Increase in number of surgeries across various areas such as orthopedic, gynecology, reconstructive, and cardiac and rise in various types of cancer that require surgical procedures drive the growth of the global hemostats market. However, stringent government regulations associated with the approval of hemostats impede the market growth. Moreover, new innovations by key players and rise in number of product approvals for hemostasis products are expected to generate potential opportunities for the market during the forecast period.
The global hemostats market was valued at $2.8 billion in 2021, and is projected to reach $4.7 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
COVID-19 scenario:
- The Covid-19 outbreak led to the postponement and cancellation of all non-essential medical procedures, thereby negatively impacting a huge number of healthcare systems globally.
- Decrease in number of surgical procedures hindered the growth of the hemostats market.
The report offers detailed segmentation of the global hemostats market based on type, formulation, application, and region.
Based on type, the thrombin based hemostats segment was the largest in 2021, holding nearly one-fourth of the total market. However, the combination hemostats segment is estimated to register the highest CAGR of 6.6% from 2022 to 2031.
Based on formulation, the matrix and gel hemostats segment was the largest in 2021, grabbing more than one-fourth of the global market. However, the sheet and pad hemostats segment is projected to register the highest CAGR of 6.4% in 2031.
The rise in the incidence of various diseases and increase in concern & awareness about health are the major driving factors for the growth of the surgical hemostats market. Moreover, advancements in technology along with an increase in funding in R&D boost the market growth. In addition, an increase in the number of surgeries will further fuel the market growth. However, advancements in minimally invasive surgical procedures will reduce the use of surgical hemostat and thus hamper the market growth.
Based on region, North America contributed to more than two-fifths of the total market share in 2021 and is estimated to continue its dominancy through 2031. However, Asia-Pacific is projected to manifest the fastest CAGR of 7.1% during the forecast period. The other regions analyzed in the report are Europe and LAMEA.
Leading players of the global hemostats market analyzed in the research include Baxter International Inc., B.Braun Melsungen AG, Becton Dickinson and Company, Hemostatis LLC, Integra Life Sciences Holding Corporation, Johnson and Johnson, Medtronic Plc, Pfizer Inc., Stryker Corporation, and Teleflex Incorporated.
