The Global Hemostats Market is estimated to reach USD 3.5-4 billion by 2026, with a CAGR of around 6.1% during the forecast. Along with these growths, advancements in healthcare facilities and comprehensive research and development (R&D) training to establish new products are affecting the industry. However, side effects and allergic reactions linked with hemostats contemplate hindering the promotion of these products.
COVID -19 Effect on the Hemostats Market
The COVID-19 outbreak has particularly impacted the availability of hospital aid worldwide. This outbreak has mainly been handled by lowering inpatient and outpatient assistance for various other illnesses and enforcing infection deterrence and managing measures. The number of surgical processes dropped recklessly, with countries worldwide entirely impacted by the pandemic.
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Global Hemostats Market Change
Growing Volume of Surgical Procedures Conducted
Adhesion building is a primary post-surgical intricacy that results in healthcare difficulties and typically demands repeat surgeries to minister to the affected patients. Post-surgical adhesion formation oversees various complications in other surgeries, such as severe abdominal pain in the issue of abdominal surgeries, infertility in females after gynecological surgeries, and physical impairment of patients after neurological surgeries. Evaluating the severe effects of post-surgery adhesion building in patients, the significance of products such as adhesion barriers is expanding in the market.
In the past few years, there has been a significant increase in the number of surgical processes conducted across the globe. According to WHO analyses in 2019, approximately 235 million major surgical processes undertake annually. This attributes to the growing prevalence of obesity and different lifestyle conditions, the rising aging population, the increasing majority of orthopedic illnesses, and the increasing incidence of sports-related and spinal injuries.
Prospect: Increase in the Number of Hospitals & Surgical Centers
Hospitals and surgical centers are rising in advanced and emerging nations. The market for surgical supplies (including medical devices such as hemostats) is increasing in these recently launched surgical centers and hospitals, owing to the increasing patient population.
Challenge: Shortage of Skilled Personnel For The Effective Use Of Hemostats Products
Qualified professionals are needed to manage hemostats as the inappropriate closure of arteries after surgical processes may lead to constant bleeding or induce ischemia.
Presently, the shortage of qualified surgeons in advanced and growing economies is one of the significant factors restricting the adoption of these products.
The technology geography and application regions of hemostat products are transforming rapidly, owing to technological betterment. This necessitates medics and other healthcare providers to gain the required skills to apply advanced hemostat products such as hemostats, surgical bone sealants, and graft replacements effectively. Therefore, physicians and surgeons in clinics and hospitals are hesitant to use advanced surgical products for injury closure.
As per the formulation, the hemostat market segments into matrix & gel hemostats, sponge hemostats, powder hemostats, and sheet and pad hemostats. In 2022, the matrix & gel hemostat detail accounted for the most significant percentage of the hemostat market.
Orthopedic surgery accounted for the biggest share of the Hemostats market in 2022
As per the applications, the hemostat market segments into neurological, general, orthopedic, gynecological, and other surgeries. The orthopedic surgery element accounted for the biggest percentage of the hemostats market in 2022. The growing aging population, increasing incidence of sports wounds, and the majority of lifestyle disorders (such as obesity, arthritis, and osteoporosis) are some of the primary elements accountable for the increasing number of orthopedic surgeries conducted globally. However, the reconstructive surgery part expects to increase at the highest CAGR during the forecast time. An increase in the number of breast reconstruction procedures and facial cosmetic surgeries are the primary factors pushing the development of this segment.
North America accounted for the biggest share of the Hemostats market in 2022
Based on the Region, the Hemostats market segments into five major regional parts: North America, Latin America, Europe, Asia Pacific, and Africa. In 2022, North America accounted for the biggest share of the Hemostats market, tracked by Europe. The growing aging population pushes the big share of North America, the rise in the number of surgeries conducted in the region, and the robust existence of major market players.
Some of the major players working in this market are C.R. Bard (US), Baxter (US), Ethicon (Subsidiary of Johnson & Johnson) (US), Braun Melsungen AG (Germany), Teleflex Incorporated (US), Medtronic plc (Ireland), Pfizer (US), etc.
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Ankur Gupta, Head Marketing & Communications