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 global hemostats market size was valued at USD 3.72 billion in 2019 and is projected to reach USD 5.54 billion by 2027, exhibiting a CAGR of 6.3% 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 a complex endeavor and may lead to the development of several complications such as bleeding.This proves to be effective in controlling such bleeding in the surgical theatre. Additionally, the recently launched products such as Floseal aids in controlling the bleeding complication within a minimal amount of time.

COVID-19 Effect: Limited Number of Surgical Procedures

The growing concern regarding the spread of the novel coronavirus pandemic, COVID-19, has led a majority of the healthcare systems to postpone or cancel non-essential medical procedures. This also includes surgical procedures such as plastic surgery and others, which are not directly linked to the treatment or management of COVID-19 or are lifesaving, hence essential, in terms of nature. In terms of the competitive scene, several medical device companies have either withdrawn or revised their financial projections and revenue guidance for 2020. For instance, Johnson & Johnson (Ethicon) is anticipating a significant negative impact in revenues across in the major markets, with an estimated 65% to 85% drop in surgical procedures in the second quarter of 2020. This is expected to adversely affect the global market during this timeline.

LATEST TRENDS

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Increasing Number of Hospitals and Surgical Centers to Boost the Demand

Some of the key market trends currently prevailing are 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 the management of bleeding complications towards a wide range of surgical procedures. According to a report by the India Brand Equity Foundation (IBEF), in 2015, the number of hospitals increased to 196,312 in India, and this trend of rapid expansion is expected to persist during the forecast period. In another instance documenting the rise of surgical procedures, the American College of Cardiology (ACC), in 2014, estimated 371,000 procedures of coronary artery bypass grafting (CABG), which was undertaken in the United States. All these trends are expected to lead a surge in the demand for hemostatic agents during the forecast period.

DRIVING FACTORS

Increasing Number of Surgical Procedures Globally to Fuel Demand

The most critical driving factor of the global market is the surge in the number of surgical procedures conducted worldwide, which has provided impetus to give a strong boost to the rising incidence of bleeding complications during surgeries. In the current scenario, there is an availability of a wide range of medical instruments for the management and significant improvement in terms of the achievement of hemostasis in surgical procedures. For instance, recent estimates published by the National Center for Biotechnology Information (NCBI), states that about 60-70% of all transfused red blood cells are utilized in a surgical setting, as bleeding during surgeries is one of the most feared complications to occur in these procedures. This has led to a substantial demand for the product offerings in the global market, as many surgeons opt for the administration of these products in surgical procedures with minimal risk of bleeding complications.

Increasing Technological Developments in the Product to Drive the Market Growth

Another critical driving factor for the market during the forecast period is the increasing number of product launches with technologically advanced features. Some advantages associated with advanced products are their efficiency in the achievement of hemostasis. Besides, other advantages such as the reduced risk of infections and lower costs are owing to the advancements in 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 the widening of the application areas of these product offerings in terms of the surgical procedures covered. For instance, TISSEEL, a product offering by Baxter, is considered among the most technologically advanced products in the fibrin sealants category. Moreover, increasing the adoption of this product is expected to create significant growth opportunitie during the forecast period.

RESTRAINING FACTORS

Clinical and Other Limitations Associated with the Product to Hinder Market Growth

One of the strong restraining factors of the market is certain clinical limitations, which in some cases such as uncontrolled bleeding, is expected to lead to the limited adoption of these products. Despite the better outcomes in the management of bleeding complications during surgical procedures, and a significantly lowered risk of infections, factors such as high costs of the product has limited its adoption. Another restraining factor is the clinical limitations associated with certain types of instruments for specific types of surgical procedures. Despite numerous advantages owing to technological advances, these clinical limitations severely restrict the adoption of these products.

SEGMENTATION

By Product Analysis

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Active Hemostats Dominated the Global Market

Based on the product, the market is segmented into active, passive, combination, and other. 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 active and passive segments are anticipated to register strong CAGRs owing to the presence of a large number of product offerings, and especially the increased adoption of technologically advanced active products. The combination segment is anticipated to register the highest CAGR during the forecast period owing to the increasing launch of cutting-edge products such as Baxter’s Floseal.

