The global market size for hemostats is predicted to be worth USD 4.85 billion by 2027 and USD 3.59 billion in 2022, growing at a CAGR of 6.20% during the forecast period.
Hemostasis is the process of blood clotting. Haemostats refer to surgical agents that regulate and control the bleeding process during surgical procedures. Blood clotting plays an essential role in many surgeries to achieve positive results and reduce blood loss. Hemostasis helps to shorten surgery time and reduces the need for blood transfusion. The importance of hemostasis has led to the development a wide range of surgical agents. Also, hemostats are surgical tools employed to control bleeding. Hemostatic agents are essential in establishing hemostasis in prehospital conditions and preventing death associated with hemorrhage. As a result, they are widely used in surgical centers, hospitals, and nursing positions. Hemostatic agents can also be used in the civil and military sectors.
Impact of COVID-19 on the global hemostats market:
The COVID-19 pandemic has disrupted many sectors in distinct ways. The novel coronavirus disease has spread to almost every country and ruined many lives, and the COIVD-19 outbreak is a boom for the hemostats market as there is an increasing number of patients. As there is an appropriate procedure for the coronavirus, healthcare providers treat patients according to symptoms. The patients affected with the COVID-19 have various symptoms. People suffering from chronic illness are likely to have a higher risk of severe symptoms. Hence, there is an increasing demand for the hemostats during the COVID-19 pandemic.
MARKET DRIVERS:
The increase in the number of surgical procedures is the vital factor that intensifies the growth of the global hemostats market.
The growing number of regulatory approvals, Y-O-Y growth in the incidence of accidents, and deficient genetic conditions are further fuelling the growth rate of the global hemostats market. As the WHO and several other international agencies recognize, hemostasis is critical in managing any surgical invention, accidents, such as cardiovascular disease, birth defects, etc. In addition, managing blood loss in patients during surgeries is also driving the hemostats market; this includes surgical hemostasis instruments such as artery forceps, clamps, mosquito forceps, staples, etc., and local hemostatic products such as alum powder, surgiseal/fibrin glue, or drugs such as injectable factor VIII. Hemostatic agents containing thrombin and collagen are superior to surgical hemostasis for controlling bleeding.
Hemostasis is widely growing owing to the rising number of cardiac surgeries, orthopedic surgeries, the high number of injuries and accidents, large population and development in R&D activities, increasing number of hospitals and surgical centers, and increasing emerging markets anticipated to create new opportunities for the global hemostats market during the forecast period. According to the American Heart Association statistics, cardiovascular disease is responsible for over 18 million deaths per year in 2086, and the number is expected to rise to over 24.2 million by 2030. Furthermore, according to a survey conducted by the WHO, the high density of surgeries performed per million inhabitants has been growing over person-years. Hence, all these factors are expected to drive market growth across the globe.
Furthermore, escalating public awareness of minimally invasive surgical procedures drives the use of certain sealants and hemostatic adhesives that contribute to global hemostats market growth. According to the 2016 American Joint Replacement Surgery, approximately 427,181 total surgeries have been reported for joint replacement surgery in the United States. Furthermore, growing incidences of chronic diseases and rising support from the government are escalating the market's growth rate. In addition, escalated R&D activities initiated by the government and private organizations to produce effective hemostatic agents, coupled with advanced technological innovations in the healthcare sector, will lead to substantial commercial benefits during the forecast period timeline.
MARKET RESTRAINTS:
However, the increase in product recalls, poor reimbursement reductions, high costs of surgical procedures, limited products available in certain underdeveloped regions, and strict administrative approvals pose enormous difficulties for developing the hemostats market. In addition, the highly consolidated market are the significant factors, among others, which is forecasted to hamper the growth of the market and further question the growth of the global hemostats market during the forecast period.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2021 to 2027 |
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Base Year |
2021 |
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Forecast Period |
2022 to 2027 |
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Segments Covered |
By Product Type, Application, Distribution Channel, End-User, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This market research report on the global hemostats market has been segmented and sub-segmented based on the product type, application, distribution channel, end-user, and region.
Hemostats Market – By Product Type:
In 2020, the thrombin-based hemostats segment accounted for the largest share in the global hemostats market and is projected to register a healthy CAGR during the forecast period. There is a wide range of applications of thrombin-based hemostats propelling the market’s growth.
The tissue sealants segment has been soaring at a higher rate for the past few years. In addition, rising investments in the development of new products are escalating the market's growth rate.
Gelatine-based topical hemostats are growing in demand because they are economical. However, they are available in powder form.
Hemostats Market – By Application:
Based on the application, the wound closure segment is estimated to hold the largest share in the global market during the forecast period due to the increasing number of minimally invasive surgeries. In addition, surgical hemostats have prominent growth opportunities during the forecast period with the growing number of surgeries associated with the rising chronic illness.
Hemostats Market – By Distribution Channel:
Hemostats Market – By End User:
Based on the end-user, the hospital segment led the market in 2021 and is predicted to be the market leader during the forecast period. Growing incidences of chronic diseases and the increasing geriatric population visiting hospitals with various health disorders are projected to propel the market's growth rate. Clinics are next to the hospital segment in accounting for a significant share in the global hemostats market. In addition, growing prominence for better diagnostics procedures among people and raising awareness over the availability of different treatment procedures are likely to promote the growth of the hemostats market.
