Hemostats Market Demand, Industry Trends, Business Opportunities, And Forecast 2028

Hemostats consist a group of instruments that include needle holders, pivot, tissue holders and various clamps. Hemostats are essential surgical agents used for prevention and regulation of bleeding of the veins or arteries. Moreover, it is a surgical tool that is used in order to control blood loss during major surgical procedures. In the early phases of surgery it is basically used for an initial incision that closes blood vessels until ligation. Furthermore, by the means of tissue sealants and tissue adhesion agent’s hemostats are applied. This agents are mainly classified into two types physical agents and biological substrates. However, the conventional sutures for wound and incision closure are rapidly replaced by tissue sealants, tissue adhesives and adhesion prevention products, due to minimal invasive application, reduced operating time, prevention of leakage of non-blood fluids and after operation infection risks and thereby reduction in hospital stays and overall medical costs. Besides, it quickly absorbs blood and other body fluids when applied to a wound. Further, to seal the wound with a protective transparent layer it transforms into a gel.

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HEMOSTATS MARKET OUTLOOK

Some of the key factors driving the hemostats market are increasing demand for minimal invasive surgeries across the globe, increasing healthcare expenditure, technological advancement and infrastructure. Increase in hospital facilities with government initiatives coupled with constantly rising aging population and chronic conditions is likely to be the major driving factor for the growth of the hemostats market. However, the growth of the hemostats market is hamperd due to the weak reimbursement scenario thus increasing the hospital costs putting all burdens onto the patient for treatment. Though, the high expenses of surgical procedures, economic issues in some countries and strict administrative approvals are posing enormous difficulties to market development are some central point that could hamper the growth of the hemostats market.

HEMOSTATS MARKET SEGMENTAL OVERVIEW

The hemostat market is segmented by product, application and geography.

HEMOSTATS MARKET BY PRODUCT

Based on product, the hemostat market is segmented into thrombin-based hemostats, oxidized regenerated cellulose-based hemostats, combination hemostats, gelatin-based hemostats and collagen-based hemostats. Among these, the thrombin-based hemostats segment is accounted for the largest share of the hemostats market in 2018. The market for this segment is on rise, due to the wide range of advantages associated with the use of thrombin-based hemostats.

HEMOSTATS MARKET BY APPLICATION

On the basis of application, the hemostats market is segmented into orthopedic surgery, general surgery, neurological surgery, cardiovascular surgery, reconstructive surgery, gynecological surgery. The orthopedic surgery segment dominated the market in 2018, owing to the increasing incidence of sports injuries, growing geriatric population and the growing occurrence of lifestyle disorders such as arthritis and obesity are some of the key drivers responsible for the growth orthopedic surgeries.

HEMOSTATS MARKET BY GEOGRAPHY

Based on geography, the hemostats market is segmented into North America, Europe, Asia Pacific and rest of the world. North America dominated the market in 2018. However, with the US being a main market in this region, the hemostats market in North America is well-developed. Growth in this region is majorly driven by the increasing number of surgeries and increasing geriatric population in the region. Owing to increasing number of surgeries and change in regulatory policies, Asia-Pacific is the fastest growing region in the hemostats market globally.

HEMOSTATS MARKET KEY PLAYERS

The key market players that are dominating the hemostats market include C. R. Bard, B.Braun, Baxter, Integra Lifesciences, Marine Polymer Technologies, Pfizer, Gelita Medical GmbH, Z-Medica, LLC, Ethicon (Subsidiary of Johnson & Johnson) and Teleflex Incorporated. Leading companies have invested massive capital in research & development and mergers & acquisitions activities to develop innovative products in the market. For example, January 2018, Baxter International Inc. announced an agreement to acquire two hemostat and sealant products from Mallinckrodt PLC – RECOTHROM Thrombin topical (Recombinant) and PREVELEAK Surgical Sealant.

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