(PharmaNewsWire.Com, April 09, 2024 ) According to the latest analysis by Virtue Market Research in 2023, the Global Hemostats Market was valued at $3.0 Billion, and is projected to reach a market size of $5 Billion by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 6.6%.
The global hemostats market is experiencing steady growth, driven by various long-term and short-term factors. One of the long-term market drivers is the increasing prevalence of chronic diseases and surgeries requiring hemostatic agents. These agents help control bleeding during surgical procedures, reducing the risk of complications and improving patient outcomes. However, the COVID-19 pandemic has had a mixed impact on the market. While the pandemic has led to an increase in surgical procedures, particularly in the treatment of COVID-19 patients, it has also disrupted supply chains and affected the production and distribution of hemostatic agents.
In the short term, one of the key market drivers is the growing demand for minimally invasive surgical procedures. Hemostatic agents play a crucial role in these procedures, helping to control bleeding without the need for traditional sutures or staples. This trend is driven by factors such as faster recovery times, reduced post-operative pain, and lower risk of infection. Additionally, one opportunity in the market is the increasing adoption of advanced hemostatic agents. These agents, which include products such as fibrin sealants and thrombin-based hemostats, offer faster and more effective hemostasis compared to traditional methods. This trend is driven by the need for improved patient outcomes and reduced healthcare costs.
One trend observed in the hemostats market is the growing focus on product development and innovation. Companies are investing in research and development to introduce new and improved hemostatic agents. These agents are designed to be more effective, easier to use, and safer for patients. Additionally, companies are focusing on expanding their product portfolios through acquisitions and partnerships. This trend is driven by the need to differentiate products in a competitive market and meet the evolving needs of healthcare providers and patients.
Segmentation Analysis: The global Hemostats Market segmentation includes: By Type: By Type: Active: Thrombin Based Hemostat, Bovine Thrombin,Pooled Human Plasma Thrombin,Recombinant Thrombin. Passive: Collagen Based Hemostats, Microfibrillar Collagen Hemosta, Absorbable Collagen Hemostat Sponge,Oxidized Regenerated Cellulose, Gelatins,Polysacchride Hemospheres Flowable: Bovine Gelatin + Pooled Human Thrombin, Bovine Gelatin + Other Thrombin Products,Others Sealants:Fibrin Sealants,Synthetic Sealants,Others, Adhesives: Polyethylene Glycol Hydrogels (PEG),PEG + Trilysine Amine,PEG + Human Serum Albumin,Liquid Monomers. The largest segment in the global hemostats market by type is the passive hemostats segment, which includes collagen-based hemostats, microfibrillar collagen hemostats, absorbable collagen hemostat sponges, oxidized regenerated cellulose, gelatins, polysaccharide hemospheres, and others. This segment is driven by factors such as their effectiveness in controlling bleeding and their wide range of applications in various surgical procedures. The fastest-growing segment is the flowable hemostats segment, which includes products such as bovine gelatin + pooled human thrombin, bovine gelatin + other thrombin products, and others. This segment is expected to witness rapid growth due to the increasing demand for easy-to-use and quick-acting hemostatic agents in surgical procedures.
By Treatment: Cardiac surgery, Vascular procedures, Soft tissue reconstructions, Spinal procedures, Hepatic resection, Others. In terms of treatment, the largest segment is cardiac surgery, driven by the increasing prevalence of cardiovascular diseases and the growing number of cardiac surgeries performed worldwide. The fastest-growing segment is soft tissue reconstructions, which is expected to witness significant growth due to the rising number of soft tissue reconstruction procedures and the increasing adoption of advanced hemostatic agents in these procedures.
By Application: Orthopedic Surgery, General Surgery, Neurological Surgery, Cardiovascular Surgery, Reconstructive Surgery, Gynecological Surgery, Other Surgeries. The largest segment in terms of application is orthopedic surgery, driven by the high prevalence of orthopedic disorders and the increasing number of orthopedic surgeries performed globally. The fastest-growing segment is gynecological surgery, which is expected to witness rapid growth due to the increasing awareness about gynecological disorders and the growing demand for minimally invasive surgical procedures in gynecology.
By End-User: Hospitals, Surgery Centres, Nursing Homes, Others. In terms of end-user, the largest segment is hospitals, driven by the increasing number of surgeries performed in hospitals and the growing demand for advanced hemostatic agents in surgical procedures. The fastest-growing segment is surgery centers, which are expected to witness rapid growth due to the increasing number of outpatient surgeries and the growing demand for specialized surgical services in these centers.
Regional Analysis: Regionally, North America is dominating the hemostats market globally, driven by factors such as the increasing elderly population and the rising number of surgeries implemented in the region. The U.S. is dominating the hemostats market in North America, with Canadian hemostats market also showing considerable growth. Europe is the second most leading region in the global hemostats market, with high expenditure on healthcare leading to increasing demand for advanced technological products. The Asia-Pacific region is projected to have significant growth, owing to factors like the hiking patient population and the growing number of new product launches. Latin America and the Middle East & African region are also expected to have significant growth in the hemostats market, driven by factors such as quick product launches and rising mergers and acquisitions.
Latest Industry Developments: 1. Focus on Product Innovation: Companies in the hemostats market are increasingly focusing on product innovation to enhance their market share. This trend is driven by the need to differentiate products in a competitive market and meet the evolving needs of healthcare providers and patients. Recent developments include the introduction of advanced hemostatic agents with improved efficacy and safety profiles, as well as the development of new delivery systems for more convenient and efficient use.
2. Strategic Collaborations and Partnerships: Another trend in the hemostats market is the increasing number of collaborations and partnerships between companies. These collaborations often involve technology sharing, joint research projects, and access to new markets. Recent examples include partnerships between hemostat manufacturers and healthcare providers to conduct clinical trials and gather real-world evidence on the effectiveness of their products, as well as collaborations between manufacturers and distributors to expand their reach in emerging markets.
3. Expansion into Emerging Markets: Companies in the hemostats market are also focusing on expanding their presence in emerging markets to capitalize on the growing demand for hemostatic agents in these regions. This trend is driven by factors such as increasing healthcare spending, a growing patient population, and favorable regulatory environments. Recent developments include the establishment of manufacturing facilities and distribution networks in emerging markets, as well as the introduction of new products tailored to the needs of these markets.
About Us: Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.
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