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The global hemostats market size is expected to reach USD 5.44 billion by 2025. As per one of the publication’s of Journal of Emergency Medical Services, globally every year an estimate of 5 million people suffers from deaths because of traumatic and non-traumatic hemorrhage. The report published by Fortune Business Insights, titled “Hemostats Market Size, Share and Industry Analysis By Product Type (Active Hemostats, Passive Hemostats, Combination Hemostats), Application (Trauma, Cardiovascular Surgery, General Surgery, Plastic Surgery, Orthopedic Surgery & Neurosurgery), End User (Hospitals, Ambulatory Surgical Centers, Tactical Combat Casualty Care Centers) and Regional Forecast, 2018 – 2025,” states that these statistics are likely to raise awareness about hemostatic agents and their advantages over the conventional methods. This, in turn will drive the global market. The market value stood at USD 3.33 billion in 2017 and is expected to exhibit a CAGR of 6.4% during the forecast period, 2018-2025.
The incidence of hemorrhage is expected to increase owing to the rising prevalence of chronic diseases and increasing number of traumatic cases worldwide. Baxter, was the leading player in the global hemostats market in 2017. It is able to establish a stronghold in the market backed by the its diversification strategy, coupled with increasing investment in research and development(R&D). Furthermore, its strong brand presence around the world has helped Baxter gain a competitive edge in the global market. Other organizations operating in the market such as Stryker, CryoLife Inc., Integra Life Sciences, BD, Ethicon LLC., Pfizer Inc., Medtronic, Biom’up, and others are also tirelessly trying to capture the major share in the market.
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Rising Willingness Among People to Spend on Quality Healthcare Services Driving the Market
Rapid adoption of combination hemostats in emerging economies around the world is projected to fuel the demand for hemostatic agents in the global market. Increasing emphasis on quality healthcare services, growing geriatric population, and liberal reimbursement policies are a few key factors anticipated to drive the market during the forecast period.
In 2017, passive hemostats, among the key product types, accounted for major share of the total hemostats market share. Perhaps product development integrated with advanced features and other technological advancements is likely to increase the demand for combination hemostats in near future.
On the contrary, lack of awareness about hemorrhage and risks associated with failure of hemostatic agents are some of the major factors that may restrain the market to a certain extent in the forthcoming years.
Baxter’s Expansion Plans across Emerging Nations to Boost Market in Asia Pacific
North America currently dominates the global hemostats market. The North America market for hemostatic agents was US$ 1.17 billion in 2017. It is projected that North America will exhibit lucrative growth potential over the projected horizon. According to a research conducted by The American College of Obstetricians and Gynecologist, the rate of postpartum hemorrhage has increased by 25.9% in the U. S., since the last decade. This is likely to act as a market driver, additionally rise in complex surgical procedure is anticipated to increase the hemostats market growth in the region.
The market in Asia Pacific is expected to witness upward growth due to Baxter’s expansion plans in emerging nations such as India and China. This will raise awareness about hemorrhage and increase demand for hemostatic agents in the region. However, Europe might witness growth at a lower CAGR due to its smaller patient pool compared to other regions.
The report also provides an insightful overview of opportunities, strategies used by the leading organization in the market, and the potential areas of development.
The global Hemostats market can be segmented into the following categories:
Value (USD million)
By Product Type
By End User