Hemostats Market Expected to Reach $4.7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Hemostats Market," The hemostats market was valued at $2.8 billion in 2021, and is estimated to reach $4.7 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.

Control of excessive bleeding during surgery is a difficult but important task. Products called hemostats can be placed on a bleeding sites during surgery to help the body’s own processes for clotting. It is used during early phases of surgery for an initial incision that closes blood vessels until ligation. Hemostats are look like rings scissors. Frequently hemostatic forceps have a locking mechanism called a ratchet, which is used for clamping. Hemostats such as absorbable gelatin sponge, collagen hemostat, and oxidized cellulose are commercially available. 

Increase in number of product approvals notably contribute toward the growth of the global market. For instance, in July 2021, Baxter acquired PerClot Polysaccharide hemostatic system from CryoLife. This acquisition marks Baxter’s entry into the attractive global hemostatic powder segment, broadening its portfolio offering to include a wide range of active and passive hemostatic solutions. In addition, in December 2020, Teleflex completed the acquisition of Z-Medica, LLC, an industry leading manufacturer of hemostatic products. Thus, rise in number of acquisitions boosts the growth of the hemostats market. In addition, surge in incidence of sports-related injuries spinal aliments is a key factor that fuels growth of the global market. 

Moreover, according to study of BMJ Journals, in India, over 60,000 open heart surgeries are performed yearly. According to the report by the British Heart Foundation, in 2021, 7.6 million people were living with heart & circulatory diseases, and it causes about 25% deaths in the UK. Thus, alarming rise in the prevalence of cardiovascular diseases increases the number of cardiac surgeries, which lead to high usage of hemostats for performing surgeries is one of the leading hemostats market trends.
However, high cost of hemostat products hinder the growth of the market.  On the contrary, advancements in hemostat products and increase in preference for surgeries are expected to offer remunerative opportunity for the manufacturers to tap and capitalize in the market.

The global hemostats market analysis is segmented into type, formulation, application, and region. By type, the market is categorized into thrombin-based hemostats, oxidized regenerated cellulose-based hemostats, combination hemostats, gelation-based hemostats, collagen-based hemostats, and others. 

On the basis of product type, the thrombin-based hemostats market size segment dominated the global market in 2021, and is anticipated to continue this trend during the forecast period, owing to surge in adoption of thrombin-based hemostats. In addition, the combination hemostats market share is expected to hold higher market share during the forecast period, owing to increase in investments in the development of new hemostat products and the advantages associated with the use of combination hemostats.

Depending on formulation, the matrix & gel hemostats market size acquired the largest share in 2021, and is expected to remain dominant throughout the forecast period. This is attributed to the advantages associated with matrix & gel hemostats, such as easy application, biocompatibility, and cost-effectiveness. On the other, the hand sponge hemostats segment is expected to witness the highest growth in the market during forecast period. 

By application, the orthopedic surgery segment dominated the market in 2021, and is anticipated to continue this trend during the forecast period. This is attributed to increase in number of cardiovascular diseases, which, in turn, has led to rise the number of cardiac surgeries. 
Region wise, North America accounted for the largest share of the global hemostats industry in 2021, and is expected to remain dominant throughout the forecast period. This is attributed to the presence of giant biopharmaceutical and pharmaceutical firms in the U.S. In addition, increase in adoption of hemostats drives the hemostats industry growth in the region. 

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.