The Hemostats Market is expected to grow at a CAGR of 6.4% By 2023 says Market Research Future (MRFR). Hemostasis is the course of blood clotting. Blood clotting plays a vital role in various surgeries by achieving positive outcomes with the reduction of blood loss. This clotting process reduces the surgery time and the need for blood transfusion. Thus, hemostats are surgical instruments used to regulate the bleeding during surgery. Hemostats are also used for oozing out venomous bleeds, bone bleeding, and others.
The scope of hemostats is growing rapidly with technological advancements and a growing number of surgeries. Also, growth in a number of hospitals and healthcare facilities, and initiatives taken by the government are the major factors driving the growth of the hemostats market. However, the high cost of hemostats, government’s rules and regulations and lack of skilled professionals is expected to hamper the growth of hemostats market.
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Hemostats Market Segmentation
The global hemostats market has been segmented on the basis of product type, instrument type, application, and end-user.
On the basis of product type, the market has been classified as thrombin-based, combination based, oxidized regenerated cellulose-based, gelatin based, collagen-based hemostat, tissue sealants, cyanoacrylate-based tissue adhesives, adhesion prevention products. The tissue sealants have been segmented into fibrin sealants, protein-based sealants. On the basis of instrument type, the market has been classified as halstead mosquito hemostatic forceps, kelly and crile hemostatic forceps, and rochester-carmalt hemostatic forceps. On the basis of application, the market has been classified as cardiovascular surgery, general surgery, gynecological surgery, reconstructive surgery, neurological surgery, orthopedic surgery, and other surgeries. On the basis of end-users, the market has been classified as hospitals, clinics, ambulatory surgery centers, community healthcare, and others.
Hemostats Market Regional Analysis
The Americas is projected to lead the hemostats market in the forecast period. Rising rate in a number of diseases due to various factors such as a change in lifestyle, rising geriatric population and others contribute majorly to the growth of the market. Increasing healthcare awareness, advancement in technology, medical tourism, and an increase in disposable income are some other factors that boost the growth of the market. According to the United States Center for Disease Control and Prevention, around 45% of the American population is suffering from at least one chronic condition demanding critical care.
The European market is expected to hold the second largest market share. Introduction of technologically advanced hemostat products such as FLOSEAL, HEMOPATCH, and TISEEL is projected to boost the demand for these products in the European market. The European hemostats market is anticipated to be driven due to the increase in the elderly aged population, which is expected to ultimately lead to a higher number of surgeries. The European market is projected to grow because of the increase in elderly population, growing prevalence of diabetes, and heart rhythm problems in the region.
Asia-Pacific was projected to be the fastest growing region for the global hemostats market in 2018. The market is expected to witness growth owing to the rising patient population, changing lifestyle, and growing elderly population. This is expected to provide favorable backgrounds for the market to grow.
The Middle East and Africa accounts for the least share due to stringent government policies and low per capita income.
Hemostats Market Key Players
Some of the key players in the global hemostats market are 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), Anika Therapeutics, Inc. (US), Stryker (US), and Integra Lifesciences Corporation (US).
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