Hemostats Market Size is Forecast to Reach $  4.7 Billion by 2027

SHARE THIS ARTICLE

New York, United States: The Report on Hemostats Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Hemostats Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors.

The global Hemostats market gathered revenue around USD 2.0 Billion in 2020 and market is set to grow USD 4.7 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 7.1% during the prediction period 2021 to 2027.

Overview of Hemostats Market Study

Hemostats market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

Get your Customized Research Report@ https://www.novaoneadvisor.com/report/customization/5157

Growth Factors:

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.

Global HemostatsMarket Dynamics

Driver: Growing Volume Of Surgical Procedures Performed

Adhesion formation is a major post-surgical complication, which results in healthcare complications and generally requires repeat surgeries for the treatment of affected patients. Post-surgical adhesion formation leads to different complications in different surgeries, such as severe abdominal pain in the case of abdominal surgeries, infertility in women after gynecological surgeries, and physical impairment of patients after neurological surgeries. Considering the severe effects of post-surgery adhesion formation in patients, the importance of products such as adhesion barriers is increasing in the market.

Over the years, there has been a significant rise in the number of surgical procedures performed across the globe. According to WHO estimations (2019), approximately 235 million major surgical procedures are undertaken worldwide every year. This is attributed to the growing prevalence of obesity and other lifestyle diseases, the rising geriatric population, the increasing prevalence of orthopedic conditions, and the increasing incidence of spinal and sports-related injuries.

According to the Heart and Circulatory Disease Statistics 2019 from the British Heart Foundation (UK), there has been a significant increase in the number of cardiac surgical procedures such as angioplasty and aortic valve replacement in the UK over the last decade, and this trend is expected to continue in the coming years.

Opportunity: Growth In The Number Of Hospitals & Surgical Centers

The number of hospitals and surgical centers is increasing in both developed and emerging countries. The demand for surgical equipment (including medical devices such as hemostats) is high in these newly established surgical centers and hospitals, owing to the increasing patient population base. For instance, in October 2020, the Prime Minister of the UK announced plans of investing USD 4.3 billion for 40 hospitals and certain schemes for future funding for 48 hospitals by 2030. In addition, in March 2021, Steward Health Care announced plans to construct a new hospital in Washington County.

Over the last decade, developing countries such as India and China have witnessed significant improvements in their respective healthcare infrastructure. According to an article published in January 2020, China announced to invest USD 4.6 billion for the construction of hospitals in Wuhan. According to the Commonwealth Fund in 2018, China has approximately 12,000 public hospitals and 21,000 private hospitals. Similarly, in June 2019, the Indian Ministry of Health and Family Welfare announced the opening of 22 new AIIMS across the country. The significant growth in the number of hospitals and surgical centers is expected to support the growth of the hemostats market, as these are key end users of the hemostats market.

Challenge: Dearth Of Skilled Personnel For The Effective Use Of Hemostats Products

Skilled professionals are required to handle hemostats as the improper closure of arteries after surgical procedures may lead to continuous bleeding or cause ischemia. Some devices even require several steps in sequence while using them. Based on the current scenario, the American College of Cardiology estimates a shortage of 21% of cardiac surgeons by 2025 in the US (Source: American Heart Association).

Currently, the lack of skilled surgeons, both in developed and developing economies, is one of the major factors limiting the adoption of these products. For instance, the Association of American Medical Colleges (AAMC) projects a shortage of about 122,000 physicians by 2032 in the US. Of these, a shortage of 12,000 medical specialists and 23,400 surgeons and 39,100 other specialists such as neurologists and radiologists is expected to occur by 2032.

The technology landscape and application areas of hemostats products are changing rapidly, owing to technological advancements in this field. This necessitates physicians and other healthcare providers to acquire the necessary skills to apply advanced hemostats products such as hemostats, bone graft substitutes, surgical sealants, and adhesives effectively. Therefore, surgeons and physicians in hospitals and clinics are reluctant to use advanced surgical products for wound closure.

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.

Orthopedic surgery accounted for the largest share of the Hemostats market in 2020

Based on application, the hemostats market is segmented into neurological surgery, cardiovascular surgery, general surgery, orthopedic surgery, gynecological surgery, reconstructive surgery, and other surgeries (urological, thoracic, and ENT surgeries). The orthopedic surgery segment accounted for the largest share of the hemostats market in 2020. 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 growing number of orthopedic surgeries performed globally. However, the reconstructive surgery segment is expected to grow at the highest CAGR during the forecast period. Growth in the number of facial cosmetic surgeries and breast reconstruction procedures are the major factors driving the growth of this segment

Buy Complete Assessment of Hemostats market Now@ https://www.novaoneadvisor.com/report/checkout/5157

COVID-19 Impact on Hemostats Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Hemostats market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Hemostats market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Hemostats market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Hemostats market include:

Baxter International Inc. (US), Ethicon ((US), C.R. Bard (US), B. Braun Melsungen AG (Germany), Medtronic plc (Ireland), Teleflex Incorporated (US), Integra Life Sciences (US), Hemostasis, LLC (US), Pfizer Inc. (US), Stryker (US), CyroLife Inc. (US), GELITA MEDICAL GmbH (Germany), Marine Polymer Technologies, Inc. (US), and Advanced Medical Solutions Group plc (UK), Meril Life Sciences Pvt. Ltd. (India), Katsan Medical Devices (Turkey), Tricol Biomedical, Inc. (US), STARSIL Hemostat (Germany), 3-D Matrix Medical Technology (Japan), Biom’Up (France), Medtrade Products Limited (UK), Altaylar Medical (Turkey), BioCer Entwicklungs-GmbH (Germany), Samyang Holdings Corporation (South Korea), Unilene (US), and Betatech Medical (Turkey)

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Type

  • Thrombin-Based Hemostats
  • Oxidized Regenerated Cellulose-Based Hemostats
  • Combination Hemostats
  • Gelatin-Based Hemostats
  • Collagen-Based Hemostats

Formulation

  • Matrix & Gel Hemostats
  • Sheet & Pad Hemostats
  • Sponge Hemostats
  • Powder Hemostats

Application

  • Orthopedic Surgery
  • General Surgery
  • Neurological Surgery
  • Cardiovascular Surgery
  • Reconstructive Surgery
  • Gynecological Surgery
  • Other Surgeries

Browse Complete Table of Content@ https://www.novaoneadvisor.com/toc/hemostats-market

Why Buy this Report?

The purpose of Nova one advisor’s Hemostats market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

Download This Full Research Report, Click Here@ https://www.novaoneadvisor.com/report/checkout/5157

About Us

Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

Contact Us:

Mr. Alex

Sales Manager

Call: +1 9197 992 333

Email: sales@novaoneadvisor.com

Web: https://www.novaoneadvisor.com/

James Root

James Root have over 6+ years of experience working in business development, and customer retention. I’ve gained my experience through serving higher education, healthcare, automotive, aerospace, manufacturing, local government and hospitality businesses with technical solutions.

View all posts by James Root →

Leave a Reply

Your email address will not be published. Required fields are marked *