Global Hemostasis Products Market Definition
Hemostasis products, also known as hemostatic agents are typically used when surgical hemostasis is inadequate or impractical. The two main categories of topical hemostasis products are physical agents, which promote hemostasis using a passive substrate, and biologically active agents, which enhance coagulation at the bleeding site.
Global Hemostasis Products Market: Key Insights
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~5.1% |
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Base Year Market Size (2022) |
~ USD 1,650 Million |
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Forecast Year Market Size (2033) |
~ USD 1,734.2 Million |
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Regional Scope |
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Global Hemostasis Products Market Size, Forecast, and Trend Highlights Over 2023 - 2033
The global hemostasis products market is estimated to garner a revenue of ~USD 1,734.2 Million by the end of 2033 by growing at a CAGR of ~5.1% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 1,650 Million in the year 2022. The growth of the market can be attributed primarily to the rising prevalence of cardiovascular diseases worldwide, owing to adoption of unhealthy lifestyle, consumption of unhealthy food products and rising illnesses among the population. According to the World Health Organization, in 2019, 17.9 million people died from cardiovascular diseases, representing 32% of all deaths worldwide. Heart attacks and strokes accounted for 85% of these deaths.
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To promote wound healing, hemostasis prevents or slows down blood flow or clotting following injury. Hemostatic products that are based on tissue are widely used to pack wounds after a severe injury. Furthermore, the rising medical tourism, higher investments by government in development of hemostasis products, huge base of geriatric population coupled with large number of blood disorders patient population are expected to drive global hemostasis products market growth during the forecast period.
Global Hemostasis Products Market: Growth Drivers and Challenges
Growth Drivers
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Globally Increasing Number of Surgical Procedures- The use of hemostats has increased in recent years owing to the high prevalence of chronic diseases requiring surgery. The outcome of any surgical procedure can be disastrous if severe complications develop and uncontrollable bleeding occurs. Thus, the rising number of surgical procedures undertaken in hospitals is anticipated to drive global hemostasis products market growth over the forecast period. It is estimated that around 300 million complex surgeries are performed globally each year, with approximately 45 million conducted in the United States and 22 million undertaken in Europe.
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Rise in Expenditures for Research and Development -Approximately 2.63% of the global Gross Domestic Product (GDP) was spent on research and development in 2020, according to the World Bank. Compared to 2018, this was a notable increase of 2.2%.
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Surge in Cases of Hemophilia Worldwide- As per the Centers for Disease Control and Prevention, a prevalence estimate for hemophilia A in the United States is 12 cases per 100,000 males, whereas, for hemophilia B, it is 3.7 cases per 100,000 males.
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Technologically Advanced Product Development- For instance, in February 2020 Terumo Corporation has released AQUABRID, a new surgical sealant for the EMEA market. Designed to stop bleeding during surgery, the product prevents blood loss
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Growing Incidence of Accidents and Trauma Around the World- It has been estimated by the World Health Organization (WHO) that violence-related trauma and unintentional injuries are responsible for about 4.4 million deaths worldwide each year.
Challenges
- Inadequacy of Surgical Professionals
- High Prices Associated with Hemostasis Products - Even if illnesses are increasing at an alarming rate, the cost of hemostasis products is also increasing. As a result, the population with middle income is expected to slower the adoption rate of hemostasis products in the forecast period.
- Disruption in Demand and Supply Due to COVID-19
The global hemostasis products market is segmented and analyzed for demand and supply by product into topical hemostasis products, infusible hemostasis products, and advanced hemostasis products. Among these segments, the topical hemostasis products segment captured the highest market share of 70% in the year 2022 owing to the extensive use of the product in surgical procedures. There are numerous benefits of topical hemostasis products, including their cost effectiveness, efficiency, ease of use, and biodegradability, which are expected to augment segment growth during the forecast period.
Global Hemostasis Products Market Regional Synopsis
The North America hemostasis products market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, with a market share of 31%, owing to the rising incidence of heart diseases such as heart attacks and heart strokes along with the rising geriatric population in the region. According to the Centers for Disease Control and Prevention, heart disease is a major cause of death in United States, and nearly 697,000 Americans died of heart disease in 2020. Moreover, the higher healthcare spending, increasing government initiatives, favorable reimbursement policies along with presence of major market players in the market are expected to drive regional market during the forecast period.
Market Segmentation
Our in-depth analysis of the global hemostasis products market includes the following segments:
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By Product |
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By Application |
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By End-Users |
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Top Featured Companies Dominating the Global Hemostasis Products Market
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Terumo Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Baxter International, Inc.
- Sysmex Asia Pacific Pte Ltd
- Abbott Healthcare Private Limited
- csl behring llc
- Grifols, S.A.
- Dexur Inc
- Pfizer Inc.
- Tricol Biomedical.
- Medtronic plc
