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The global hemostats market size was valued at USD 4.46 billion in 2022. The market is projected to grow from USD 4.75 billion in 2023 to USD 7.94 billion by 2030, exhibiting a CAGR of 7.6% during the forecast period.
The modern healthcare scenario is witnessing a trend of increasing incidence of several types of chronic diseases, such as cardiovascular disease, cancer, and occurrences of trauma and accidents. This has led to a substantial surge in the number of surgical procedures and medical specialties for the treatment and management of several diseases across the globe. A surgical procedure is complex and may lead to several complications, such as bleeding. A hemostat proves to be effective in controlling such bleeding in the surgical theater.
Additionally, the increasing focus on operating in developing and introducing new, innovative products and the increasing number of product approvals by the regulatory bodies further support the market’s growth.
Cancellation of Elective Procedures amid COVID-19 Pandemic Negatively Impacted Market
The escalating worry surrounding the novel coronavirus pandemic, COVID-19, compelled a majority of healthcare systems to delay or cancel non-essential medical procedures. This encompassed various surgical procedures, including plastic surgery and similar interventions, which were not directly related to the treatment or management of COVID-19, and were deemed non-essential due to their non-life-saving nature. Consequently, the postponement of these surgeries resulted in a substantial decline in non-essential surgical rates during the initial phases of the pandemic.
Furthermore, the social distancing protocols and the cancellation of elective procedures by various regulatory bodies across the globe to prevent the virus from spreading also contributed to the market’s decline. Factors such as closing cosmetic surgery clinics and offices also played a significant role in the downturn of the market during this period.
Several medical device companies witnessed a significant decrease in their revenues.
Increasing Number of Hospitals and Surgical Centers to Boost the Demand
A key trend currently prevailing in the global market is the constant addition in the number of medical institutions catering to the need of the patient’s surgical demands. Therefore, there is an increasing and sustained need for a wide range of efficient product offerings with strong efficacies for managing bleeding complications in a wide range of surgical procedures. According to a report by the American Hospital Association, in 2022, the number of hospitals in the U.S. increased to 6,129, and this trend of rapid expansion is expected to persist during the forecast period. Furthermore, according to a report published by American Heart Association in July 2020, the annual number of Coronary Artery Bypass Graft (CABG) surgeries is around 240,000 in the U.S. All these trends are expected to increase demand for hemostatic agents during the forecast period.
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Increasing Number of Surgical Procedures Globally to Fuel Market Growth
A critical driving factor of the global market is the surge in the number of surgical procedures conducted worldwide, providing an impetus to boost the rising incidence of bleeding complications during surgeries.
In the current scenario, a wide range of medical instruments are available for the management and significant improvement in achieving hemostasis in surgical procedures.
This has led to a substantial demand for the product offerings in the global market, as many surgeons opt for administering these products in surgical procedures with minimal risk of bleeding complications.
Increasing Technological Developments in the Product to Drive Market Growth
During the forecast period, another key factor anticipated to drive market growth is the increasing number of product launches with technologically advanced features. Some advantages associated with advanced products are their efficiency in achieving hemostasis. Besides, other advantages, such as the reduced risk of infections and lower costs, are owing to the advancements in the R&D of the product. This has led to the development and manufacturing of technologically advanced product offerings with several improved features. Furthermore, it has resulted in widening the application areas of these product offerings in terms of the surgical procedures covered.
Clinical and Other Limitations Associated with the Product to Hinder Market Growth
One of the notable restraining factors impeding the hemostats market share is the presence of clinical limitations. For instance, in cases of uncontrolled bleeding, the potential for these products to be adopted is restricted. Despite the demonstrated effectiveness in managing bleeding complications during surgical procedures and a notable reduction in infection risks, the high costs associated with these products have curtailed their widespread adoption. Additionally, specific surgical procedures face challenges due to clinical limitations associated with certain instruments. Despite significant advancements in technology and the advantages offered, these clinical limitations act as a barrier, severely constraining the broader adoption of these products.
Passive Hemostats Dominance Supported by Increasing Number of Product Approvals
Based on product, the market is segmented into active, passive, combination, and other hemostats. The active segment can be further sub-segmented into thrombin based and fibrin sealants. The passive segment can be further sub-segmented into the plant, animal, and other segments.
The passive hemostats segment accounted for the largest market share in 2022 owing to the presence of a large number of product offerings and especially the increased adoption of technologically advanced products.
Additionally, introduction of new products by key operating players also supplemented the market growth.
The combination segment is anticipated to register the highest CAGR in the market during the forecast period owing to the increasing launch of cutting-edge products such as Baxter’s Floseal.
