Flowable Hemostats Market: Introduction
According to the report, the global flowable hemostats market was valued at ~US$ 700 Mn in 2018 and is projected to expand at a CAGR of ~6% from 2019 to 2027. Flowable hemostatic agents are thick, flowable consistency products, comprising two chief components, active and passive, which convert fibrinogen to fibrin at the site of bleeding. The passive component is either bovine or porcine gelatin, while the active component is thrombin. Thrombin addition to gelatin may not be required in certain cases. Flowable hemostats are considered highly efficacious in achieving hemostasis due to the combined effect of these constituents.
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Advantages Offered by Advanced Hemostasis Products to Drive Market
Rise in adoption of advanced products, economic growth, and increase in awareness among people are projected to drive the global flowable hemostats market during the forecast period. Ease of use and handling and general clinical utility are anticipated to double the global sales of advanced hemostatic products in the near future. In developed countries in Asia (Japan, Australia, and South Korea), sales of advanced hemostatic products are exceptionally high presently and are anticipated continue to increase in the near future due to the rapidly expanding market for advanced hemostasis in China.
Bovine Gelatin to Dominate Global Market
In terms of material, the global flowable hemostats market has been bifurcated into porcine gelatin and bovine gelatin. The bovine gelatin segment held larger market share in 2018 and the trend is expected to continue during the forecast period. Baxter’s Floseal has been in the market for quite a long time and is the major flowable hemostat used globally. Flowable hemostats are commonly used in spine surgery as well as cardiovascular surgery for anastomotic sealing. Ethicon US, LLC.’s Surgiflo and Baxter Healthcare’s Floseal are the leading flowable hemostatic agents in the market. Surgiflo contains porcine gelatin and can be mixed with thrombin, while FloSeal contains bovine gelatin matrix and human pooled plasma thrombin.
Baxter’s FloSeal and Teleflex’s D-Stat Flowable contain bovine gelatin matrix and pooled plasma thrombin. Flowable hemostats are considered highly efficacious in achieving hemostasis due to the combined effect of these constituents.
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Vascular and Orthopedic Surgeries to be Highly Lucrative Applications
Based on application, the global flowable hemostats market has been classified into general surgery, cardiac surgery, vascular surgery, neuro & spine surgery, orthopedic surgery, and others. The general surgery segment accounted for major share of the global flowable hemostats market in 2019. This can be attributed to the fact that flowable hemostats have proven to be quite effective in attaining hemostasis in different general surgeries including large resections and laparoscopic procedures, and reduce postoperative complications considerably. Flowable hemostats are known to be excellent tools in orthopedic and trauma surgery and aid hemostasis, allow tissue fixation, enhance flexibility of implant material, and stimulate fibroblast growth.
North America to Dominate Global Market
In terms of region, the global flowable hemostats market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global flowable hemostats market in 2019, followed by Europe. North America was the largest market for hemostasis products, owing to the rise in the number of patients, increase in the geriatric population, and surge in trauma cases. Asia Pacific is likely to be the most promising market during the forecast period due to rise in healthcare expenditure, economic growth, and large population of underserved patients.
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Competition Landscape
Major players operating in the global flowable hemostats market are Johnson & Johnson, Baxter International, Inc., and Teleflex Incorporated.
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