-2030
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