Hemostats Market by Product (Thrombin, Oxidised Regenerated Cellulose, Combination, Gelatin, Collagen), Application (Gynecology, Neurology, Cardiovascular, Reconstructive), Formulation (Powder, Matrix & Gel, Sheets & Pads) - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to reach USD 3.03 billion by 2023 from USD 2.27 billion in 2018, at a CAGR of 6.0%.
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Growth in this market is driven by the increasing number of surgical procedures, growing number of regulatory approvals, increasing incidence of sports-related injuries and spinal ailments, and rising focus on effective blood loss management in patients during surgeries.
In addition, the emerging markets and growth in the number of hospitals and surgical centers are expected to offer further growth opportunities for players operating in the Hemostats Market. On the other hand, high cost of hemostats and dearth of skilled professionals are expected to hinder the growth of this market.
Hemostats market is expected to reach USD 3.03 billion by 2023 from USD 2.27 billion in 2018, at a CAGR of 6.0%.
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The thrombin-based hemostats segment is expected to account for the largest share of the market in 2018.
Based on product, the Hemostats Market is segmented into thrombin-based hemostats, oxidized regenerated cellulose-based hemostats, combination hemostats, gelatin-based hemostats, and collagen-based hemostats. Of all these product segments, the thrombin-based hemostats segment is expected to account for the largest share of the global Hemostats Market in 2018.
The large share of this market segment can primarily be attributed to the wide range of advantages associated with the use of thrombin-based hemostats.
In 2018, the orthopedic surgery segment is expected to dominate the Hemostats Market
On the basis of application, the Hemostats Market is segmented neurological surgery, cardiovascular surgery, general surgery, orthopedic surgery, gynecological surgery, reconstructive surgery, and other surgeries. The orthopedic surgery segment is expected to account for the largest share of the Hemostats Market in 2018.
The growing geriatric population, increasing incidence of sports injuries, and the growing prevalence of lifestyle disorders (such as arthritis, osteoporosis, and obesity) are some of the major factors responsible for the growth in the number of orthopedic surgeries performed globally. The growing number of orthopedic surgeries is in turn expected to support the growth of dependent markets, such as the Hemostats Market for orthopedic applications.
In 2018, North America to command for the largest market share
On the basis of region, the Hemostats Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America is expected to account for the largest share of the global Hemostats Market.
The Hemostats Market in North America is well-established, with the US being a major market in this region. Growth in the North American market is majorly driven by the growing geriatric population and increasing number of surgeries in the region.
The major players in the Hemostats Market include CR Bard, Inc. (US), B. Braun Melsungen AG (Germany), Baxter International, Inc.
(US), Integra LifeSciences (US), Marine Polymer Technologies, Inc. (US), Teleflex (US), Ethicon, Inc.
(US), Pfizer, Inc. (US), Z-Medica LLC (US), and Gelita Medical GmbH (Germany).
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