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Hemostats Market to Exhibit 6.3% CAGR by 2027; Increasing Number of Surgical Procedures to Bolster Growth

June 26, 2020 | Healthcare

The global hemostats market size is expected to generate USD 5.54 billion by 2027, while exhibiting a CAGR of 6.3% between 2020 and 2027. This is ascribable to factors such as increasing demand for surgical procedures across the globe. Fortune Business Insights, publish this information in its latest report, titled “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 report further observes that the market was worth USD 3.72 billion in 2019.


Ethicon’s Novel Absorbable Adjunctive Hemostat Proving to be Effective


In March 2020, Ethicon, a Johnson & Johnson Medical Devices Subsidiary, announced its launch of a novel product, SURGICEL Powder Absorbable Hemostat. The company introduced its product in the countries such as New Zealand, Australia, and Thailand. In addition to this, the product is already available in Hong Kong and Singapore. According to the company, the innovative powdered absorbable adjunctive hemostat is manufactured to aid surgeons in efficiently controlling excessive bleeding during surgical operation. Furthermore, the medical instrument has a wide range of applications and is adopted across several surgeries such as cardiovascular, oncologic, general procedures, and gynecologic, among others. Ethicon, with its array of product launches has been striving to gain major chunk of the global hemostat market share and consolidating its position in the fiercely competitive landscape.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/hemostatic-agents-market-100084


Increasing Number of Surgical Procedures to Stoke Demand


Surgical procedures result in over 60% of cases wherein the patient suffers from disruptive bleeding. In addition to this, disruptive bleeding results in rising healthcare-related costs and is further associated with a high mortality rate across the globe. To counter the bleeding complication, hemostats are opted by the surgeons during the surgical procedures to limit the risk of bleeding complications largely. Therefore, an increasing number of surgical procedures are driving up the demand across the globe. According to the World Health Organization (WHO), every year about 2 million surgical procedures are performed across the globe. This is expected to drive the global market during the forecast period.


 Extensive Product Portfolio of Baxter, Ethicon, and BD to Augur Growth


According to Fortune Business Insights, companies such as Baxter, BD (Becton, Dickinson & Company), and Ethicon majorly dominate the market. The strong and extensive product portfolio of these companies is propelling this market growth in the forthcoming years. Furthermore, the adoption of strategies such as innovative product launches, merger and acquisition, collaboration, and partnership by the companies is likely to bode well for the market growth between 2020 and 2027.


List of the Companies Operating in the Market:



  • Baxter

  • Integra LifeSciences Corporation

  • Stryker

  • CryoLife, Inc.

  • Biom'up

  • BD (Becton, Dickinson and Company)

  • Medtronic

  • Johnson & Johnson Services, Inc.

  • Pfizer Inc.

  • Others


Further Report Finding:



  • The market in North America was worth USD 1.29 billion in 2019 and is anticipated to hold the highest global market revenue during the forecast period. This is ascribable to factors such as increasing adoption of technologically advanced products and surgical procedures in the region.

  • Asia Pacific, on the other hand, is expected to witness significant growth owing to large pool of patients requiring surgical procedures. Furthermore, increasing product launches by the manufacturers will bode well for the market growth.

  • The active segment based on by Product Analysis is likely to witness significant growth backed by increasing adoption of technologically advanced active products across the globe.

  • The Hospitals & ASCs segment based on the By End User Analysis is projected to witness growth backed by majority of surgical procedures performed in hospitals that have the required tools for conducting complex surgeries.


Global Hemostats Market Scope &Segmentation:











































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD billion)



Segmentation



By Product



  • Active Hemostats



  • Thrombin Based Hemostats

  • Fibrin Sealants



  • Passive Hemostats



  • Plant

  • Animal

  • Others



  • Combination Hemostats

  • Others



By Application



  • Trauma

  • Cardiovascular Surgery

  • General Surgery

  • Plastic Surgery

  • Orthopedic Surgery

  • Neurosurgery

  • Others



By End User



  • Hospitals & ASCs

  • Tactical Combat Casualty Care Centers

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (Germany, U.K., France, Italy, Spain, Scandinavia, and Rest of Europe)

  • Asia-Pacific (China, Japan, India, Australia & New Zealand, Southeast Asia, and Rest of Asia-Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC Countries, and Rest of Middle East & Africa)



 

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