Substantial surge in the incidences of chronic diseases has led to the increasing number of surgeries which in turn is expected to augment the hemostats market growth

calendar_today 26 January, 2022 person_outline Growth Plus Reports

Hemostats Market by Product Type (Thrombin-Based Hemostats, Oxidized Regenerated Cellulose-Based Hemostats, Gelatin-Based Hemostats, Collagen-Based Hemostats, and Combination Hemostats), Formulation (Matrix & Gel, Sponge, Sheet & Pad, and Powder), Application (General Surgery, Orthopedic Surgery, Cardiovascular Surgery, Neurological Surgery, Gynecological Surgery, and Reconstructive Surgery) – Global Outlook & Forecast 2021-2031

According to the deep-dive market assessment study conducted by Growth+ Reports, the global hemostats market was pegged at ~US$ 2.55 billion in 2020. The market is expected to witness a CAGR of ~6.20% from 2021 to 2031. 

Hemostats used during surgical procedures provide several benefits such as reduced length of hospital stay, lower rate of readmission, and reduced operational time, among others. These factors have led to the increasing use of these products during surgeries. New product launches and increasing incidence of traumatic injuries have also played a key role in driving the market growth.  However, the risk of negative immune responses during surgeries is likely to hinder the market growth to a certain extent.

Players in the hemostats market have entered into collaborations and partnerships for the development, and production of advanced hemostatic products. For instance, in December 2020, Baxter and AdventHealth Tampa partnered through Baxter’s Vital Edge program. Through this program, the company offers actionable insights and practical solutions to enhance intraoperative hemostasis and blood management strategies. AdventHealth Tampa is expected to realize annual savings of approximately $200,000 through its involvement in Baxter’s Vital Edge program.

Increasing incidence of sports injuries has led to the increasing number of surgeries that have in turn played a critical role in fueling the hemostats market. For instance, according to the data published by the U.S. Department of Health and Human Services, an estimated 8.6 million sports injuries occur each year. Hemostasis plays a critical role in all surgical procedures. The increasing number of surgeries has led to increasing use of hemostatic agents in turn propelling the market growth.

Companies operating in the market are incessantly launching new advanced products that offer benefits such as reduced surgery time and faster coagulation. For instance, in 2017, Lobachevsky University scientists launched the production of a unique hemostatic agent called Tectum, which accelerates blood coagulation in a matter of seconds. Similarly, in 2020, Terumo Corporation, launched a new surgical sealant AQUABRID in EMEA. AQUABRID is a surgical sealant especially developed for aortic procedures that react with water (blood) and forms an elastic layer that adheres tightly to the tissue. AQUABRID helps in achieving hemostasis, even when blood coagulation is inhibited during cardiac surgery.

Although hemostatic agents provide several advantages during the surgery there are certain disadvantages too such as unintentional intravascular clotting that might lead to stroke. Among patients with allergies these agents might also lead to abscess formation and in certain cases they might also cause inflammation and necrosis of the adjacent tissue. Moreover, if a product containing thrombin is injected intravascularly it can cause thrombosis, hypotension, and death. Such disadvantages are likely to hinder market growth to a certain extent.

Regionally, North America held the largest market share in the global hemostats market. Multiple factors such as the increasing incidence of sports injuries and increasing cases of hemorrhage during surgeries have attributed to hemostats market growth in this region. For instance, according to the Johns Hopkins University, in the U.S more than 3.5 million children aged 14 and younger get hurt annually playing sports or participating in recreational activities. Moreover, increasing number of product launches by players in this region has also played a pivotal role in boosting the market growth. For instance, in Jan 2020, Omni-stat Medical Inc launched a new hemostatic gauze. This hemostatic gauze is FDA approved for use under the supervision of a healthcare professional as a temporary topical dressing for bleeding control associated with minor wounds.

Some of the prominent players operating in the global hemostats market include BD, Baxter, B. Braun Melsungen AG, Medical Devices Business Services, Inc. , Pfizer Inc., Stryker, CryoLife, Inc., Z-Medica, LLC., Teleflex Incorporation, GELITA MEDICAL, among others.

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