New Delhi, July 11, 2024 (GLOBE NEWSWIRE) -- The global hemostats market is projected to hit the valuation of US$ 4,568.90 million by 2032 up from US$ 2,744.28 million in 2023 at a CAGR of 8.7% during the forecast period 2024–2032.
The hemostats market has experienced significant growth over the past few years, driven by advances in surgical techniques and an increasing number of surgical procedures worldwide. The market growth is largely propelled by the rising prevalence of chronic diseases, which has led to a 12% increase in the number of surgeries performed annually. Notably, North America accounted for 40.74% of the market share, followed closely by Europe at 30%, and the Asia-Pacific region showing the fastest growth at a CAGR of 6.32%.
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Technological advancements have played a critical role in reshaping the hemostats industry. Biodegradable hemostats, which accounted for 25% of the market in 2022, are now capturing over 30% of the market share, thanks to their efficacy and reduced risk of complications. Furthermore, the introduction of advanced fibrin sealants and thrombin-based hemostats has driven a 15% increase in demand for these products. The market for thrombin-based hemostats alone saw a 10.5% CAGR, reflecting their increasing adoption in complex surgical procedures. Additionally, the launch of novel hemostatic agents has resulted in a 20% reduction in intraoperative bleeding, significantly improving patient outcomes and reducing hospital stays by an average of 1.5 days.
The hemostats market is also influenced by regulatory approvals and strategic collaborations. For instance, in 2023, the FDA approved three new hemostatic products, contributing to a 7% increase in market diversity. Mergers and acquisitions have been prevalent, with leading companies like Ethicon and Baxter accounting for a significant share of total market revenue through strategic partnerships and acquisitions. Moreover, investments in research and development have surged by 12%, with companies focusing on next-generation hemostats that promise faster action and greater biocompatibility.
Key Findings in Hemostats Market
| Market Forecast (2032) | US$ 4,568.90 million |
| CAGR | 8.7% |
| Largest Region (2023) | North America (40.74%) |
| By Type | Topical (85.46%) |
| By Formulation | Matrix and Gel Hemostats (34.24%) |
| By Application | Orthopedic Surgeries (30.74%) |
| By End Users | Hospitals (56.20%) |
| By Distribution Channel | Offline (84.83%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Rising Popularity and Demand for Topical Hemostats Accounts for over 85.46% Market Share and is Set to Grow at Highest CAGR of 6.09%
Topical hemostats have become increasingly popular due to their critical role in improving surgical outcomes and managing perioperative bleeding, which can have significant clinical and economic consequences. The global topical hemostats market is projected to grow at a CAGR of 6.09%, reaching US$ 3.98 billion by 2023 from US$ 2.34 billion in 2023. This growth is driven by the increasing number of surgical procedures, which surpassed 320-340 million worldwide in 2023, the rising prevalence of chronic diseases, expected to reach 47% in the U.S. by 2030, and the need for effective blood management programs. Topical hemostats, such as thrombin, oxidized regenerated cellulose, gelatin, and collagen-based products, are preferred because they offer rapid hemostasis, are easy to use, and reduce the need for blood transfusions by up to 40%. Additionally, advancements in product formulations, such as the development of low-immunogenicity thrombins, have further enhanced their safety and efficacy.
The dominance of topical hemostats in the market can be attributed to several factors. Firstly, they are essential in surgeries where conventional methods are insufficient or impractical, providing a reliable solution for controlling bleeding. For instance, approximately 80% of surgeries in the U.S. utilize some form of topical hemostat. Major products in this category include Ethicon's VISTASEAL Fibrin Sealant and Baxter's Hemopatch, which have been widely adopted in surgical settings. The market is also characterized by a diverse range of products tailored to specific surgical needs, such as absorbable hemostats made with polyglactin, oxidized regenerated cellulose, thrombin, and fibrinogen. The increasing demand for these products is also fueled by their ability to minimize surgical complications and improve patient outcomes by reducing intraoperative blood loss by up to 50% and decreasing hospital stays by an average of 2.5 days. As the hemostats market continues to expand, leading companies like Ethicon, CR Bard, and Pfizer are expected to maintain their competitive edge through continuous innovation and strategic product offerings.
Leading the Charge: Matrix and Gel Hemostats in Orthopedic Surgery
The Matrix and Gel Hemostats formulation segment dominates the hemostats market with a remarkable 34.24% share due to its superior effectiveness and versatility. These formulations are preferred for their ability to rapidly control bleeding, enhance wound healing, and minimize the risk of infection. The segment's growth is fueled by a 12% annual increase in surgical procedures, driven by an aging population and rising incidences of chronic diseases. The segment’s CAGR of 6.28% over the past five years highlights the rising demand for efficient hemostatic solutions, with Matrix and Gel formulations standing out for their adaptability in various surgical scenarios, including complex and minimally invasive procedures.