By Application Analysis

General Surgery is Anticipated to be the Most Dominant Segment

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 is expected to dominate the application segment owing to an increasing number of several types of surgical procedures. The cardiovascular and the trauma segment is anticipated to register the highest CAGR during the forecast period. This is ascribable to factors such as the increasing prevalence of cardiovascular diseases necessitating surgical intervention, and the higher instances of traumatic incidents, including accidents globally. The cardiovascular surgery segment is expected to account for 20.0% of the market share during the forecast period. 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 minimally-invasive and aesthetic procedures, and the substantial improvement in healthcare infrastructure along with increasing expenditure worldwide resulting in a surge in surgical procedures.

By End User Analysis

Higher Administration of the Product across Hospitals & ASCs to Enable Dominance of the 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 this segment is the fact that in the most developed and developing countries, the majority of the surgical procedures are conducted at hospitals owing to the availability of requirements for such complex surgical tools and 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 5.2% of the global market during the forecast period. The others segment includes other medical institutions that conduct surgical procedures, but the segment is expected to register a comparatively lower CAGR in the forecast period.

REGIONAL INSIGHTS

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The hemostats market size in North America stood at USD 1.29 billion in 2019. 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. The second-most leading region in the market is Europe. This is attributable to factors such as a strong healthcare expenditure that is leading 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 with a substantial increase in surgical procedures and increasing product launches. The other two regions such as Latin America and the Middle East & Africa are anticipated to account for comparatively lower market shares and growth rates. This is ascribable to factors such as major improvement in healthcare expenditure and infrastructure. Furthermore, a strong potential patient population owing to an increasing number of surgical procedures is expected to aid the hemostats market growth during the forecast period.

KEY INDUSTRY PLAYERS

Strong and Diversified Product Portfolio of Baxter, Ethicon (Johnson & Johnson Services, Inc.), and BD (Becton, Dickinson and Company) to Aid Market Dominance

The competitive landscape scenario depicts a monopolistic competition structure with the presence of several companies such as established, and emerging. However, the market is mainly dominated by three established players that are Baxter, Ethicon, and BD (Becton, Dickinson and Company). This is ascribable to factors such as strong product portfolio, which have been present in the market for a significant amount of time coupled with the innovative product offerings. Some of the emerging players include CryoLife, Inc., and Biom'up that are expected to emerge as strong market players during the forecast period owing to their increased regulatory approvals, which results in new product launches.

LIST OF KEY COMPANIES PROFILED:

• Baxter


• Integra LifeSciences Corporation


• Stryker


• CryoLife, Inc.


• Biom'up


• BD (Becton, Dickinson and Company)


• Medtronic


• Johnson & Johnson Services, Inc.


• Pfizer Inc.


• Others

KEY INDUSTRY DEVELOPMENTS:

• March 2020 – Ethicon that is a part of the Johnson & Johnson Medical Devices Companies announced the strategic regional launch of SURGICEL POWDER ABSORBABLE HEMOSTAT in the key territories of Australia, New Zealand, and Thailand. The product is already available in Singapore and Hong Kong, with upcoming launches planned for later in 2020 in Japan, Malaysia and India.


• December 2019 – Ethicon, which is part of the Johnson & Johnson Medical Devices Companies, announced the launch of VISTASEAL Fibrin Sealant (Human) for the management of bleeding during surgical procedures


• January 2019 – CryoLife, Inc., announced its completion of the enrolment of patients in a clinical trial for obtaining FDA Premarket Approval (“PMA”) to sell PerClot in the U.S. The company anticipates PMA submission to the FDA during the second half of 2020, and is conducting this pivotal clinical trial to gain approval to commercialize PerClot for surgical indications in the U.S.

REPORT COVERAGE

An Infographic Representation of hemostats market

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The hemostats market research report provides a detailed analysis of the market and focuses on key aspects such as epidemiology of disease - for key countries/key regions, key industry developments - mergers, acquisitions, and partnerships, and technological advancements. Besides this, 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 by using different research methodologies.

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