Number of pages: 120 | Report Format: PDF | Published date: 01 February, 2020
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global hemostats market was pegged at US$ 2.55 billion in 2020 and is expected to witness a CAGR of 6.20% during the forecast period.
Market Fundamentals
Hemostats are materials used to stop bleeding after internal and external injuries, surgeries, traumatic cuts, dental operations, or spontaneous interventions. Hemostats are also known as a hemostatic agent, hemostatic matrix, or hemostatic plugs. Hemostats were originally designed to clamp small blood vessels for hemorrhage control.
These agents are available in various forms liquid flowable form (fibrin glues), powder form, among others. Each type of hemostat has a different property that makes them eligible for different use. For instance, Evil a fibrin sealant consisting of two components, human thrombin, and human clottable protein is indicated as supportive treatment in patients undergoing surgery when control of bleeding by standard surgical techniques is ineffective.
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Market Dynamics
The global hemostats market is mainly driven by the rising incidence of cardiovascular, orthopedic, neurovascular diseases coupled with an increasing number of surgical procedures. Moreover, rising incidences of hemorrhage during surgery and increasing focus on blood management are also playing a role in driving the hemostats market. However, disadvantages of using these agents during surgeries such as the risk of negative immune responses are likely to hinder the market growth to a certain extent.
Market Ecosystem
The global hemostats market has been analyzed from four perspectives: Product Type, Formulation, Application, and Region.
Hemostats Market by Product Type
Based on product type, the hemostats market has been segmented into thrombin-based hemostats, oxidized regenerated cellulose-based hemostats, gelatin-based hemostats, collagen-based hemostats, and combination hemostats. The thrombin-based hemostats segment held the largest market share in 2020. The largest share of this segment can be attributed to the increasing application of these products in various surgical specialties to minimize blood loss.
Hemostats Market by Formulation
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Based on formulation, the market has been segmented into matrix & gel, sponge, sheet & pad, and powder. Matrix & gel segment held largest market share owing to advantages such as they can be applied topically and provide quick & effective hemostatic control.
Hemostats Market by Application
Based on application, the market has been segmented into general surgery, orthopedic surgery, cardiovascular surgery, neurological surgery, gynecological surgery, reconstructive surgery, and other surgeries. The orthopedic surgery segment held the largest market share in 2020 owing to the increasing number of orthopedic surgeries and rising incidences of sports injuries or accidental injuries.
Hemostats Market by Region
Based on the region, the global hemostats market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest market share in the global hemostats market. Factors such as the rising number of accidental injuries, the increasing number of surgical procedures, and new product launches by players in this region are propelling the market growth. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period owing to the rising geriatric population and increasing medical tourism as waiting time and cost of surgeries is comparatively lower in countries such as China, India, Japan, Thailand, among other APAC countries.
Competitive Landscape
Some of the prominent players operating in the global hemostats market include:-
Strategic Developments
|
Report Attribute |
Details |
|
Revenue forecast in 2031 |
USD 4.96 billion |
|
Market size value in 2020 |
USD 2.55 billion |
|
Growth Rate |
CAGR of 6.20% from 2021 to 2031 |
|
Base year for estimation |
2020 |
|
Forecast period |
2021-2031 |
|
Segments covered |
Type, Formulation, Application |
|
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global hemostats market was anticipated to clock US$ 2.55 billion in 2020
The hemostats market is projected to reach US$ 4.96 billion by 2031
The global hemostats market is mainly driven by the rising incidence of cardiovascular, orthopedic, neurovascular diseases coupled with an increasing number of surgical procedures.
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
The growth rate of hemostats market is CAGR of 6.20% between 2021-2031
North America held the largest market share of the global hemostats market in 2020
*Insights on financial permanence is subject to the availability of information in the public domain
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