Hemostasis Products Market size is poised to cross USD 1734.2 million by the end of 2033, growing at a CAGR of 5.1% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of hemostasis products was over USD 1650 million. 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.
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.
Growth Drivers
Challenges
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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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Product (Topical, Infusible, Advanced)
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.
Our in-depth analysis of the global 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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North American Market Forecast
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.
In order to accelerate and expand its product portfolio, Grifols, S.A. has completed the acquisition of 100% of the stock capital of Tiancheng Pharmaceutical Holdings AG.
A new product line for advanced surgery has been added to the Baxter International, Inc. portfolio with the acquisition of the PerClot Polysaccharide Hemostatic System.
Author Credits: Radhika Gupta, Shivam Bhutani
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