Hemostats Market An increasing number of surgical procedures
According to The Insight Partners market research study titled 'Hemostats Market - Global Analysis and Forecasts by Product, and End User', the global hemostats market is expected to reach US$ 3,557.41 Mn in 2027 from US$ 2,206.00 Mn in 2019. The market is estimated to grow with a CAGR of 6.3% from 2020-2027. The report highlights the trends prevalent in the global hemostats market and the factors driving the market along with those that act as deterrents to its growth.
Hemostats play a basic and fundamental role during surgical procedures as it enables superior blood loss management. The products have intraoperative and postoperative applications. Hemostats can be used for oozing venous type bleeds, diffusion of raw surface bleeding, bone bleeding, and needle-hole bleeding. The global hemostats market is being driven by factors such as increasing number of surgical procedures, growing focus on blood loss management during surgical procedures with an aim to avoid post-surgical complications and increasing number of government approvals but reluctance of product acceptance due to frequent recalls and lack of reimbursements are anticipated to hinder the hemostats market growth. However, the growing demand for modern healthcare facilities in emerging nations and a growing emphasis on superior surgical outcomes are likely to offer significant opportunities for the growth of the global hemostats market during the forecast period.
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Hemostats Market: Competition Landscape & Key Developments
Some of the prominent players operating in hemostats market are, Johnson & Johnson Services, Inc. (Ethicon LLC), BD, Baxter, B. Braun Melsungen Ag, Pfizer, Inc., GELITA MEDICAL, Integra Lifesciences Holdings Corporation, Z-Medica, LLC, Biom’up, and Teleflex Incorporated. The market players are focused towards acquisitions with industry players in order to sustain their position in the market. For instance, in December 2017, BD completed acquisition of C.R. Bard with an aim to expand clinical products portfolio and customer base.
Factors such as increase in the number of surgical procedures and an increasing incidences of sports injuries are expected to upsurge the market growth. In addition, growth in the global healthcare market is likely to have a positive impact on the growth of the market in the coming years.
An increasing number of surgical procedures
The increasing number of surgical procedures is one of the prominent factors which will offer significant growth opportunity for the market. The world is witnessing the staggering increase in the number of surgical procedures. Additionally, increasing prevalence of chronic conditions such as cardiac diseases, orthopedic disorders, and gastrointestinal conditions are projected to boost the number of surgical procedures during the years to come. For instance, as per the U.S. Agency for Healthcare Research and Quality, approximately 600,000 knee replacement surgeries are performed per year in the United States. Furthermore, increasing the adoption of hemostats during surgical procedures and emphasis on the prevention of surgical hemorrhage is likely to boost the growth of the global hemostats market by 2027.
Hemostats Market: Segmental Overview
The thrombin based hemostats captured the largest share in the global hemostats market. Thrombin based hemostats are considered to be active agents that participate in the coagulation cascade to form fibrin clots and are effective to make an intact coagulation system. Along with superior benefits offered by thrombin based hemostats, an increasing number of product launches and approvals are likely to drive the adoption of thrombin based hemostats, which will in turn fuel the growth of the segment in global hemostats market during the forecast period. For instance, in June 2019, Ethicon (Johnson & Johnson) got FDA approval for its thrombin based hemostat which incorporates superior hemostatic properties. Additionally, increasing the number of research and development activities by market players is also expected to drive the segment growth.
The hemostats market, by end-user, is segmented into Hospitals & Clinics, Ambulatory Surgical Centers, and Others. In 2019, hospitals & clinics segment captured the largest share in the global hemostats market. A significant market share of the segment and growth is attributed to the increasing number of surgical procedures in hospitals coupled with increasing number of hospitals. Emerging nations across the globe are witnessing increasing number of hospitals. For instance, according to a study published by China National Health and Family Planning Commission, the number of private hospitals in China registered growth of around 97.0% during 2010-2015. Such staggering number of hospitals represents huge potential for adoption of better surgical equipment, which will drive the growth of hospitals in end users segment. Additionally, higher patient preference for hospitals over other healthcare facilities in order to treat chronic conditions are also anticipated to offer lucrative growth opportunity for hospital segment in global hemostats market.
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