Hemostats Market worth $3.7 billion by 2028

Hemostats Market in terms of revenue was estimated to be worth $2.7 Billion in 2023 and is poised to reach $3.7 Billion by 2028, growing at a CAGR of 6.7% from 2023 to 2028 according to a new report by MarketsandMarkets.

The significant growth in the number of hospitals and surgical centers is expected to support the growth of the hemostats market, as these are key end users of hemostats. The number of hospitals and surgical centers is increasing in both developed and emerging countries. The demand for surgical equipment (including medical devices such as hemostats) is high in these newly established surgical centers and hospitals, owing to the increasing patient population base.

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In 2022, the oxidized regenerated cellulose-based hemostats segment held the largest share of the hemostats market by type segment.

The hemostats market is segmented into oxidized regenerated cellulose-based hemostats, thrombin-based hemostats, combination hemostats, gelatin-based hemostats, collagen-based hemostats, and other hemostats based on type. The oxidized regenerated cellulose-based hemostats segment accounted for the largest share of the hemostats market in 2022. These hemostatic agents have emerged as frontrunners in the hemostats market. ORC-based hemostatic agents have showcased their effectiveness across a broad spectrum of surgical procedures. Whether in general surgery, cardiovascular surgery, orthopedics, or other specialties, ORC-based options have consistently demonstrated their hemostatic capabilities. This versatility has made them an attractive choice for surgeons who encounter diverse clinical scenarios.

The matrix & gel hemostats segment held the largest share of the hemostats market by formulation segment in 2022.

The global hemostats market is differentiated into matrix & gel hemostats, sheet & pad hemostats, sponge hemostats, and powder hemostats. In 2022, the matrix & gel hemostats segment dominated the hemostats market. These formulations strike a balance between versatility and effectiveness, appealing to a broad spectrum of surgical scenarios.

North America is the largest regional market for hemostats market.

The market for hemostats has been divided into five key geographical regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America held the predominant portion of the hemostats market. The hemostats market in North America is well-established, with the US being a major market in this region. Growth in the North American market is mainly driven by the growing geriatric population and the increasing number of surgeries performed in the region. The rising prevalence of chronic diseases is expected to increase the number of surgical procedures performed, thereby increasing the demand for hemostats.

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Hemostats Market Dynamics:

Drivers:

1. Growing volume of surgical procedures performed

2. Rising focus on R&D

3. Rising focus on effective blood loss management in patients during surgeries

Restraints:

1. Side effects and allergic reactions associated with hemostats

Opportunities:

1. Growth opportunities in emerging economies

2. Growing number of hospitals

Challenge:

1. Stringent regulatory framework

2. Dearth of skilled personnel for effective use of hemostats

3. High cost of hemostats

Key Market Players of Hemostats Industry:

The major players operating in this market are Johnson & Johnson (US), Baxter International (US), Pfizer Inc. (US), B. Braun SE (Germany), Becton, Dickinson and Company (US), Teleflex Incorporated (US), Medtronic Plc (Ireland), Hemostasis, LLC (US), Stryker Corporation (US), Integra LifeSciences (US), Advanced Medical Solutions Group Plc (UK), Samyang Holdings Corporation (South Korea), Marine Polymer Technologies, Inc. (US), GELITA MEDICAL GmbH (Germany), Dilon Technologies, Inc. (US), Betatech Medical (Turkey), Meril Life Sciences Pvt. Ltd. (India), BioCer Entwicklungs-GmbH (Germany), Unilene (US), Katsan Medical Devices (Turkey), Tricol Biomedical (US), 3-D Matrix Medical Technology (Japan), Hemostat Medical GmbH (Germany), Medtrade Products Limited (UK), and Altaylar Medical (Turkey).

Recent Developments:

In August 2023, Teleflex Incorporated (US) received US FDA clearance for the expanded indication for QuikClot Control+ in cardiac surgical procedures.

In July 2023, Baxter International (US) launched its PERCLOT Absorbable Hemostatic Powder in the US. This will allow the company to provide surgeons with a full range of active and passive hemostatic products for bleeding control, helping to optimize care for patients.

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