(PharmaNewsWire.Com, June 05, 2020 ) Growth in this market is driven by the increasing number of surgical procedures, growing number of regulatory approvals, increasing incidence of sports-related injuries and spinal ailments, and rising focus on effective blood loss management in patients during surgeries.
In addition, the emerging markets and growth in the number of hospitals and surgical centers are expected to offer further growth opportunities for players operating in the hemostats market. On the other hand, high cost of hemostats and dearth of skilled professionals are expected to hinder the growth of this market.
How much is the Hemostats Market worth?
The global hemostats market is expected to reach USD 3.03 billion by 2023 from USD 2.27 billion in 2018, at a CAGR of 6.0% during the forecast period. Growth in the market is majorly driven by the growing geriatric population and increasing number of surgeries in the region. North America is expected to register the highest growth rate during the forecast period mainly due the growing geriatric population and increasing number of surgeries in the region.
The thrombin-based hemostats segment is expected to account for the largest share of the market in 2018.
Based on product, the hemostats market is segmented into thrombin-based hemostats, oxidized regenerated cellulose-based hemostats, combination hemostats, gelatin-based hemostats, and collagen-based hemostats.
Of all these product segments, the thrombin-based hemostats segment is expected to account for the largest share of the global hemostats market in 2018. The large share of this market segment can primarily be attributed to the wide range of advantages associated with the use of thrombin-based hemostats.
In 2018, the orthopedic surgery segment is expected to dominate the hemostats market
On the basis of application, the hemostats market is segmented neurological surgery, cardiovascular surgery, general surgery, orthopedic surgery, gynecological surgery, reconstructive surgery, and other surgeries. The orthopedic surgery segment is expected to account for the largest share of the hemostats market in 2018.
The growing geriatric population, increasing incidence of sports injuries, and the growing prevalence of lifestyle disorders (such as arthritis, osteoporosis, and obesity) are some of the major factors responsible for the growth in the number of orthopedic surgeries performed globally. The growing number of orthopedic surgeries is in turn expected to support the growth of dependent markets, such as the hemostats market for orthopedic applications.
Based on formulation, the hemostats market is further segmented into matrix & gel hemostats, sheet & pad hemostats, sponge hemostats, and powder hemostats.
Based on formulation, the hemostats market is further segmented into matrix & gel hemostats, sheet & pad hemostats, sponge hemostats, and powder hemostats. In 2018, the matrix & gel hemostats segment is expected to account for the largest share of the hemostats market.
The large share of this market segment can primarily be attributed to the advantages associated with the use of these formulations, such as lightweight and ease of use. Sponge hemostats, on the other hand, are expected to witness the highest growth in the market during the forecast period. Market growth can largely be attributed to the growing acceptance of these formulations by end users.
This report covers the market across four major geographies, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Of the four geographic regions studied in the report, North Americais expected to register the highest growth rate during the forecast period mainly due the growing geriatric population and increasing number of surgeries in the region.
Geographically, the medical tapes and medical bandages market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2018, North America is expected to account for the largest share of the global hemostats market.
The hemostats market in North America is well-established, with the US being a major market in this region. Growth in the North American market is majorly driven by the growing geriatric population and increasing number of surgeries in the region.
Leading Companies
CR Bard, Inc. (US), B. Braun Melsungen AG (Germany), Baxter International, Inc. (US), Integra LifeSciences (US), Marine Polymer Technologies, Inc. (US), Teleflex (US), Ethicon, Inc. (US), Pfizer, Inc. (US), Z-Medica LLC (US), and Gelita Medical GmbH (Germany).
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