On the other hand, by application, orthopedic surgeries account for the highest application share of hemostats at over 30.74%, largely due to the nature of these procedures, which often involve significant blood loss and require precise hemostatic control. The global orthopedic surgery market, valued at $45 billion in 2023, is projected to grow at a CAGR of 6.5%, driven by a surge in sports injuries and an increasing prevalence of osteoporosis and arthritis. Approximately 1.6 million hip and knee replacements are performed annually in the U.S. alone, with hemostats playing a critical role in these operations. Hemostats' effectiveness in reducing intraoperative blood loss by up to 50% and decreasing postoperative complications by 20% makes them indispensable in orthopedic surgery. Additionally, the use of hemostats can shorten hospital stays by an average of 1.5 days and reduce the need for blood transfusions by 30%, further underscoring their importance in this field.
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North America is Rules the Global Hemostats Market, Takes Home over 40.74% Market Share, Thanks to Well-developed Healthcare System and Dense Patient Population
The United States and Canada stand as the largest end users of hemostats, driven by their advanced healthcare systems, substantial patient populations, and high prevalence of chronic diseases. As of 2024, the US healthcare expenditure is estimated to reach $4.8 trillion, showcasing its massive investment in medical infrastructure and technologies. Canada, with its publicly funded healthcare system, spends over CAD 300 billion annually. Together, these nations serve a combined population of over 370 million people, with the US accounting for approximately 331 million and Canada for 39 million. The prevalence of chronic diseases such as cardiovascular conditions, diabetes, and cancer is notably high, affecting nearly 60% of the US population and 44% of Canadians. These conditions often necessitate surgical interventions, increasing the demand for hemostatic products.
Annually, the US performs about 50-55 million surgeries, while Canada conducts around 2.5 million. This high volume of surgical procedures underscores the critical need for effective hemostatic agents to manage intraoperative bleeding, driving growth of the hemostats market in the country. Furthermore, the aging population in both countries significantly contributes to the rising surgical rates, with individuals over 65 years constituting 16% of the US population and 18% of the Canadian population. The emphasis on patient safety and the adoption of advanced surgical techniques further propels the use of hemostats. Additionally, the robust healthcare infrastructure, including a large number of hospitals and surgical centers, facilitates the widespread availability and utilization of these products. This confluence of factors firmly establishes the United States and Canada as dominant markets for hemostats, reflecting their commitment to high-quality healthcare delivery and patient outcomes.
Top 7 Players Control Over 43% Share of the Global Hemostats Market
The hemostats market is primarily dominated by seven major players, collectively holding over 43% of the market share. These companies include Johnson & Johnson, Baxter International Inc., Becton Dickinson and Co., B. Braun Melsungen AG, Medtronic PLC, Pfizer Inc., and Teleflex Inc. The dominance of these players can be attributed to their comprehensive product portfolios, extensive global distribution networks, and substantial investments in research and development. The increasing demand for surgical procedures, driven by the rising prevalence of chronic diseases and an aging population, has further solidified their market positions. These companies leverage their strong brand recognition and innovative product offerings to maintain a competitive edge in the market.
Johnson & Johnson stands out as a particularly dominant player in the hemostats market. The company's leadership is bolstered by its robust distribution networks that span across North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa. Johnson & Johnson's extensive product portfolio, particularly in the oxidized regenerated cellulose-based hemostats segment, is a significant factor in its market dominance. The SURGICEL brand, a major hemostatic agent, exemplifies the company's strong presence in the market. Additionally, Johnson & Johnson's consistent investment in research and development enables the company to introduce innovative products, further strengthening its market position. This strategic focus on innovation and global reach ensures that Johnson & Johnson remains at the forefront of the hemostats market, effectively meeting the evolving needs of healthcare providers and patients worldwide.
Global Hemostats Market Key Players
- B.Braun Melsungen AG
- Baxter International Inc.
- Becton Dickinson and Co.
- Gelita Medical GmbH
- Hemostatis LLC
- Integra Life Sciences Holding Corp.
- Johnson and Johnson
- Medtronic PLC
- Pfizer Inc.
- Stryker Corp.
- Teleflex Inc.
- Other Prominent Players
Key Segmentation:
By Type
- Topical Hemostats
- Mechanical Hemostats
- ORC Based
- Gelatin Based
- Collagen Based
- Mechanical Hemostats
- Polysaccharide Based Topical Hemostats
- Active Hemostats
- Flowable Hemostats
- Topical Thrombin Based Topical Hemostats
- Others
By Formulation
- Sheet and Pad Hemostats
- Sponge Hemostats
- Powder Hemostats
- Matrix and Gel Hemostats
- Others
By Application
- Orthopedic Surgery
- General Surgery
- Neurological Surgery
- Cardiovascular Surgery
- Reconstructive Surgery
- Gynecological Surgery
- Others
By End User
- Hospitals
- Ambulatory Surgical Centers
- Home Care
- Others
By Distribution Channel
- Online
- Offline
- Direct
- Distributor
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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