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.
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The hemostats market by product is segmented into thrombin based hemostats, combination hemostats, oxidized regenerated cellulose based hemostats, gelatin based hemostats, and collagen based hemostats. In 2019, the thrombin based hemostats segment held a largest market share of the hemostats market. This segment is also expected to dominate the market in 2027. The large share of thrombin based hemostats can be attributed to various advantages offered by these hemostats, deep market penetration and variety of products offered by multiple players to suit diverse medical application. On the other hand, the combination hemostats segment is anticipated to witness the highest growth rate during the forecast period. Certain factors such as effectiveness of the hemostats in lesser time and better efficient blood clotting are expected to drive the segment growth.
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.
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.
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.
The report segments the global hemostats market as follows:
Global Hemostats Market – By Product
Global Hemostats Market – By End User
Global Hemostats Market – By Geography
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