Hemostat Market Analysis and Forecast to 2031: By Type (Thrombin-Based Hemostats, Oxidized Regenerated Cellulose Based Hemostats, Combination Hemostats, Gelatin-Based Hemostats, Collagen-Based Hemostats), Formulation (Matrix & Gel, Sheet & Pad, Sponge, Po

Hemostat Market Analysis and Forecast to 2031: By Type (Thrombin-Based Hemostats, Oxidized Regenerated Cellulose Based Hemostats, Combination Hemostats, Gelatin-Based Hemostats, Collagen-Based Hemostats), Formulation (Matrix & Gel, Sheet & Pad, Sponge, Powder), Application (Orthopedic Surgery, General Surgery, Neurological Surgery, Cardiovascular Surgery, Reconstructive Surgery, Gynecological Surgery, Other), and Region

The global hemostat market was valued at USD 2.9 billion in 2021 and it is anticipated to grow further up to USD 5.0 billion by 2031, at a CAGR of 5.6% during the forecast period.

Blood loss happens during operations when blood vessels are damaged. Coagulation of the blood is essential to prevent excessive blood loss. Hemostasis is the process through which blood clots develop at the site of damage. Hemostats are surgical instruments used during operations to manage the patient's bleeding. These devices aid in the short-term formation of blood clots to stop bleeding. The employment of these instruments must be carefully controlled and confined.

Market Trends and Drivers

The increase in surgical procedures performed globally, which has given rise to an increase in the incidence of bleeding issues after surgeries, is the most important factor driving the global market. The availability of a wide variety of medical tools for management has significantly improved in recent years, as has the capacity to establish hemostasis during surgical procedures. As bleeding during operations is one of the most feared consequences to arise in these procedures, new estimates provided by the National Center for Biotechnology Information (NCBI) show that approximately 60–70% of all transfused red blood cells are employed in a surgical environment. Due to the great reduction in the risk of bleeding issues during surgical procedures, there is now a significant demand for the product offered on the global market.

The rising frequency of product introductions with cutting-edge features is another important market-driving trend throughout the projection period. The effectiveness of modern goods in achieving hemostasis is one of its benefits. The product's improvements in R&D are also responsible for additional benefits including lower prices and a decreased risk of infections. This has prompted the creation and production of technologically upgraded product options with a number of enhanced characteristics. In terms of the surgical procedures covered, it has also led to a wider range of applications for these product offerings.

Market Restraints and Challenges

Certain clinical constraints, which in some situations, like uncontrolled bleeding, are predicted to limit the adoption of these medicines, are one of the main market restraints. Despite much lower risks of infections and improved outcomes in the management of bleeding issues during surgical procedures, the product's adoption has been constrained by considerations like its expensive price. The clinical restrictions connected to particular types of equipment for particular types of surgical procedures are another constraining factor. Although technological advancements have many benefits, these clinical restrictions significantly limit the use of these goods.

Global Hemostat Market Segmental Overview

The report analyses the global hemostat market based on type, formulation, application, and region.

Global Hemostat Market by Type

Based on the type, it is segmented into thrombin-based hemostats, oxidized regenerated cellulose-based hemostats, combination hemostats, gelatin-based hemostats, and collagen-based hemostats. The thrombin-based hemostats segment is expected to grow at the highest CAGR during the forecast period. The large share of this segment can primarily be attributed to the advantages associated with the use of thrombin-based hemostats.

Global Hemostat Market by Formulation

Based on the formulation, it is segmented into matrix & gel hemostats, sheet & pad hemostats, sponge hemostats, and powder hemostats. The matrix & gel hemostats segment of diagnostic devices accounted for the largest share of the hemostats market in 2021. The substantial market share of this category can be due to the benefits of these hemostats, including their simplicity of use, biocompatibility, and affordability. On the other hand, due to the increased acceptability of these formulations by end users, the sponge hemostats category is anticipated to experience the highest growth in the market over the forecast period.

Global Hemostat Market by Application

Based on the application, it is segmented into neurological surgery, cardiovascular surgery, general surgery, orthopedic surgery, gynecological surgery, reconstructive surgery, and other surgeries. Orthopedic surgery accounted for the largest share of the hemostats market in 2021. One of the main causes of the rising number of orthopedic procedures performed worldwide is the growing senior population, rising sports injury rates, and rising prevalence of lifestyle conditions (including obesity, osteoporosis, and arthritis). However, throughout the projected period, the sector for reconstructive surgery is anticipated to increase at the greatest CAGR. The primary factors driving the growth of this market are an increase in the number of breast reconstruction surgeries and face cosmetic surgery treatments.

Geographical Analysis of the Global Hemostat Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the largest share of the Hemostats market in 2021. North America's significant market share is primarily driven by the region's rapidly aging population, rising surgical volume, and the presence of many key industry participants.

Major Players in the Global Hemostats Market

COVID-19 Impact

Since the WHO declared the COVID-19 outbreak to be a pandemic, a variety of large and small pharmaceutical and biopharmaceutical companies as well as early-stage startups have stepped forward to create medications and vaccines that specifically target the infection brought on by the novel coronavirus. Hospital resources are substantially less accessible now than they were before the COVID-19 outbreak. Inpatient and outpatient services for various diseases have been drastically reduced, and infection prevention and control procedures have been implemented, as they have been the main methods used to manage this. Surgical procedures drastically decreased as the pandemic struck nations all over the world.

Recent Developments

• July 2021, Medcura, Inc., a medical company together with ASO LLC, announced the launch of a new class of antibacterial hemostatic gel, Rapid-Seal. This product meets the market demand for a transparent gel that will be easily applied to injuries.
• February 2021, EndoClot Plus, Inc., announced that the company had received clearance for EndoClot Polysaccharide Hemostatic system from the U.S. Food and Drug Administration (FDA). This innovative product helps gastroenterologists to prevent bleeding rapidly. This technology represents a significant milestone in advancing the care of the G.I. patient.
• March 2020, Institute of Nano Science and Technology, an autonomous institute under the Department of Science & Technology, developed a starch based ‘hemostat’ material. This material helps in stopping the blood flow by concentrating the natural clotting factors in the blood.
• February 2020, Baxter announced 510(k) clearance from the US FDA for Peri-Strips Dry with Veritas Collagen Matrix product with Secure Grip. The product helps in mitigating bleeding during bariatric surgeries and other surgical procedures.

Frequently Asked QuestionsQ1. How big is the Hemostat market?Ans. The global Hemostat market size was USD 2.9 billion in 2021 and is anticipated to reach USD 5.0 billion in 2031, growing at a rate of 5.6% from 2022 to 2031.Q2. What is the Hemostat market growth rate?Ans. The growth rate of the Hemostat market is 5.6%.Q3. Which region holds a major market share for the Hemostat market?Ans. North America holds a major market share of the Hemostat market in 2021.Q4. Which segment accounted for the largest Hemostat market share?Ans. By application, orthopedic surgery segment accounted for the largest Hemostat market share.Q5. Who are the key players in the Hemostat market?Q6. What are the factors driving the Hemostat market growth?Ans. The major factors driving the growth of the market are the growing healthcare market in emerging countries.Q7. What are the key growth strategies of Hemostat market players?Ans. The key growth strategies of Hemostat market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Hemostat market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Hemostat market during the forecast period.

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