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Hemostats Market Trends Analysis, Market Opportunities, Key Players, Share And Forecast To 2033
Hemostats Market
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According to The Business Research Company's, The hemostats market size has grown strongly in recent years. It will grow from $3.17 billion in 2023 to $3.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to surgical advancements, rising geriatric population, chronic diseases and coagulation disorders, expansion of cardiovascular surgeries, orthopedic applications.
The hemostats market size is expected to see strong growth in the next few years. It will grow to $4.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to emergency preparedness and pandemic response, global healthcare infrastructure development, growing demand for minimally invasive surgeries, expanding applications in various specialties, focus on biocompatibility. Major trends in the forecast period include product innovations, advancements in hemostatic technologies, focus on minimally invasive surgeries.
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Market Drivers and Trends:
Government initiatives to perform free surgeries is expected to propel the growth of the hemostat market going forward. Free surgeries refer to medical procedures or surgeries that are performed without charging a fee to the patient. The burden of treatment of poor, urban-poor and the needy people, the rise in surgical demand and the trend towards hemostats. For instance, according to an article in PubMed, a free search engine for biomedical and life science data bases, in May 2022, a survey was conducted in tertiary care hospitals across India. It was mentioned in this survey, that 41.7% performed both laparoscopic and open procedures equally, with 41.1% practicing primarily laparoscopically. Prior to the lockdown, surgeons across India reported a mean of 26 outpatient consultations per day and 42 elective surgeries per month. Post lockdown, 36.5% answered to have totally halted short term administrations, 63.5% specialists had a decrease in their administrations, and half answered to have begun web-based counsels. Therefore, government initiatives to perform free surgeries is driving the growth of the hemostat market.
Technological advancement is a key trend in the hemostats market. Major companies in the hemostats market are advancing in their new technologies and research and developments in the hemostats market. For instance, in March 202, Baxter, a US based healthcare company, the launch of PERCLOT Absorbable Hemostatic Powder in the U.S. PERCLOT is a passive, absorbable hemostatic powder that is ready to use and designed for patients with intact coagulation to address mild bleeding. The launch of PERCLOT in the U.S. allows to provide surgeons with a full range of active and passive hemostatic products for bleeding control, helping to optimize care for their patients.
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Major Key Players of the Market:
C. R. Bard Inc., B. Braun Melsungen AG, Baxter International Inc., Integra LifeSciences Corporation, Marine Polymer Technologies Inc., Pfizer Inc., Becton Dickinson and Company, Teleflex Incorporated, Medtronic plc, Hemostasis LLC, Stryker Corporation, Advanced Medical Solutions Group plc, Samyang Holdings Corporation, Gelita Medical GmbH, Dilon Technologies Inc., Mallinckrodt plc, CryoLife Inc., CuraMedical B.V., Meril Life Sciences Pvt. Ltd., Beijing Datsing Bio-Tech Co. Ltd., Zhonghui Shengxi (Beijing) Medical Technology Co. Ltd., Curasan AG, Biotemed Inc., Biom'up SA, Shandong Foryou Medical Devices Co. Ltd., Z-Medica LLC, Anika Therapeutics Inc., Metalcraft Solutions Inc., MC Squared Medical Inc., The Ohio Broach & Machine Co., Unity Tool Inc.
Hemostats Market 2024 Key Insights:
• The hemostats market size is expected to see strong growth in the next few years. It will grow to $4.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Surgical Precision Spurs Surge Hemostat Market Surges Amidst Rising Surgical Procedures
• Technological Advancements Propel Hemostats Market
• North America was the largest region in the hemostats market in 2023
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