How big is the hemostat market?
The growing focus on minimally invasive procedures is a key factor driving Hemostats revenue growth.
According to the report published by Allied Market Research, the global hemostats market generated $2.8 billion in 2021, and is projected to reach $4.7 billion by 2031, witnessing a CAGR of 5.3% from 2022 to 2031.
Rise in prevalence of various types of surgeries, rising number of key players, and high adoption of hemostats product by hospitals and surgical centers drive the market growth, which are expected to notably contribute toward the growth of the global hemostats market during the forecast period.
Research Methodology
The research operandi of the global market includes significant primary as well as secondary research. When the primary methodology encompasses widespread discussion with a plethora of valued participants, the secondary research involves a substantial amount of product/service descriptions. Furthermore, several government sites, industry bulletins, and press releases have also been properly examined to bring forth high-value industry insights.
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COVID-19 scenario:
- The Covid-19 outbreak led to the postponement and cancellation of all non-essential medical procedures, thereby negatively impacting a huge number of healthcare systems globally.
- Decrease in number of surgical procedures hindered the growth of the hemostats market.
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Key Market Segments:
Type:
Active Hemostats: These are products that contain active agents, such as thrombin or fibrin, which promote clot formation and accelerate the hemostasis process.
Passive Hemostats: These products provide a mechanical barrier to control bleeding. They can include absorbable materials like collagen or gelatin sponges.
Application:
General Surgery: Hemostats are commonly used in various surgical procedures to control bleeding and minimize blood loss.
Cardiovascular Surgery: In surgeries involving the heart and blood vessels, hemostats are crucial to prevent excessive bleeding.
Orthopedic Surgery: Hemostats can help manage bleeding in procedures related to bones and joints.
Neurosurgery: Delicate surgeries involving the brain and nervous system require effective hemostasis to ensure patient safety.
Gynecological and Obstetric Surgery: Hemostats play a role in managing bleeding during procedures related to the female reproductive system.
Trauma and Emergency Surgery: Hemostats are used to control bleeding in emergency situations and trauma cases.
End-Users:
Hospitals: These facilities perform a wide range of surgical procedures and often require various types of hemostats to manage bleeding effectively.
Ambulatory Surgical Centers: Outpatient surgical centers that conduct minor to moderate surgical procedures may also use hemostats.
Specialty Clinics: Certain clinics that focus on specific medical specialties might use hemostats for procedures relevant to their field.
Geography:
North America: This region has a significant market share due to the advanced healthcare infrastructure and high prevalence of surgical procedures.
Europe: European countries also have a substantial market, driven by a growing elderly population and an increasing number of surgeries.
Asia-Pacific: The market is growing in this region due to rising healthcare investments, increasing awareness about advanced surgical techniques, and a growing number of surgical procedures.
Latin America: The market is developing here, driven by improving healthcare access and a higher demand for surgical procedures.
Middle East and Africa: The market is smaller but growing due to expanding healthcare systems and an increasing focus on advanced medical technologies.
Product Form:
Powder: Hemostatic powders are applied directly to the bleeding site and aid in clot formation.
Gel: Hemostatic gels adhere to the bleeding area and promote clotting.
Matrix and Sheet: These are often made from absorbable materials and are applied to the bleeding site for hemostasis.
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Key findings of the study:
• Depending on type, the thrombin-based hemostats segment held largest market share in 2021, and is expected to remain dominant throughout the forecast period.
• By formulation, the matrix & gel hemostats dominated the global market in 2021, and is anticipated to continue this trend during the forecast period.
• On the basis of application, the orthopedic surgery acquired the highest position in the global market, and is anticipated to continue this trend during the forecast period.
• Region wise, North America is expected to experience notable growth, registering a CAGR of 4.3% during the forecast period.
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Regional Growth Dynamics:
North America contributed to more than two-fifths of the total market share in 2021 and is estimated to continue its dominancy through 2031. However, Asia-Pacific is projected to manifest the fastest CAGR of 7.1% during the forecast period. The other regions analyzed in the report are Europe and LAMEA.
Key Points Covered by the Report-
- What are the fundamental skills, core competencies, and key players in the industry we are examining?
- What are the opportunities for marketing strategies that are developing at a usual rate?
- What are the main competitive factors influencing the industry?
- What marketing tactics are suitable for a particular service or product?
- What geographical areas are covered by the Hemostats Market report?
- What share of this market would each of the following regions hold during the forecast period: Asia-Pacific, Europe, North America, and LAMEA?
- How has COVID-19 impacted the Hemostats Market?
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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