PUBLISHER: The Business Research Company | PRODUCT CODE: 1425533
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425533
Hemostats Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hemostats market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hemostats? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hemostats market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A hemostat is a surgical tool employed in various surgical procedures to control or compress bleeding vessels, facilitating the treatment of wounds and aiding in visualizing deeper regions during surgeries.
There are several types of hemostats, including thrombin-based hemostats, oxidized regenerated cellulose-based hemostats, combination hemostats, gelatin-based hemostats, and collagen-based hemostats. Thrombin-based hemostats are used to control and reduce blood loss during surgical procedures, either in conjunction with or as an alternative to traditional surgical techniques. Thrombin is an enzyme that breaks down fibrinogen into fibrin, promoting blood clotting. Examples of active hemostats include topical (bovine) thrombin (Thrombin-JMI), topical (human) thrombin (Evithrom), and topical (recombinant) thrombin (Recothrom). They are available in various forms, such as active hemostats, passive hemostats, combination hemostats, and others. Formulations include matrix and gel hemostats, sheet and pad hemostats, sponge hemostats, and powder hemostats. These hemostats find applications in orthopedic surgery, general surgery, neurological surgery, cardiovascular surgery, reconstructive surgery, gynecological surgery, and other medical procedures.
The hemostats market research report is one of a series of new reports from The Business Research Company that provides hemostats market statistics, including hemostats industry global market size, regional shares, competitors with a hemostats market share, detailed hemostats market segments, market trends and opportunities, and any further data you may need to thrive in the hemostats industry. This hemostats market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The hemostats market size has grown strongly in recent years. It will grow from $3.17 billion in 2023 to $3.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to surgical advancements, a rising geriatric population, the prevalence of chronic diseases and coagulation disorders, and the expansion of cardiovascular surgeries with applications in orthopedics.
The hemostats market size is expected to see strong growth in the next few years. It will grow to $4.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The projected growth in the forecast period can be attributed to factors such as emergency preparedness and pandemic response, the ongoing development of global healthcare infrastructure, a growing demand for minimally invasive surgeries, expanding applications in various medical specialties, and an increased focus on biocompatibility. Major trends expected in this period include ongoing product innovations, advancements in hemostatic technologies, and a continued emphasis on minimally invasive surgical approaches within the medical industry.
The hemostat market is witnessing substantial growth, primarily fueled by a notable increase in surgical procedures. Surgical interventions, encompassing invasive treatments for pathological conditions, rely heavily on hemostats to prevent excessive blood loss during operations. A report from the American Academy of Facial Plastic and Reconstructive Surgery (AAFPRS) in February 2022 highlighted a significant surge in surgical and non-surgical procedures in 2021, with an average increase of 600 procedures compared to 2020. This surge underscores the growing demand for hemostats in various surgical settings, contributing to the overall expansion of the hemostat market.
The hemostat market is poised for further growth, driven by government initiatives aimed at providing free surgeries. Free surgeries, performed without charging patients, alleviate the treatment burden on the economically disadvantaged. A survey conducted in tertiary care hospitals across India, as reported in a May 2022 article on PubMed, revealed a significant impact. Approximately 41.7% of respondents performed both laparoscopic and open procedures equally, demonstrating the diverse application of hemostats. The surge in surgical demand, especially with the trend toward hemostat usage, emphasizes the pivotal role of government initiatives in propelling the hemostat market's growth.
Technological advancement emerges as a key trend shaping the hemostat market, with major companies investing in new technologies and research and development efforts. Baxter, a prominent US-based healthcare company, exemplifies this trend through the launch of PERCLOT Absorbable Hemostatic Powder in March 2022. This passive, absorbable hemostatic powder is designed for patients with intact coagulation to address mild bleeding, providing surgeons with a versatile tool for bleeding control. The emphasis on technological innovation highlights the commitment to optimizing patient care and expanding the range of hemostatic solutions.
Major companies in the hemostat market are strategically engaging in partnerships and collaborations, particularly with start-ups and mid-sized companies, to enhance their product and service offerings. In May 2023, Olympus, a Japan-based manufacturer of optics and reprography products, expanded its partnership with Endoclot, a US-based medical device company. This collaboration aims to launch hemostatic agents, contributing to safe treatment in gastrointestinal procedures. By entering strategic partnerships, companies like Olympus seek to broaden their product portfolios and geographical reach, ultimately elevating the standard of care and improving patient outcomes in the hemostat market.
In July 2021, Baxter, a U.S.-based healthcare company, successfully acquired CryoLife, Inc for $60.8 million. This strategic move aims to further strengthen Baxter's PerClot portfolio, enhancing its capability to optimize patient care by addressing a broad spectrum of intraoperative bleeding. The acquisition positions Baxter to provide comprehensive solutions for both active and passive hemostasis, empowering surgeons to choose the most suitable product for specific bleeding scenarios. CryoLife, Inc., operating as a subsidiary of Artivion Inc., is a U.S.-based distributor specializing in cryogenically preserved human tissues, primarily for cardiac and vascular transplant applications.
Major companies operating in the hemostats market report are C. R. Bard Inc., B. Braun Melsungen AG, Baxter International Inc., Integra LifeSciences Corporation, Marine Polymer Technologies Inc., Pfizer Inc., Becton Dickinson and Company, Teleflex Incorporated, Medtronic PLC, Hemostasis LLC, Stryker Corporation, Advanced Medical Solutions Group PLC, Samyang Holdings Corporation, Gelita Medical GmbH, Dilon Technologies Inc., Mallinckrodt PLC, CryoLife Inc., CuraMedical B.V., Meril Life Sciences Pvt. Ltd., Beijing Datsing Bio-Tech Co. Ltd., Zhonghui Shengxi (Beijing) Medical Technology Co. Ltd., Curasan AG, Biotemed Inc., Biom'up SA, Shandong Foryou Medical Devices Co. Ltd., Z-Medica LLC, Anika Therapeutics Inc., Metalcraft Solutions Inc., MC Squared Medical Inc., The Ohio Broach & Machine Co., and Unity Tool Inc.
North America was the largest region in the hemostats market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hemostats market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the hemostats market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The hemostat market consists of sales of cellulose based and thrombin-based hemostats. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.