In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSPfizer Inc. announced the acquisition of Global Blood Therapeutics to amplify the rare hematology and to brace the treatment for sickle cell disease. This agreement was finalized at the worth of USD 5.4 billion.
Biom’up announced the approval of Hemosnow by U.S. Food and Drug Administration . Hemosnow is a hemostatic dry powder for control the mild levels of bleeding during surgical procedures.
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~6% |
|
Base Year Market Size (2022) |
~ USD 2900 Million |
|
Forecast Year Market Size (2033) |
~ USD 5000 Million |
|
Regional Scope |
|
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.
Get more information on this report:Download Sample PDF
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.
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
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
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.
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.
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.
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.
Our in-depth analysis of the global hemostats market includes the following segments:
|
By Application |
|
|
By Product |
|
|
By End User |
|
FREQUENTLY ASKED QUESTIONS
Rising need of blood transfusion, increased cases of cancer, increase in number of hospitals and higher chances of road accidents are the few factors likely to propel the market growth.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2033.
Lack of trained professionals, high cost of the product and inability of hemostats to restrict uncontrollable bleeding are the few factors which are likely to hamper the market growth.
The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
The major players in the market are Pfizer Inc., Integra LifeSciences Corporation, Baxter, Medtronic, Stryker, BD (Becton, Dickinson and Company), Biom’up Innovative Surgery, Johnson & Johnson Services, Inc., CryoLife, Inc., Hemostatis LLC and so on…
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, product, end user, and by region.
The orthopedic surgery segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Related Reports
Disclaimer | Privacy Policy | Terms & Conditions | LOB
Copyright © 2022 Research Nester. All Rights Reserved
