The global hemostats market size is expected to reach USD 3.7 billion by 2028, according to a new report by Market Research Company. The market is projected to expand at a CAGR of 6.7% during the forecast period.
The growth of the market is primarily driven by the increasing number of surgical procedures worldwide. With the growing geriatric population and prevalence of chronic diseases, the demand for surgical interventions is rising exponentially. Orthopedic surgeries, cardiovascular surgeries, general surgeries are the major application areas of hemostats. The number of these surgeries has surged post-COVID-19 pandemic as many procedures were postponed due to lockdowns and strain on healthcare systems.
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Hemostats help control bleeding during surgical procedures and facilitate wound healing. They include active agents like thrombin and collagen that assist the body's natural clotting cascade. Advancements in surgical techniques have enabled complex surgeries that require procedures like transplant and revascularization. This has further augmented the adoption of hemostats to prevent blood loss. Technological advancements have also expanded the application purview of hemostats.
North America accounted for the largest share of over 35% in the hemostats market in 2021. The well-established healthcare infrastructure and presence of major device manufacturers like Johnson Johnson, Baxter International Inc., and Pfizer Inc. have contributed to the regional market growth. Favorable reimbursement policies in the U.S. also bode well for the adoption of advanced hemostats.
Asia Pacific is estimated to witness the fastest CAGR during the forecast period. The expanding patient base suffering from lifestyle diseases coupled with improving healthcare expenditure is facilitating the regional market growth. Emerging countries like China, India, and South Korea present significant opportunities owing to the developing healthcare sector and rising surgical procedural volume.
The companies are undertaking strategic collaborations and new product launches to gain a competitive edge. For instance, in June 2021, Baxter International Inc. partnered with bioMrieux to launch the ROTEM sigma point-of-care viscoelastic testing system. The device helps detect coagulation issues during surgeries.
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Some key companies operating in the global hemostats market are Baxter International Inc., Johnson Johnson, BD, Integra Lifesciences Holdings Corporation, Teleflex Incorporated, Pfizer Inc., Medtronic plc, Hemcon Medical Technologies, Inc., and Ethicon (Subsidiary of Johnson Johnson).
