Flowable Hemostats Market: Vascular and Orthopedic Surgeries to be Highly Lucrative Applications
Philanthropic Support and Continuous Supply of Hemostats Crucial amidst COVID-19 Pandemic
Healthcare companies in the flowable hemostats market are increasing the supply of life-sustaining medicines and medical devices such as flowable hemostats amidst dire times of the coronavirus (COVID-19) pandemic. They are expanding job opportunities for individuals to help meet increased product demand. Increasing product supply chain is one of the key focus points for companies in the flowable hemostats market, since COVID-19 is challenging communities and healthcare systems around the world. Manufacturers are maximizing their production activities by making hemostats and other medical devices available round the clock.
In-house medical teams of med-tech companies are actively working with governments, clinicians, and healthcare systems to understand unique challenges created by COVID-19. Leading med-tech companies are extending philanthropic support by providing financial support to frontline healthcare workers and communities. They are extending geographic-specific support in order to improve clinical outcomes.
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Fully Stocked Inventory Creates Consistency in Supply Chains for Surgeons
Establishing a robust supply chain has helped med-tech companies in the flowable hemostats market to gain a competitive edge over other market players. As such, the market is highly consolidated with only three players accounting for a combined market share of ~97% during the forecast period. Hence, manufacturers are building their inventory to meet requirements in difficult-to-access bleeding situations. For instance, global leaders in consumer healthcare and medical devices are strengthening their supply for flowable hemostats by entering into strategic partnerships with distributors.
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Companies in the flowable hemostats market are developing devices that work fast and improve visibility. Fast mechanism of advanced flowable hemostats helps to stop difficult-to-access bleeding in less time. Thus, surgeons can count on a fully stocked inventory with a consistent supply of hemostats. Gelatin matrix hemostats are acquiring prominence in the market, as the total combined revenue of porcine and bovine gelatin materials is estimated to reach ~US$ 1 Bn by the end of 2027.
High Demand for Flowable Hemostats in Partial Splenectomy after Penetrating Trauma
Hemostatic agents are in high demand for prehospital hemorrhage control. As such, the revenue of general surgery applications is the highest in the flowable hemostats market. This has fueled the demand for thrombin-gelatin hemostatic matrix in devices, owing to its safety and efficacy profiles. For instance, Baxter International— a leading manufacturer of products for treatment of life-threatening conditions is gaining popularity for its FLOSEAL Hemostatic Matrix, which is better than microporous polysaccharide powder materials. Companies in the flowable hemostats market are increasing efforts to introduce special applicator syringe in devices.
Thrombin-gelatin hemostatic matrix in flowable hemostats are being highly publicized in cardiovascular surgeries, hepatic surgeries, and endoscopic sinus surgeries. There is a growing demand for flowable hemostats that deploy effective hemostasis in partial splenectomy after penetrating trauma. Tranexamic acid-loaded starch microspheres hold promising potentials in hemostatic stability. Likewise, drug-loaded materials are projected to show better hemostatic performance in comparison with commercial hemostat made of microporous polysaccharide hemispheres.
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Clinically Proven Hemostats Gain Popularity Due to Stringent Federal Regulations
The flowable hemostats market is expected to expand at a CAGR of ~6% during the assessment period. However, restriction of sales under the federal U.S. law is a challenge that med-tech companies need to overcome. Stringent regulations can inhibit growth of the U.S. flowable hemostats market, which is anticipated to dictate the highest revenue among all regions in the market landscape. Hence, manufacturers are increasing the availability of clinically proven flowable hemostats. For instance, Teleflex Incorporated— the global provider of medical technologies is increasing awareness about its clinically-backed D-Stat® Flowable Hemostat, which helps to reduce incidence of hematoma formation in pulse generator implants.
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Med-tech companies are increasing their R&D activities in flowable procoagulants that promote hemostasis by initiating the body’s own clotting mechanism. They are increasing the availability of devices that eliminate the need for needles for mixing the materials. Companies are increasing the availability of hemostats that can be topically applied to control bleeding from vascular access sites and percutaneous catheters and tubes.
Analysts’ Viewpoint
Companies in the flowable hemostats market are supplying critically needed products via airfreight for fast delivery of products amidst the COVID-19 outbreak. They are increasing production capabilities to develop hemostats that can be used in tissue tract hemostasis post use of vascular closure devices.
Novel hemostats maintain uniformity, consistency, and viscosity in materials from beginning until the end compared to other traditional devices. However, adverse effects of flowable hemostats such as adhesion formation, allergic reaction, and bleeding, among others, are inhibiting market growth. Hence, companies should increase awareness about precautions such as non-utilization of hemostats in the presence of infections to avoid undesirable outcomes in patients.
Flowable Hemostats Market: Overview
- According to Transparency Market Research’s latest report on the global flowable hemostats market for the historical period 2017–2018 and forecast period 2019–2027, rise in number of trauma and surgical cases is projected to drive the global flowable hemostats market during the forecast period
- According to the report, the global flowable hemostats market was valued at ~US$ 700 Mn in 2018 and is anticipated to expand at a CAGR of ~6% from 2019 to 2027
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