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, 2023-2030

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.

• For instance, in March 2023, Axio Biosolutions received the U.S. FDA 510(k) clearance for its Ax-Surgi Surgical Hemostat. It is a chitosan-based hemostat that can be used to control severe surgical bleeding.

COVID-19 IMPACT

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.

• For instance, according to an article published in October 2020, on average, the hospitals in the U.S. witnessed a decrease of around 35% in OR volumes from March 2020-July 2020. This is due to the postponed millions of elective procedures, resulting in a potential backlog of case volume.

Several medical device companies witnessed a significant decrease in their revenues.

• For instance, Johnson & Johnson’s surgery segment registered a decrease of 13.4% in 2020. However, the same segment witnessed a noteworthy growth of 19.2% in 2021, owing to the surgical volume recovery.

LATEST TRENDS

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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DRIVING FACTORS

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.

• For instance, according to Eurostat data updated in July 2022, at least 1.12 million cesarean sections were performed in the European Union in 2020. The two most commonly performed surgical procedures were cesarean sections and cataract surgery.

In the current scenario, a wide range of medical instruments are available for the management and significant improvement in achieving hemostasis in surgical procedures.

• For instance, recent estimates published by the National Center for Biotechnology Information (NCBI) state 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 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.

• For instance, in April 2023, Olympus introduced EndoClot Polysaccharide Hemostatic Spray (PHS) in Europe and the Middle East and Africa (EMEA) region. This product is based on EndoClot Absorbable Modified Polymer (AMP) technology.


• Similarly, TISSEEL, a product offered 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 drive market growth during the forecast period.

RESTRAINING FACTORS

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.

SEGMENTATION

By Product Analysis

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.

• For instance, in February 2022, Futura Surgicare Pvt Ltd. introduced Hemostax (Oxidised Regenerated Cellulose). It is an absorbable hemostat that can be used for efficient bleeding control by surgeons.

Additionally, introduction of new products by key operating players also supplemented the market growth.

• For instance, in July 2023, Baxter introduced PERCLOT Absorbable Hemostatic Powder for ready to use application. This passive hemostatic powder can be used for patients with intact coagulation to address mild bleeding.

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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By Application Analysis

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.

• For instance, according to a study published in March 2021, general surgery procedures accounted for 21.4% of inpatient procedures in small rural and isolated rural hospital settings in the U.S.

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.

• For instance, according to the American Joint Replacement Registry 2022 Annual Report, the number of Knee Arthroplasty Procedures between 2012 and 2021 has reached 1,306,719.

By End-User Analysis 

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.

REGIONAL INSIGHTS

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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.

• For instance, in January 2023, Medcura, Inc.’s LifeGel Absorbable Surgical Hemostat received the U.S. FDA’s Breakthrough Device Designation. This is the only product that has received this designation and can be used in surgical procedures where swelling is tolerated.

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.

• For instance, according to an article published in NCBI in June 2022, the number of metabolic/bariatric surgeries in Asia Pacific has rapidly grown in the last decade. In 2010, surgeons in IFSO-APC societies performed 18,280 bariatric/metabolic surgeries. This number reached 49,553 in 2020.

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.

KEY INDUSTRY PLAYERS

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.

• For instance, in July 2021, Baxter International Inc. completed the acquisition of CryoLife  Inc.’s PerClot Polysaccharide Hemostatic System. This acquisition expanded the company’s advanced surgery portfolio.

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.

LIST OF KEY COMPANIES PROFILED:

• Baxter (U.S.)


• Integra LifeSciences (U.S.)


• Stryker (U.S)


• Artivion, Inc. (U.S.)


• Biom'up (U.S.)


• BD (Becton, Dickinson and Company) (U.S.)


• Medtronic (Ireland)


• Johnson & Johnson Services, Inc. (U.S.)


• Pfizer Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• December 2021 – BD completed the acquisition of Tissuemed – a developer of self-adhesive surgical sealant film. The acquired company’s key product Tissuepatch is used to prevent leaks from surgical incisions or control internal bleeding. This acquisition expanded BD’s product offerings.


• October 2020 - Teleflex Incorporated announced that it had signed a definitive agreement to acquire privately-held Z-Medica, LLC., which is a manufacturer of hemostatic products.


• March 2020 – Ethicon, 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.

REPORT COVERAGE

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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.

Report Scope & Segmentation