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Absorbable Hemostats Market Growth 2024: Industry Trends and Analysis
Absorbable Hemostats Global Market Report 2024
According to The Business Research Company's, the absorbable hemostats market size has grown strongly in recent years. It will grow from $22.30 billion in 2023 to $23.59 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to advances in surgical techniques, increasing prevalence of chronic diseases, rising demand for minimally invasive surgeries, improvements in hemostatic materials, and enhanced awareness of patient safety.
The absorbable hemostats market size is expected to see strong growth in the next few years. It will grow to $29.68 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to rising geriatric population, growing emphasis on personalized medicine, increasing healthcare expenditure, expansion of healthcare infrastructure, and rising incidence of trauma and emergencies. Major trends in the forecast period include development of multifunctional hemostatic products, integration of smart technologies for real-time monitoring, growing use of bioengineered materials, rise in partnerships and collaborations, and advancements in regulatory standards.
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Market Drivers and Trends:
The increasing number of surgical procedures is expected to drive the growth of the absorbable hemostats market going forward. Surgical procedures are medical operations performed to treat, diagnose, or manage conditions by physically altering tissues or organs through incisions or other techniques. The increase in surgical procedures is due to increasing demand for advanced medical treatments, an aging population, and advancements in surgical technology that enable more complex and minimally invasive operations. Absorbable hemostats are used for surgical procedures to control bleeding and promote clot formation while being gradually absorbed by the body, reducing the need for additional interventions and minimizing postoperative complications. For instance, in March 2023, according to the British Association of Aesthetic Plastic Surgeons, a UK-based surgical organization, there were 31,057 cosmetic procedures in 2022, marking a 102% increase from the previous year. Therefore, the increasing number of surgical procedures is driving the growth of the absorbable hemostasis market.
Major companies in the absorbable hemostats market are focused on developing advanced products, such as absorbable hemostatic powder, to provide rapid and effective bleeding control during surgery. The absorbable hemostatic powder is a medical product used to control bleeding by promoting rapid clot formation at the site of injury, and the body naturally absorbs it after fulfilling its function. For instance, in July 2023, Baxter International Inc., a US-based healthcare company, launched PERCLOT absorbable hemostatic powder. PERCLOT granules possess a unique molecular structure that rapidly absorbs water, forming a gelled adhesive matrix that creates a mechanical barrier to stop bleeding by promoting the accumulation of platelets, red blood cells, and coagulation proteins like thrombin and fibrinogen. This feature enhances clinicians' ability to manage a broader range of intraoperative bleeding, which is crucial in reducing the need for blood transfusions, minimizing major complications, and ultimately lowering the overall cost of care.
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Major Key Players of the Market:
Johnson & Johnson; Medtronic Plc; Becton, Dickinson and Company; Stryker Corporation; Baxter International Inc.; CSL Behring; B. Braun Melsungen AG; Teleflex Incorporated; Samyang Holdings Corporation; Integra LifeSciences; Acelity; Meril Life Sciences Pvt. Ltd.; Gelita AG; CryoLife Inc.; Anika Therapeutics Inc.; Z-Medica LLC; Cohera Medical Inc.; Marine Polymer Technologies Inc.; Curasan AG; Hemostasis LLC; Arch Therapeutics Inc.; Cura Medical; Ferrosan Medical Devices A/S; FzioMed Inc.; Guizhou Jin Jiu Biotech Co. Ltd.
Absorbable Hemostats Market 2024 Key Insights:
• The absorbable hemostats market size is expected to grow to $29.68 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Rising Surgical Procedures Fuel Growth In Absorbable Hemostats Market
• Technological Advancements In Absorbable Hemostats
• North America was the largest region in the absorbable hemostats market in 2023
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In today's dynamic global economy, the absorbable hemostats market is emerging as a beacon of opportunity and innovation. With rapid technological advancements, evolving consumer demands, and proactive government policies shaping the landscape, this sector is setting the stage for transformative change. Our in-depth analysis delves into historical market trends, current dynamics, and future projections, providing industry leaders, investors, and decision-makers with the strategic insights needed to navigate this competitive terrain.
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