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The Mexico hemostats market size was USD 49.1 million in 2020 and is projected to grow from USD 50.3 million in 2021 to USD 79.1 million in 2028, exhibiting a CAGR of 6.7% in the 2021-2028 period. Based on our analysis, this market exhibited a lower growth of -16.0% in 2020 as compared to the average year-on-year growth during 2017-2020. The impact of COVID-19 has been unprecedented and staggering, with hemostats witnessing a negative impact on demand across Mexico amid the pandemic. The rise in CAGR is attributable to this market’s demand and growth rate, returning to pre-pandemic levels once the pandemic is over.
Achieving hemostasis is a crucial focus of healthcare professionals working during trauma settings and other surgical procedures. Topical agents such as active, passive/mechanical, and flowable hemostats are usually used by surgeons to control bleeding and maintain hemostasis. There has been a surge in demand for these agents among surgeons due to the growing prevalence of chronic diseases, major organ surgeries, cesarean deliveries, and fatal injuries in the country. This factor might boost the market development during the forecast period.
Limited Number of Surgeries Negatively Impact the Market in Mexico Amid COVID-19
The COVID-19 outbreak disrupted routine hospital services globally. Mexican hospitals also witnessed a huge reduction in elective surgery procedures in the interest of patients’ safety and supporting the more comprehensive response.
Hence, the reduction in surgical procedures led to a decline in the demand for active and passive hemostats in Mexico in 2020.
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Growing Number of Ambulatory Surgical Centers and Hospitals to Boost the Market Growth
Over the past few years, Mexico is witnessing a rapid increase in the number of hospitals and other medical institutions to meet the growing demands for healthcare needs. This surging trend positively correlates with the increasing number of surgical procedures, which often necessitate hemostasis and products usage to manage bleeding complications during surgeries.
At the same time, the increasing prevalence of almost all types of chronic diseases further requires surgical procedures for adequate disease management. Furthermore, due to the variations in the medical conditions and healthcare infrastructure across the country, the number of hospitals and other surgical centers are increasing. Such developments are expected to create more opportunities for the conduction of surgical procedures and thus present significant growth opportunities for the hemostatic agents in the country.
Rise in Number of Surgical Procedures Performed in Mexico to Boost the Market Growth
In the modern healthcare scenario, one of the most prevailing trends is the increasing prevalence of several types of chronic diseases such as cardiovascular diseases, cancers, increasing occurrences of traumas, and accidents. This factor has led to a substantial rise in number of patients undergoing surgeries in the country.
A surgical procedure is a complex endeavor and can lead to the development of several complications. One of the most common complications is the occurrence of bleeding during surgical procedures.
Therefore, this has led to increasing demand for these products in the country. Moreover, the introduction of technologically advanced products in the country is anticipated to augment the hemostats market growth during the forecast period.
High Cost and Other Clinical Limitations of the Marketed Products to Hamper the Market Growth
Despite the product’s ability to control bleeding complications during surgical procedures and a significantly lower risk of infections, the high costs of these agents have limited their adoption.
Another limiting factor affecting the market is the clinical limitations associated with certain products. Some of the clinical limitations of these agents include the fact that in some instances of problematic and difficult bleeding, no single hemostat can conclusively manage the problem. These situations may necessitate the involvement of a combinational treatment, with the usage of these products coupled with conventional methods, which may turn out to be cumbersome, time-consuming, and expensive.
These occurrences are especially applicable in severe trauma cases, where the bleeding is often uncontrollable in terms of nature, and no clinical study has adequately substantiated the positive effects of using the hemostatic agents alone in these scenarios. Hence, these factors may limit the Mexico hemostats market growth during the forecast period.
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Passive Segment Held the Dominant Share
Based on product, the Mexico hemostats market is segmented into active, passive, combination hemostats, and others.
Passive segment accounted for a dominating market share in 2020. A large number of approved products of this type coupled with being one of the first established products due to its lower costs in the market is expected to drive the dominance of this segment. Moreover, due to its efficacy in dealing with bleeding complications swiftly, it is highly preferred among surgeons during complex surgical procedures such as neurovascular surgeries, cardiovascular surgeries, and others. SURGICEL, an oxidized regenerated cellulose-based hemostat, is one of the preferred products among surgeons in Mexico.
On the other hand, combination hemostats are anticipated to register a lucrative CAGR owing to the rising number of product launches of this segment, such as Baxter’s Floseal.
Cardiovascular Surgery Dominated the Market in 2020
The cardiovascular surgery segment held the lion’s share in 2020. The rising prevalence of cardiovascular diseases needing surgical intervention is expected to drive the segment's growth during the forecast period.
Trauma is estimated to account for the second-largest market share in 2020. Since these agents are especially required in procedures with significant blood loss in surgical procedures, this is expected to boost the market growth of this segment.
Other applications include plastic surgery, neurosurgery, orthopedic surgery, general surgery, and other surgeries. Rising number of orthopedic surgeries including ACL reconstruction surgeies which are associated with blood loss, is leading to increasing demand for products to manage bleeding.
Hospitals & ASCs Held the Maximum Share in 2020
Based on end-user, the Mexico market is categorized into hospitals & ASCs, tactical combat centers, and others.
Hospitals & ASCs held the maximum share in the Mexico market in 2020. The dominance is due to the growing number of hospitals and surgical centers in the country and the conduction of the majority of the complex surgeries at these institutions.
Moreover, the increasing need for specialty care for traumas across the country for military personnel involved in combat actions is expected to contribute to the tactical combat casualty care centers' lucrative CAGR.
Robust Efforts by Ethicon U.S., LLC., Baxter, and BD to Contribute Towards Their Dominance
The market in Mexico is semi-consolidated, with leading global players and some local key players contributing towards the market growth. The key established companies operating in the market are Baxter, BD, 3-D Matrix Medical Technology, and Ethicon U.S., LLC.
The factors responsible for their dominance are the presence of a diverse and robust product portfolio coupled with strategic partnerships and acquisitions. Other players operating in the market include CryoLife Inc., Cook, EndoClot Plus, Inc., and others.
An Infographic Representation of Mexico Hemostats Market
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The research report provides a detailed analysis of the market. It focuses on key aspects such as leading companies, product, application, and end-use. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market over recent years.
Value (USD million)
Fortune Business Insights says that the Mexico market size stood at USD 49.1 million in 2020 and is projected to reach USD 79.1 million by 2028.
The high costs of these products and some of their clinical limitations are hampering the market growth.
The market will exhibit steady growth at a CAGR of 6.7% during the forecast period (2021-2028).
By product, the passive hemostats is the leading segment.
The increasing number of surgical procedures coupled with the introduction of technologically advanced hemostatic agents by the top players are the key drivers of the market.
Baxter, BD, 3-D Matrix Medical Technology, and Ethicon US, LLC. are the key players in the market.
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