The global hemostats market size is expected to reach USD 5.54 billion by 2027, while exhibiting a CAGR of 6.3% between 2020 and 2027. This is ascribable to factors such as increasing prevalence of chronic disease and growing demand for technologically advanced products. Fortune Business Insights, publish this information in its latest report, titled “Hemostats Market Size, Share & Covid-19 Impact Analysis, By Product (Active Hemostats, Passive Hemostats, Combination Hemostats, and Others), By Application (Trauma, Cardiovascular Surgery, General Surgery, Plastic Surgery, Orthopedic Surgery, Neurosurgery and Others), By End User (Hospitals & ASCs, Tactical Combat Casualty Care Centers, and Others), and Regional Forecast, 2020-2027.” The report mentions that the market was worth USD 3.72 billion in 2019.
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Increasing prevalence of chronic diseases such as cardiovascular disease, cancer, accidents, and trauma, among others is surging the demand for surgical procedures across the globe. However, surgical procedures involves the risk of implications such as disruptive bleeding that result in high mortality rate among the population. A hemostat is a type of medical instrument that is effective in controlling the bleeding during several surgical operations. Furthermore, advancement in the product has enabled the surgeons to administer hemostats that control implications within a short span of time.
What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
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Increasing Adoption of Technologically Advanced Products to Spur Demand
Today, technological advancement is propelling the introduction of innovative products that are efficient in achieving hemostasis. In addition to this, these products prove beneficial in reducing the risk of infections, while aiding in lowering down of healthcare costs largely. The several benefits of advanced hemostats is compelling the manufacturers to develop products that have improved features in containing bleeding implications during the surgical procedures. For instance, Baxter introduced TISSEL, a technologically advanced product for the fibrin sealants category that aids in faster recovery and helps to lower down medical costs.
According to Fortune Business Insights, this global market comprises of several small, medium, and large companies that are trying to strengthen their position and making their presence felt. Among the companies, Baxter, Ethicon, and BD (Becton, Dickinson and Company) are dominating the global marketplace owing to innovative product launches and expansion of product offerings. Adoption of strategies such as product launches, merger and acquisition, collaboration, and partnership by the companies is anticipated to drive the market growth in the forthcoming years. Moreover, increasing focus on R&D by the players to seek Government approval for the clinical trials will favor market growth.
For instance, in April 2019, Baxter announced that its latest product offering, FLOSEAL has received the US Food and Drug Administration (US FDA) approval and unveiled the product at the Association of perioperative Registered Nurses (AORN). The company is focusing on R&D to introduce a cluster of products that can be adopted by surgeons during the surgical procedures, while limiting disruptive blood complications.
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North America to Remain Dominant: Increasing Adoption of Technologically Advanced Products to Aid Growth
Among the regions, the market in North America is expected to remain dominant and hold the highest global hemostats market revenue during the forecast period. In addition to this, the market was worth USD 1.29 billion in 2019 and is projected to witness growth owing to high adoption of technologically advanced product in the forthcoming years. Furthermore, high demand for surgical procedures in the region will favor market growth. Europe, on the other hand, is expected to be the second-most leading region during the projected horizon. This is ascribable to factors such as strong and favorable healthcare expenditure policies in the region.
The market in Asia-Pacific is likely to witness growth owing to the presence of large pool of patients that require surgical procedures. Moreover, increasing impetus on novel product launches by the companies in the region will aid in the market growth between 2020 and 2027.
List of the Companies Operating in the Market:
- Integra LifeSciences Corporation
- CryoLife, Inc.
- BD (Becton, Dickinson and Company)
- Johnson & Johnson Services, Inc.
- Pfizer Inc.
By Product Type
- Active Hemostats
o Thrombin based Hemostats
o Fibrin Sealants
- Passive Hemostats
- Combination Hemostats
- Cardiovascular Surgery
- General Surgery
- Plastic Surgery
- Orthopedic Surgery
- Others (OBGYN, Urology, transplant, etc.)
By End User
- Ambulatory Surgical Centers
- Tactical Combat Casualty Care Centers
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East and Africa ( South Africa, GCC, and Rest of the Middle East & Africa)
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