Hemostats Market is Expected to Reach $3.7 billion | MarketsandMarkets.
MarketsandMarkets Research Pvt. Ltd.
7 min read
MarketsandMarkets Research Pvt. Ltd.
Chicago, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Hemostats market in terms of revenue was estimated to be worth $2.7 billion in 2023 and is poised to reach $3.7 billion by 2028, growing at a CAGR of 6.7% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Hemostats play a crucial role in controlling bleeding during surgical procedures. Considering the severe effects of post-surgery adhesion formation in patients, the importance of products such as hemostats is increasing in the market.
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Formulation, Application, and Region
Geographies Covered
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunity
Growth opportunities in emerging economies
Key Market Driver
Growing volume of surgical procedures performed
Over the years, the hemostats market has witnessed significant technological advancements. In recent years, the hemostats market has witnessed a remarkable surge in novel advancements, revolutionizing the way we manage bleeding and promote surgical hemostasis. The future holds promise for the development of new hemostatic agents to address bleeding disorders and other related medical conditions. Ongoing research and advancements in medical science are paving the way for innovative solutions that are more effective, safer, and tailored to individual patient needs. Also, continuous advancements in hemostats in terms of productivity, ease of use, and improved workflows have generated significant interest among research laboratories and other end users. This has increased the adoption of hemostats.
Based on type, the global hemostats market is segmented into oxidized regenerated cellulose-based hemostats, thrombin-based hemostats, combination hemostats, gelatin-based hemostats, collagen-based hemostats, and other hemostats. In 2022, the oxidized regenerated cellulose-based (ORC) hemostats segment dominated the hemostats market. The cost-effectiveness of ORC-based hemostatic agents, relative to their clinical benefits, is a key factor contributing to their market dominance.
Based on formulation, the hemostats market is segmented into matrix & gel hemostats, sheet & pad hemostats, sponge hemostats, and powder hemostats. In 2022, the matrix & gel hemostats segment account for the largest share of the hemostats market due to their widespread adoption driven by their well-rounded efficacy and ease of application.
The global hemostats market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. During the forecast period, the Asia Pacific market is estimated to experience the highest CAGR. Many countries in the Asia Pacific region have been experiencing steady growth in healthcare expenditure. Growth in this market can be attributed to the increasing prevalence of chronic conditions, the growing per capita income, the expansion of private-sector hospitals to rural areas in various APAC countries, and the presence of high-growth markets in the region.
In August 2023, Teleflex Incorporated (US) received US FDA clearance for the expanded indication for QuikClot Control+ in cardiac surgical procedures.
In July 2023, Baxter International (US) launched its PERCLOT Absorbable Hemostatic Powder in the US. This will allow the company to provide surgeons with a full range of active and passive hemostatic products for bleeding control, helping to optimize care for patients.
In December 2020, Teleflex (US) acquired Z-Medica, LLC (US), a medical device company that manufactures and sells hemostatic (hemorrhage control) products.
In March 2020, Ethicon announced the strategic regional launch of the SURGICEL Powder Absorbable Hemostat in Australia, New Zealand, and Thailand.
In December 2019, Advanced Medical Solutions Group (UK) acquired Biomatlante (France), a well-established international developer and manufacturer of innovative surgical biomaterial technologies.
Key Stakeholders:
Senior Management
End User
Finance/Procurement Department
R&D Department
Report Objectives:
To define, describe, and forecast the hemostats market by type, formulation, application, and region
To forecast the size of the hemostats market with respect to five regional segments: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
To provide detailed information regarding the major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
To analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall hemostats market
To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
To profile the key players in the hemostats market and comprehensively analyze their market shares and core competencies in terms of market developments and growth strategies
To track and analyze competitive developments such as product launches, agreements, collaborations, partnerships, and acquisitions in the hemostats market
To benchmark players within the hemostats market using the Company Evaluation Matrix framework, which analyzes market players on various parameters within the broad categories of business strategy, market share, and product offerings
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