Global Hemostats Market Definition
A surgical implement that regulates and manages bleeding during operations is referred to as a hemostat. By reducing the demand for blood transfusions, hemostats assist to speed up surgical procedures. In pre-hospital emergencies, hemostatic drugs are crucial for achieving hemostasis and averting disease fatalities. To constrict blood arteries and stop the flow of blood or other fluids, hemostats are utilized. To control bleeding, they are typically employed as adjuvant to surgical treatments.
Global Hemostats Market: Key Insights
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 2900 Million |
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Forecast Year Market Size (2033) |
~ USD 5000 Million |
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Regional Scope |
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Global Hemostats Market Highlights Over 2023 - 2033
The global hemostats market is estimated to garner a revenue of ~USD 5000 million by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 2900 million in the year 2022. The major growth factor of the hemostats market is the increasing prevalence of chronic diseases and the increasing number of surgeries are fueling the demand for hemostats in the medical industry. By the statistics of the World Health Organization, in 2018, around 2 million surgeries were carried out, worldwide. In addition, the need for surgical care is to rise by 30% in the next few years.
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Increased prevalence of cancer among people is expected to boost the growth of the global hemostats market. It is expected that by 2040, the count of new cases of cancer is to reach around 28 million and about 16 million deaths due to cancer. Furthermore, the growing number of hospitals across the world induced-blood donation drives, and rising instances of chronic issues are propelling the market growth.
Global Hemostats Market: Growth Drivers and Challenges
Growth Drivers
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Rise in the Number of Hospitals and Clinics- The hospitals and clinics are rising at a remarkable pace owing to their reinforced coverage, services, and additional expenditure by the public as well as private investors. There are nearly 11,000 hospitals in China, around 2000 in the United Kingdom, and approximately 6000 hospitals in the United States
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Higher Instances of Accidents- According to the World Health Organization, every year nearly 1.3 million people die due to road accidents and road accidents are the primary cause of death among people of age between 5 to 29 years
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Increasing Requirement for Blood Transfusion- The global burden of blood transfusion is reported around 76% among adults of age 60 and above and nearly 54% in children by the World Health Organization.
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Rise in the Number of People Suffering from Cancer- As per the data of the World Health Organization, in 2020, there were nearly 10 million deaths as a result of cancer. Moreover, there were around 2.26 million new cases of breast cancer and over 2 million of lung cancer.
Challenges
- Higher Cost of the Product - Clinical procedures require different types of hemostats for different operations, the cost of these products is a little higher, therefore, which imposes restrictions on clinics to have every kind of hemostat, moreover it also hinders the growth of the market. Compared to other adjunctive hemostats (OAHs), the average cost of a topical adjunctive hemostat was 47% lower using ORCs (oxidized regenerated celluloses), or a savings of USD 88 per treatment.
- Cases of Unlimited Bleeding to Limit the Demand for the Hemostats
- Shortage of Trained Expertise and Skilled Professionals
The hemostats market is segmented and analyzed for demand and supply by application into trauma, cardiovascular surgery, orthopedic surgery, plastic surgery, neurosurgery, general surgery, and others. Amongst all, the orthopedic surgery segment is anticipated to hold the largest market size by the end of 2033. The growth of the segment is attributed to rising in orthopedic procedures performed and higher cases of bone fractures across the globe. In 2019, there were about 178 million cases emerged of new fractures and around 455 million cases of long-term symptoms of fractures. Moreover, globally there were over 6 million orthopedic surgeons in 2020.
Global Hemostats Market Regional Synopsis
The North America hemostats market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, owing to the region's early adoption of a variety of technologically cutting-edge medical products and solutions as well as the rise in demand for dependable hemostat solutions. Additionally, the prevalence of chronic diseases is increasing in the area, which is fueling market expansion in North America. As per the data of the Centers for Disease Control and Prevention, in the United States, every 4 in 10 persons is suffering from more than 1 chronic problem and around 6 in 10 adults have at least 1 in one chronic issue. Furthermore, the rising need for blood donation and blood transfusion is expected to boost the market growth in the region. In America, more than 4 million people are expected to require blood transfusion every year and in the combined region of the United States and Canada, around 43,000 pints of blood are donated each day.
Market Segmentation
Our in-depth analysis of the global hemostats market includes the following segments:
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By Application |
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By Product |
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By End User |
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Top Featured Companies Dominating the Global Hemostats Market
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Pfizer Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Integra LifeSciences Corporation
- Baxter AG
- Medtronic plc
- Stryker Inc.
- BD (Becton, Dickinson, and Company)
- Biom’up Innovative Surgery
- Johnson & Johnson Services, Inc.
- CryoLife, Inc.
- Hemostatis LLC
