PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388788
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388788
Hemostat is known as a surgical agent that is used to control the bleeding process throughout surgical procedures. It help to minimize surgery time and reduce the requirement for blood transfusion. Hemostat agents are crucial in achieving hemostasis in pre-hospital conditions and avoiding death associated with hemorrhage. Additionally, hemostats are utilized to constrict blood vessels and control the flow of fluids including blood. To manage bleeding, they are commonly used as an adjuvant to surgical procedures. Hemostatic agents provide different advantages, such as a reduction in the patient recovery period, minimized wound healing & operative time, and better management of anti-coagulated patients fueling the hemostasis market.
An increasing number of regulatory approvals, growing focuses on effective blood loss management in patients during surgeries, and an increase in the incidence of sports-related injuries and spinal ailments are raising the number of surgical procedures across the globe, which is expected to drive the hemostats market growth. Moreover, the rise in the geriatric population significantly contributes toward the growth of the market as aged individuals are highly susceptible to several types of diseases, which increases the requirement for surgeries, as a result boosting the hemostats market share. Additionally, the increase in the number of road accidents has been attributed to the surge in surgical procedures, which augmented the hemostats market growth. However, high hemostat product costs and alternative treatment alternatives are expected to restrain the market demand. Furthermore, the market revenue growth is expected to be driven by the growing number of healthcare professionals and awareness about the advantages of utilizing hemostat patients. Various medical specialties such as orthopedics, cardiology, general surgery, and neurology are employing hemostat products extensively thus, fueling the market demand.
The global hemostats market is segmented on the basis of type, formulation, application, end use, and region.
The market is divided into five categories based on type: collagen-based hemostats, thrombin-based hemostats, gelatin-based hemostats, oxidized regenerated cellulose-based hemostats, combination hemostats, and others. The thrombin-based hemostats segment is accounted to dominate the largest revenue share. The segment is attributed to the rise in the adoption of thrombin-based hemostats owing to their quick effect as they quickly facilitate the clotting process. Additionally, an increase in investments in the development of new hemostat products and the benefits associated with the use of combination hemostats, as they provide enhanced efficacy by combining the advantages of various hemostatic agents is expected to witness the segment growth.
The market is divided into six categories based on application: gynecological surgery, orthopedic surgery, general surgery, reconstructive surgery, neurological surgery, cardiovascular surgery, and others. The orthopedic surgery segment is likely to possess the highest market share due to the higher incidence of orthopedic conditions & sports injuries that need surgical interventions, leading to the rising number of procedures thus cumulative the uptake of hemostats. Furthermore, the cardiovascular segment is accounted to witness the highest growth rate owing to the increasing geriatric population, and unhealthy lifestyle leading to an increase in the number of cardiovascular disorders, which, in turn, has led to a rise in the number of cardiac surgeries.
North America is likely to lead in revenue generation across the globe. The rising number of surgical procedures occurring in the region can be attributed to the increasing patient population requiring surgical procedures, a highly potent market in terms of product development and launches, advanced healthcare infrastructure, and the local presence of various market players among other factors in the region. Moreover, the Asia Pacific market is accounted to have the quickest revenue share. The market demand in the region is anticipated to grow in the region due to the increase in surgical procedures and the increased senior population in developing economies such as India and China.
Governments across the world are investing in healthcare infrastructure to provide improved healthcare services, which has increased the need for hemostat products due to the rising number of clinics, hospitals, and healthcare facilities. Thereby, the rising funding by the federal government to boost the adoption of these solutions further influences the market growth. Moreover, an increase in the number of hospitals & surgical centers and growing R&D activities in the market will provide trending opportunities for the hemostats market. Market players are constantly focusing on adopting strategies to expand their business including product innovation, partnership, mergers and acquisitions, and collaboration. For instance, in July 2021, Rapid-Seal is an efficient, antibacterial hemostatic gel developed by Medcura, Inc. in collaboration with ASO, LLC. Medcura's FDA-approved injuries gel is the first in an emerging category of products that provide antibacterial properties and quick bleeding handling to enhance wound treatment, aid in the fight against infections caused by wounds, and promote a safe healing surroundings.
For instance, in July 2023, Baxter International Inc. introduced the launch of PERCLOT Absorbable Hemostatic Powder. PERCLOT is a ready for use apathetic, absorbable hemostatic powder designed for people with intact coagulation to control minor bleeding.
The scope of this report covers the market by its major segments, which include as follows: