Hemostats Market by Product (Thrombin, Oxidised Regenerated Cellulose, Combination, Gelatin, Collagen), Application (Gynecology, Neurology, Cardiovascular, Reconstructive), Formulation (Powder, Matrix & Gel, Sheets & Pads) - Global Forecast to 2023
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"The global hemostats market is projected to grow at a CAGR of 6.0% during the forecast period."
The hemostats market is expected to reach USD 3.03 billion by 2023 from USD 2.27 billion in 2018, at a CAGR of 6.0%. Growth in this market is driven by the increasing number of surgical procedures, growing number of regulatory approvals, increasing incidence of sports-related injuries and spinal ailments, and rising focus on effective blood loss management in patients during surgeries.
On the basis of product, the hemostats market is segmented into thrombin-based hemostats, oxidized regenerated cellulose-based hemostats, combination hemostats, gelatin-based hemostats, and collagen-based hemostats. In 2018, the thrombin-based hemostats segment is estimated to hold the largest share of the market. The large share of this segment is attributed to the wide range of advantages associated with the use of thrombin-based hemostats.
Based on formulation, the hemostats market has been segmented into matrix & gel hemostats, sheet & pad hemostats, sponge hemostats, and powder hemostats. The sponge hemostats segment is expected to witness the highest growth during the forecast period. The positive growth rate of this segment is attributed to the growing acceptance of these formulations by end users.
Geographically, the hemostats market was dominated by North America, followed by Europe in 2017. However, Asia Pacific is estimated to grow at the highest rate during the forecast period. The improving healthcare infrastructure, growing medical tourism, increasing number of elderly people in the region, and the implementation of favorable government initiatives in several Asian countries, are driving the growth of this region.
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The key players in the hemostats market include: CR Bard, Inc. (US). B. Braun Melsungen AG (Germany), Baxter International, Inc. (US), Integra LifeSciences (US), Marine Polymer Technologies, Inc. (US), Teleflex (US), Ethicon, Inc. (US), Pfizer, Inc. (US), Z-Medica LLC (US), and Gelita Medical GmbH (Germany).
The report analyses the hemostats market by product, application, formulation, and region. Apart from a comprehensive geographic product analysis and market sizing, the report also provides a competitive landscape that covers growth strategies adopted by industry players over the last three years. In addition, the company profiles include product portfolios, developments, and strategies adopted by prominent market players to maintain and increase their shares in the hemostats market.
This report will enable both established firms as well as new entrants to gauge the pulse of the market, which in turn will help firms garner greater market shares. Firms purchasing the report can use one, or a combination of the below mentioned five strategies for strengthening their market shares.
The report provides insights on the following pointers:
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