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. North America is projected to grow at the highest CAGR during the forecast period. 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.
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Furthermore, increasing number of surgical procedures, growing number of regulatory approvals, increasing incidence of sports-related injuries and spinal ailments growth opportunities for player operating in the market. On the other hand, high cost of hemostats and dearth of skilled professionals are expected to hinder the growth of this market.
Based on applications, the hemostats market is segmented into neurological surgery, cardiovascular surgery, general surgery, orthopedic surgery, thoracic surgery, gynecological surgery, urological surgery, and reconstructive surgery. 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 product, 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 is expected to account for the largest share of the 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.
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.
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Which are the key players in the Hemostats market and how intense is the competition?
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).
In June 2017, the Johnson & Johnson launched SURGICEL powder, a new absorbable adjunctive hemostat.
In March 2018, the Baxter International acquired two hemostat and sealant products from Mallinckrodt plc to strengthen its existing product portfolio in the market.
In April 2017, Baxter International introduced new innovative product designs for its Floseal and Tisseel hemostatic product lines.
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