(PharmaNewsWire.Com, August 19, 2021 ) The research study involved four major activities in estimating the current size of the Hemostats market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Growth in this market is driven by the growing volume of surgical procedures performed, rising focus on R&D, increasing incidence of sports-related injuries and spinal ailments, and rising focus on effective blood loss management in patients during surgeries. However, side effects and allergic reactions associated with hemostats are expected to hamper the adoption of these products.
Revenue Growth Analysis:
[230 Pages Report] The global Hemostats market size is projected to reach USD 3.5 billion by 2026 from USD 2.6 billion in 2021, at a CAGR of 6.1% during the forecast period.
Browse and in-depth TOC on "Hemostats Market"
186 – Tables
48 – Figures
230 – Pages
The Thrombin-based hemostats segment is expected to grow at the highest CAGR during the forecast period
By type, the Hemostats market is segmented into thrombin-based hemostats, oxidized regenerated cellulose-based hemostats, combination hemostats, gelatin-based hemostats, and collagen-based hemostats. The thrombin-based hemostats segment accounted for the largest share in the hemostats market in 2020. The large share of this segment can primarily be attributed to the advantages associated with the use of thrombin-based hemostat.
The Matrix & gel hemostats segment of Diagnostic Devices accounted for the largest share of the Hemostats market in 2020
Based on formulation, the hemostats market is segmented into matrix & gel hemostats, sheet & pad hemostats, sponge hemostats, and powder hemostats. In 2020, the matrix & gel hemostats segment accounted for the largest share of the hemostats market. The large share of this segment can be attributed to the advantages associated with these hemostats, such as easy application, biocompatibility, and cost-effectiveness. On the other hand, the sponge hemostats segment is expected to witness the highest growth in the market during the forecast period due to the growing acceptance of these formulations by end users.
North America accounted for the largest share of the Hemostats market in 2020
Based on the region, Hemostats market is segmented into five major regional segments, namely, North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In 2020, North America accounted for the largest share of the Hemostats market, followed by Europe. The large share of North America is majorly driven by the growing geriatric population and the increasing number of surgeries performed in the region and the strong presence of major market players in this region.
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Key Players
Some of the major players operating in this market are C.R. Bard (US), Baxter (US), Teleflex Incorporated (US), Ethicon (Subsidiary of Johnson & Johnson) ( US), Medtronic plc (Ireland), B. Braun Melsungen AG (Germany), Pfizer (US), etc. In 2020, Ethicon (Subsidiary of Johnson & Johnson) ( US) held the leading position in the market. The company has a strong geographic presence across the US, Asia, Europe, Middle East and Africa, & the Americas. Moreover, the company’s strong brand recognition and comprehensive product portfolio in the Hemostatsmarket is its key strength. Baxter (US) held the second position in the Hemostatsmarket in 2020.
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