Hemostatic Agents Market: Development of New Products to Create Avenues
The global hemostatic agents market displays a highly competitive vendor landscape with the presence of numerous prominent players that offer extensive product lines, reports Transparency Market Research. Key players in the market include Ethicon US, LLC, Braun Melsungen AG, Z-Medica, LLC, Integra LifeSciences, and GELITA AG. These companies hold a lion’s share in the market and are focused on building a stron network with hospitals and distributors to expand their footprints in the market. Moreover, they are engaging in strategic collaboration to strengthen their foothold in the market.
As per expert analysts, the global hemostatic agents market is expected to rise at a promising CAGR of 6.5% during the forecast period which is 2018 to 2022. Initially, the market valued at US$ 2.8 Bn and is expected to attain a valuation of US$ 4.1 Bn by 2022.
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Based on product type, the global hemostatic agents market is segmented into combination, passive, and active products. Of them, the active agents segment holds a dominant share in the market due to enhanced efficacy offered by these agents. Moreover, they prevent disruptive blood loss during surgical procedures.
On the basis of geography, the hemostatic agents market spreads across Asia Pacific, Europe, North America, South Africa, and Rest of the World. Out of these, North America is expected to lead the market during the forecast period on account of a surge in its patient population. Additionally, surging geriatric population has strengthened the market’s growth ground in North America.
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Increasing Geriatric Population to Enhance Growth Prospects
Rising geriatric population worldwide is one of the prominent factors driving the growth of the global hemostatic agents market. This is mainly because it takes long time for the wounds of geriatric patients to heal. Moreover, there is a rise in surgical procedures, thus creating a demand for hemostasis. Along with this, advancements in the healthcare facilities have spiked the hemostatic agents market’s growth.
Furthermore, hemostasis devices are highly preferred for wound closure over other products because of their efficiency. Additionally, hemostatic products extensive applications in general surgeries and cardiovascular conditions. These factors have impacted the global hemostatic agents market positively, thus fortifying growth.
In addition to the aforementioned factors, requirement of hemostatic agents in complex surgical procedures has supplemented the market’s growth. Moreover, extensive use of these agents in urological treatments has presented lucrative growth opportunities for the hemostatic agents market’s growth.
On the downside, along with the numerous drivers, there are a few restraints that may confine the market’s growth. Factors such as reimbursement issues and high costs of surgical procedures may cause a shortfall in the market. Nonetheless, benefits offered by hemostatic devices such as reduced post-surgical infections and minimal invasion may offset the effects of the restraints.
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Development of New Products to Create Avenues
Introduction of new hemostatic bandages has presented significant growth opportunities for the global hemostatic agents market. For instance, Tricol Biomedical Inc has developed new hemostatic bandages called Hemcon Bandage PRO. These bandages provide time to the patients to reach care and provide a solution that is natural, quick-acting, and localized. Moreover, these dressings offer an antibacterial shield against numerous microorganisms such as VRE, MSRA, and A. baumannii. Also, there are no side effects of using Hemcon dressings. All Hemcon products are fabricated with bio-compatible polysaccharide called chitosan which make these products even more reliable.
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