Hemostats Market – By Region:
Geographically, the North American hemostats market accounted for the largest share in the global market in 2021 and is expected to remain at the top until the end of 2027. In this region, highly advanced healthcare systems, coupled with their ready adoption, are attributable to the aforementioned trend. As a result, the North American market for hemostats is well established, with the United States being an essential market in this region. The North American market expansion is mainly driven by the growing geriatric population and the escalating number of surgeries.
The European Hemostats market was the second-largest regional market in 2021. It forecasted a substantial share in the global market during the forecast period due to its constantly growing economy. In addition, the rising prevalence of promoting excellence in healthcare is ascribed to bolstering the demand of the European hemostats market.
The Asia Pacific hemostats market is set on a high growth trajectory in the above-mentioned forecast period. The reasons are the booming medical tourism industry, rising disposable income resulting in higher purchasing power, and rising awareness regarding better health infrastructure. The Asia Pacific is predicted to see lucrative expansion during the foreseen period due to escalated medical tourism and surgeries. Liberal policies combined with a profitable environment are the main engines of regional development. India, China, and Japan have a relatively more developed healthcare infrastructure, advanced treatments, and a large patient base. The market in Malaysia, Singapore, and other Asian countries is growing rapidly with the rise of the medical tourism industry and improving health services with the government's support.
The Latin American hemostats market is estimated to grow at a moderate CAGR from 2021 to 2026. Brazil dominated the Latin America hemostats market in 2020, and this trend is expected to continue during the forecast period. The primary factor responsible for the growth of the Brazilian market is the increasing rate of road traffic accidents in the region. According to the latest WHO data released in 2019, the number of deaths caused by traffic accidents in Brazil had reached 43,999, or 3.99% of total deaths. The age-adjusted death rate is, on average, 20.22 per 100,000 population and ranks 76th in Brazil globally. Other factors such as the developed healthcare industry, increased demand for hemostasis agents, and new product launches are expected to drive the market in Brazil. Additionally, the increasing geriatric population in the large population and unhealthy lifestyle choices will drive the market growth.
Mexico is expected to be a very lucrative market, growing at a CAGR of 5.5% during the forecast period. According to police data, Mexico recorded 14,673 road deaths in 2019, down 5.8% from 2018. The fatality rate is 11.6 deaths per 100,000 population. Mexico will grow owing to a strong presence of leading players in the region, preference for minimally invasive surgeries, rapid medical tourism, technological progress, and increased investments in research and development activities. In addition, the preference for minimally invasive surgeries has significantly increased in recent years. These factors are anticipated to allow the market to grow and generate new growth opportunities for this regional market.
The hemostats market in the MEA region is predicted to showcase a CAGR of 5.89% during the forecast period.
KEY MARKET PARTICIPANTS:
A few promising companies dominating the global hemostats market include 3M, ADCO Global, Inc., and Abbott Laboratories. Other players in the market include Advanced Medical Solutions Group, Plc., and Dymax Corporation.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Product Type
5.1.1 Introduction
5.1.2 Topical hemostats
5.1.2.1 Collagen-based topical hemostats
5.1.2.2 Oxidized regenerated cellulose-based topical hemostat
5.1.2.3 Gelatin-based topical hemostat
5.1.2.4 Thrombin-based topical hemostat
5.1.2.5 Combination topical hemostat
5.1.3 Tissue Sealants
5.1.3.1 Fibrin sealants
5.1.3.2 Protein-based sealants
5.1.4 Cyanoacrylate-based tissue adhesives
5.1.5 Adhesion prevention products
5.1.6 Y-o-Y Growth Analysis, By Product Type
5.1.7 Market Attractiveness Analysis, By Product Type
5.1.8 Market Share Analysis, By Product Type
5.2 Application
5.2.1 Wound Closure
5.2.2 Surgical Hemostats
5.2.3 Y-o-Y Growth Analysis, By Application
5.2.4 Market Attractiveness Analysis, By Application
5.2.5 Market Share Analysis, By Application
5.3 Distribution Channel
5.3.1 Direct Tenders
5.3.2 Retail
5.3.3 Y-o-Y Growth Analysis, By Distribution Channel
5.3.4 Market Attractiveness Analysis, By Distribution Channel
5.3.5 Market Share Analysis, By Distribution Channel
5.4 End User
5.4.1 Hospitals
5.4.2 Ambulatory Centers
5.4.3 Community Healthcare
5.4.4 Clinics
5.4.5 Y-o-Y Growth Analysis, By End User
5.4.6 Market Attractiveness Analysis, By End User
5.4.7 Market Share Analysis, By End User
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Product Type
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Product Type
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Product Type
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Johnson & Johnson Services, Inc.
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 C. R. Bard, Inc.
8.3 Baxter
8.4 B. Braun Melsungen Ag
8.5 Pfizer Inc.
8.6 Vascular Solutions, Inc.
8.7 Gelita Medical Gmbh
8.8 Equimedical
8.9 Integra Lifesciences Holdings Corporation
8.10 Z-Medica, LLC
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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