The global hemostat market is a fast-growing sector and is widely driven by the increasing number of surgeries acquainted with chronic disorders and the rise in the number of sports accidents among athletes and gymnasts.
According to the current analysis of Reports and Data, the hemostats market was valued at USD 2,409.4 Million in 2020 and is expected to reach USD 3,862.9 Million by the year 2028, at a CAGR of 6.2%. It is a surgical instrument that is used to control the flow of blood during surgical procedures. These surgical hemostats are used in the initial steps of surgery when an incision is performed. It can be used in various forms like sealants, topical hemostats, and mechanical instruments, which are meant for surgical use only. The major goal of a hemostat is the adhesion of wounds, to cease blood flow, and ensure rapid healing of the wound. The hemostat market is widely driven by the free fall in lifestyle due to which lifestyle-oriented diseases occur in many people. Various diseases, especially cardiovascular and orthopedic diseases, are treated through surgical procedures, which is extensively driving the market.
The number of reconstructive procedures, significantly tumor removal, has constantly been increasing. According to the American Society of Plastic Surgeons (ASPS), approximately 4.5 million tumor removal procedures were performed in 2020 in the US. The obesity epidemic is also increasing in the US, fueling the market. An annual report from the United Health Foundation stated that there had been a significant increase in the obesity rate of the U.S. by 5%. The obesity rate was recorded to be 29.9% in 2017, which increased to 31.3% in 2020. The geriatric population require critical care and are quite acquainted with surgical procedures. This population is widely affected by orthopedic surgeries due to a decrease in bone density. Therefore, the elderly population is widely driving the market.
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Market Dynamics:
The dynamics of pharma healthcare industry has drastically changed, especially during the COVID-19 outbreak as the industry faced medication and hospital bed shortage, lack of skilled healthcare professionals and unavailability of sufficient funds. According to the latest report published by reports and data, the global Hemostat market size is expected to reach in 2020 and register a robust revenue CAGR over the forecast period. Revenue growth of the market is attributed to factors such as increasing prevalence of various diseases, improving healthcare and research infrastructure, high demand for vaccine and medicine and rapidly growing pharma and healthcare sector. Other factors such as availability of advanced treatment in many multispecialty health centers, and increasing awareness about early diagnosis and treatment. In addition, growing demand for precision medicine, increasing adoption of homecare settings and telemedicine, rising literacy rate around the globe and research and development investments for developing advanced drugs and devices are expected to fuel market going ahead.
The global Hemostat market is extremely competitive and comprise various global and regional players. Johnson and Johnson, Baxter International, Pfizer, Integra Life Sciences, Z-Medica LLC, Abbott Laboratories, B. Braun Melsungen AG, CR Bard, Gelita Medical GmbH and Hemostasis LLC. are some of the key players operating in the global market. These market players are various strategies such as mergers and acquisitions, collaborations, joint ventures, collaborations, partnerships and research and development investments to strengthen their market position and expand their product base.
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For the purpose of this report, Reports and Data has segmented the global Hemostat market on the basis of type, application and region:
Hemostat Market segmentation by Types:
Product Outlook (Revenue in Million USD; 2018–2028)
- Thrombin-based hemostats
- Gelatin-based hemostats
- Collagen-based hemostats
- Combination hemostats
- Oxidized regenerated cellulose-based hemostats
Application Outlook (Revenue in Million USD; 2018–2028)
- General surgery
- Orthopedic surgery
- Cardiovascular surgery
- Reconstructive surgery
- Gynecological surgery
- Neurological surgery
- Other surgeries
Formulation Outlook (Revenue in Million USD; 2018–2028)
- Sheet pad hemostat
- Sponge hemostats
- Matrix gel hemostats
- Powder hemostat
End Use Outlook (Revenue in Million USD; 2018–2028)
- Hospitals
- Clinics
- Ambulatory centers
- Community healthcare
- Others
Regional Outlook of Hemostat Market:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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