Pune, India, May 05, 2021 (News) — The global “hemostats market” size is expected to reach USD 5.54 billion by 2027, while exhibiting a CAGR of 6.3% between 2020 and 2027. This is ascribable to factors such as increasing prevalence of chronic disease and growing demand for technologically advanced products. Fortune Business Insights, publish this information in its latest report, titled “Hemostats Market Size, Share & Covid-19 Impact Analysis, By Product (Active Hemostats, Passive Hemostats, Combination Hemostats, and Others), By Application (Trauma, Cardiovascular Surgery, General Surgery, Plastic Surgery, Orthopedic Surgery, Neurosurgery and Others), By End User (Hospitals & ASCs, Tactical Combat Casualty Care Centers, and Others), and Regional Forecast, 2020-2027.” The report mentions that the market was worth USD 3.72 billion in 2019.
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Key Industry Developments of the Hemostats Market include:
December 2018 – An additional curved applicator was launched by Baxter International Inc. for a hemostatic agent called Floseal. This agent applies to ENT surgical procedures and is likely to help expand the sale worldwide.
June 2019 – Food and Drug Administration approved the device technology called VISTASEAL manufactured by Ethicon. This product is a next-generation device technology used for addressing moderate bleeding during surgeries.
What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
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North America to Remain Dominant: Increasing Adoption of Technologically Advanced Products to Aid Growth
Among the regions, the market in North America is expected to remain dominant and hold the highest global hemostats market revenue during the forecast period. In addition to this, the market was worth USD 1.29 billion in 2019 and is projected to witness growth owing to high adoption of technologically advanced product in the forthcoming years. Furthermore, high demand for surgical procedures in the region will favor market growth. Europe, on the other hand, is expected to be the second-most leading region during the projected horizon. This is ascribable to factors such as strong and favorable healthcare expenditure policies in the region.
Increasing Adoption of Technologically Advanced Products to Spur Demand
Today, technological advancement is propelling the introduction of innovative products that are efficient in achieving hemostasis. In addition to this, these products prove beneficial in reducing the risk of infections, while aiding in lowering down of healthcare costs largely. The several benefits of advanced hemostats is compelling the manufacturers to develop products that have improved features in containing bleeding implications during the surgical procedures. For instance, Baxter introduced TISSEL, a technologically advanced product for the fibrin sealants category that aids in faster recovery and helps to lower down medical costs.
For instance, in April 2019, Baxter announced that its latest product offering, FLOSEAL has received the US Food and Drug Administration (US FDA) approval and unveiled the product at the Association of perioperative Registered Nurses (AORN). The company is focusing on R&D to introduce a cluster of products that can be adopted by surgeons during the surgical procedures, while limiting disruptive blood complications.
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List of the Companies Operating in the Market:
- Integra LifeSciences Corporation
- CryoLife, Inc.
- BD (Becton, Dickinson and Company)
- Johnson & Johnson Services, Inc.
- Pfizer Inc.
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Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Epidemiology of Key Diseases, Key Countries, 2019
- Key Industry Developments – Mergers, Acquisitions, and Partnerships
- New Product Launches
- Global Hemostats Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Active Hemostats
- Thrombin-based Hemostats
- Fibrin Sealants
- Passive Hemostats
- Plant-based Hemostats
- Animal-based Hemostats
- Combination Hemostats
- Active Hemostats
- Market Analysis, Insights and Forecast – By Application
- Cardiovascular Surgery
- General Surgery
- Plastic Surgery
- Orthopedic Surgery
- Market Analysis, Insights and Forecast – By End User
- Hospitals & ASCs
- Tactical Combat Casualty Care Centers
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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