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Region : Global | Latest Update: Jul, 2019 | Published Date: Apr, 2019 | Report ID: FBI100084| Status : Published
Global Hemostatic Agents Market was valued at US$ 3,339.4 Mn in 2017 and is expected to reach US$ 5,441.5 Mn by the end of 2025, exhibiting a CAGR of 6.4%.
Hemostatic agents play a major role in preventing uncontrolled hemorrhage during surgical procedures and vascular injuries. Hemostats improve hemostasis by boosting the primary hemostasis process and by vitalizing fibrin formation. The increasing incidence of hemorrhage during surgical procedures and a rising emphasis on blood loss management are driving the global hemostatic agents market. According to data published by the Journal of Emergency Medical Services (JEMS), each year, an estimated 5.0 million people die due to traumatic and non-traumatic hemorrhage worldwide. Combined with this, certain factors such as growth in surgical procedures, technological advancements in surgeries such as robotic surgeries, rising geriatric population and the growing prevalence of chronic conditions along with growth in trauma cases and complex surgeries are projected to boost the global hemostatic agents market during the forecast period.
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Combination Hemostats to Emerge as Most Attractive Product Type
Combination hemostats offer efficient hemostasis in a shorter time due to rapid action of gelatin and thrombin. Surgiflow and Floseal are the most popular brands that are preferred in surgical hemostasis worldwide. Combination hemostats are easy to prepare, they exhibit fast action, and don’t require thawing when used during surgery. The rising adoption of combination hemostats in surgical hemostasis is one of the major factors driving the overall hemostasis market. Combination hemostats accounted for a market share of 14% in 2017. Advancement in the combination hemostats and new product development with advanced technologies are expected to generate huge demand for the hemostatic agents during 2018-2025.
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In terms of application, the general surgery segment dominated the global hemostatic agents market in 2017. Use of hemostats in endoscopy and colorectal surgeries is aiding the growth of the general surgery segment in the global hemostatic agents market. Moreover, the aging population, rising healthcare expenditures, increasing emphasis on better patient outcomes, and lucrative reimbursement policies are estimated to drive the global hemostatic agents market during the forecast period.
Rising Number of Surgical Procedures Combined with Faster Adoption of Hemostats to Enable Market Exhibit Highest CAGR in Asia Pacific
The hemostatic agents market in North America was valued at US$ 1,173.0 Mn in 2017. Growth witnessed in the region is likely to be driven by the rising incidence of chronic disorders and the subsequently rising demand for complex surgical procedures. According to research conducted by The American College of Obstetricians and Gynecologist, the rate of postpartum hemorrhage increased by an estimated 25.9% during last decade in the U.S. Major players like Baxter adheres to the business expansion policies in emerging countries such as China, India, etc. This would further drive the market in Asia Pacific during the forecast period. However, the hemostatic agents market in Europe is expected to expand at a relatively lower CAGR during 2018-2025, attributed to the smaller patient pool compared to Asia Pacific region.
North America Hemostatic Agents Market, 2017
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Baxter & Ethicon to Account for More Than Half of the Market in Terms of Revenue
Baxter emerged as the leading player with the highest share in the global hemostatic agents market in 2017, as the company is engaged in realigning its diversification strategy to improve the accessibility of its key brands. A diversified product portfolio, established brand presence, and strong R&D focus in the hemostatic agents market are responsible for its strong brand position in the market. The company also has a strong presence across the globe, through a network of distributors and subsidiaries in the Asia Pacific, Latin America, and Africa.
Hemorrhage can cause death due to blood loss as well as it increases the risk of mortality due to multi-organ failure and sepsis. Hemostatic agents play a major role in blood loss management during surgery, leading to a reduction in operating costs, rapid pace of patient recovery, and minimal hospital stays.
The report provides qualitative and quantitative insights into the hemostatic agents market and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented on the basis of product type, application, and end user. By product type, the global hemostatic agents market is categorized active hemostats, passive hemostats, combination, and others. Based on the application, the global hemostatic agents market is segmented into trauma, cardiovascular surgery, general surgery, plastic surgery, orthopedic surgery, neurosurgery, and others (OBGYN, urology, transplant, and others) Various end users covered in the report are hospitals, ambulatory surgical centers, tactical combat casualty care centers, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
Along with this, the report provides elaborative analysis of market dynamics and competitive landscape. Various key insights provided in the report are recent industry developments such as mergers & acquisitions, an overview of pricing by key countries, technological advancements, and key industry trends.
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By Product Type
· Active Hemostats
. Thrombin based Hemostats
. Fibrin Sealants
· Passive Hemostats
· Combination Hemostats
· Cardiovascular Surgery
· General Surgery
· Plastic Surgery
· Orthopedic Surgery
· Others (OBGYN, Urology, transplant, etc.)
By End User
· Ambulatory Surgical Centers
· Tactical Combat Casualty Care Centers
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)