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North America Hemostats Market Research Report - Segmented By Product Type, Application, Distribution Channel and Country (The U.S., Canada and Rest of North America) - Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2023 to 2028)

Published: March, 2023
ID: 4990
Pages: 145
Formats: report pdf report excel report power bi report ppt

North America Hemostats Market Size (2023 to 2028)

The size of the North American Hemostats market has been predicted at USD 1.30 billion in 2023. It is expected to grow at a CAGR of 5.9% and be worth USD 1.83 billion by 2028. It captures 35% of the global market share.

The increasing number of surgical procedures performed, the increased focus on R&D, the rising prevalence of sports-related injuries and spinal disorders, and the expanding emphasis on effective blood loss control in patients during surgeries are expected to promote the growth rate of the North American hemostats market. The hemostats market is at an all-time high, caused by an increase in patients suffering from chronic ailments. In addition, the rise in unhealthy lifestyles, combined with technical improvements in the healthcare industry, is expected to drive up demand for hemostats, boosting the market significantly.

Furthermore, the government's reimbursement rules have had a positive impact on the industry. Tissue sealants, tissue adhesives, and adhesion avoidance solutions replace traditional sutures for wound and incision closure. The rising medical tourism sector, increasing purchasing power, rapidly expanding healthcare infrastructure, and increased public awareness of healthcare practices are expected to favor the North American hemostats market’s growth during the forecast period. In addition, increasing market research and development activities, an increase in the number of hospitals and surgical centers, and an increase in emerging markets are expected to provide new growth possibilities for the market.

In addition, nano- and micro-materials are being used to treat uncontrolled hemorrhage and internal bleeding. Advanced laparoscopic hemostats have also been introduced to the market, aiming to improve the quality of surgical operations while also allowing for less invasive treatments. Hemostats have several advantages, including shorter surgical times, less infection risk, and a lower risk of consequences from excessive bleeding. Hemostats aid in the establishment of hemostasis in pre-hospital situations and the prevention of hemorrhage-related fatalities.

The use of hemostats is predicted to be hampered by the adverse effects and allergic reactions they cause. The high cost of hemostats, government laws and regulations, and the need for skilled specialists are expected to restrict the North American hemostats market growth. In addition, Hemostats must be handled by trained personnel since poor artery closure during surgical procedures might result in continued bleeding or ischemia. In addition, product recalls are on the rise. The market is highly consolidated, among other things, which is estimated to hamper the market’s growth rate and make the hemostats market even more challenging to grow.

This research report on the North American hemostats market has been segmented and sub-segmented into the following categories:

By Product Type: 

  • Topical Hemostats
  • Tissue Sealants
  • Cyanoacrylate-based Tissue Adhesives
  • Adhesion Prevention Products

By Application: 

  • Wound Closure
  • Surgical Hemostats

By Distribution Channel: 

  • Direct Tenders
  • Retail

By Country: 

  • The United States
  • Canada
  • Rest of North America

Geographically, the North American hemostats market accounted for the largest share in 2020 in the global and is expected to remain at the top till the end of 2027. Highly advanced healthcare systems in this region, coupled with their ready adoption, are the factors attributable to the observable trend mentioned above. The growing elderly population, the increasing number of procedures conducted in the region, and the strong presence of significant market participants in this region contribute to North America's substantial share. The economies of the United States and Canada are included mainly by the North American regional market. Because of their cost-effectiveness, the number of outpatient procedures conducted in hospital settings has increased. As a result, hemostats have become more popular as an alternative to standard wound closure methods in various situations, including endoscopic treatments. The market for hemostats in the United States is the fastest-growing in the area, with the largest market share. This can be linked to the increased need to prevent patients from bleeding after surgery.

KEY MARKET PLAYERS:

A few notable companies playing a dominant role in the North American hemostats market profiled in this report are 3M, ADCO North America, Inc., Abbott Laboratories. Other players in the market include Advanced Medical Solutions Group, Plc. and Dymax Corporation.

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