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General Surgery Segment is anticipated to Dominate due to High Number of Surgical Procedures in 2022
Based on the application, the market is segmented into trauma, cardiovascular surgery, general surgery, plastic surgery, orthopedic surgery, neurosurgery, and others. The general surgery segment accounted for the largest share owing to an increasing number of several types of surgical procedures. Additionally, an increasing number of general surgeons is also supporting the increasing number of general surgery procedures.
The cardiovascular surgery segment is anticipated to register the highest CAGR in the market during the forecast period. This is ascribable to factors such as the increasing prevalence of cardiovascular diseases necessitating surgical intervention globally.
The growth of the orthopedic surgery, plastic surgery, and neurosurgery segments are expected to be driven by the increased prevalence of chronic diseases. The higher demand for aesthetic procedures, the substantial improvement in healthcare infrastructure, and increasing expenditure worldwide resulted in a surge in surgical procedures.
Wide-Scale Surgical Procedures Fuel Hemostats Usage, Cementing Hospitals & ASCs Segment
In terms of end-user, the market is segmented into hospitals & ASCs, tactical combat casualty care centers, and others. The critical reason for the dominance of the hospitals & ASCs segment is attributed to the majority of the surgical procedures conducted at hospitals in most developed and developing countries, owing to the availability of requirements for such complex surgical procedures
Increasing instances of military conflict necessitating the need for combat activities are driving the tactical combat casualty care center segment. The tactical combat casualty care centers segment is expected to account for a considerable share of the global market during the forecast period. The others segment includes other medical institutions that conduct surgical procedures and is expected to register a comparatively lower CAGR in the forecast period.
North America Hemostats Market Size, 2022 (USD billion)
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North America generated a revenue of USD 1.56 billion in this market in 2022. Some of the factors resulting in the dominance include the adoption of technologically advanced products and the strong surgical procedures volumes resulting in a higher demand for the product. Additionally, the increasing number of product approvals by the U.S. FDA further supports the region's dominance in the global market.
Europe is the second leading region in the market and the region’s growth is attributable to factors such as a strong healthcare expenditure that leads to a demand for technologically advanced products owing to the strong surgeries volume.
Asia Pacific is anticipated to register the highest CAGR owing to a strong patient population, a substantial increase in surgical procedures, and increasing product launches.
Latin America and the Middle East & Africa are anticipated to account for comparatively lower market share and growth rate. This is ascribable to factors such as major improvements in healthcare expenditure and infrastructure. Furthermore, a strong potential patient population owing to an increasing number of surgical procedures is expected to aid market growth during the forecast period.
Strong and Diversified Product Portfolio of Leading Players to Aid Market Dominance
The competitive landscape scenario depicts a monopolistic competition structure with the presence of several established and emerging companies. However, this market is mainly dominated by three established players: Baxter, Ethicon, and BD (Becton, Dickinson, and Company). This is ascribable to factors such as a strong product portfolio, which has been in the market for a significant amount of time, coupled with innovative product offerings.
Moreover, these companies undertake various strategic initiatives such as mergers, acquisitions, and collaborations to strengthen their market presence.
Some emerging players include CryoLife, Inc., and Biom'up, which are expected to emerge as strong market players during the forecast period owing to their increased regulatory approvals, which results in new product launches.
An Infographic Representation of hemostats market
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The global hemostats market research report provides a detailed analysis of the market. It focuses on key aspects such as epidemiology of disease - for key countries/key regions, and key industry developments - mergers, acquisitions, partnerships, and technological advancements. Moreover, the report offers insights into the market trends and highlights other key industry-related developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over the recent years.
CAGR of 7.6% from 2023-2030
Value (USD billion)
Fortune Business Insights says that the global market size was USD 4.46 billion in 2022 and is projected to reach USD 7.94 billion by 2030.
In 2022, the market value stood at USD 4.46 billion.
Growing at a CAGR of 7.6%, the market will exhibit steady growth in the forecast period (2023-2030).
By product, the passive hemostats segment is expected to be the leading segment in this market during the forecast period.
The anticipated introduction of more advanced hemostats in the market, coupled with significant unmet clinical needs, is fueling the demand for the market.
Johnson & Johnson Services, Inc., Baxter, and BD (Becton, Dickinson and Company) are the leading players in the global market.
North America dominated the market share in 2022.
Growing R&D and clinical trials by market players are leading to the development of advanced and efficient hemostats, coupled with the increase in the number of surgical procedures are expected to drive the global market.
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