The hemostats market size is projected to reach US$ 4.71 billion by 2031 from US$ 2.72 billion in 2023. The market is expected to register a CAGR of 7.1% during 2023–2031. Growing research activities, as well as product innovations in hemostats are likely to remain key trends in the market.
The rise in bleeding complications led to the growth of the hemostats market worldwide. The growing surgical procedures performed worldwide is an important market driver. The growing adoption of hemostat products in the healthcare sector has added to growth in the market. The increasing number of regulatory approvals, spinal problems, and an increase in sports injuries are other factors contributing to the acceleration of the market. Certain clinical limitations, like uncontrolled bleeding, limit product acceptance and restrain market growth. Although the product achieves good results, factors such as the treatment of bleeding complications during surgery and a significantly lower risk of infection lead to limited acceptance of the product, such as the high cost of the product. In addition, raising awareness of key opinion leaders, such as medical professionals, opens up opportunities for future market growth for hemostats.
The hemostats market witnessed an upswing due to rapidly improving healthcare infrastructure, increased purchasing power, and increased awareness about the health practices in the hemostatics market. Low research and development costs enable developed and technologically advanced products with improved functions. Tissue sealants, adhesion prevention, and tissue adhesives replaced traditional wound and incision sutures. Its advantages include improved visualization, minimally invasive application, prevention of non-blood fluid leakage, shortened operation time, prevention of non-blood fluid leakage, and shorter postoperative time.
The rising incidences of sports injuries are influenced by weekend sports players, youngsters, children, professional athletes, and sometimes adults. Most sports injuries are orthopedic injuries that include sprain, swelling, strain, pain, fractures, ligament tears, and others. ~5 million children 18 years old or younger in the US consult their primary care physician or a sports medicine clinic for yearly injuries. ~3 million children go to hospital emergency rooms yearly because of sports injuries. Repetitive strain injuries are also common in other high-speed sports. Sports injuries and spinal problems contribute to the increased use of hemostasis and tissue sealants. Focusing on effective blood loss management during surgeries drives the market growth.
Biotechnology and materials science innovations have produced more effective and safer hemostatic products, improving surgical outcomes and patient recovery times. New hemostat technologies have filled a critical gap in healthcare, emergency response, and defense, providing sustainable, accessible, and affordable biomedical devices for emergency medical response. In March 2023, Axio Biosolutions received clearance for its Ax-Surgi surgical hemostat from the US FDA 510(k). This innovative hemostatic product utilizes chitosan and is specifically designed to treat and control severe bleeding effectively during surgical procedures. In September 2022, Medtronic received FDA approval for its Nexpowder endoscopic hemostasis device. This technology intends to improve patient outcomes and, thus, the overall quality of care.
Key segments that contributed to the derivation of the Hemostats market analysis are type, cause, disorder type, category, and end user.
The geographic scope of the Hemostats market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the hemostats market. Factors leading to the growth of the hemostats market in North America are a rise in the number of surgical procedures, improvement in the region's healthcare infrastructure, and the availability of technological advancements. The cumulative use of technologically advanced products and the volume of surgical procedures have resulted in a higher demand for hemostats in North America. Furthermore, the increasing product approvals by the US FDA also support the region's dominance in the global market. For instance, in January 2023, breakthrough device designation was granted to Medcura, Inc.'s LifeGel absorbable surgical hemostat by the US Food and Drug Administration (FDA). In North America, the US held a significant market share in 2023. The significant growth in the US during the forecast period is due to factors such as the increasing number of surgical procedures, innovative product developments by the key market players, and provision of advanced healthcare facilities in the country.
The regional trends and factors influencing the Hemostats Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Hemostats Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2.72 Billion |
| Market Size by 2031 | US$ 4.71 Billion |
| Global CAGR (2023 - 2031) | 7.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Hemostats Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Hemostats Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Hemostats market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Hemostats market are listed below:
The “Hemostats Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The North America region dominated the hemostats market in 2023.
An increase in the number of surgical procedures and growing cases of sports injuries are the driving factors impacting the hemostats market.
Growing research activities and product innovations are likely to act as future trends for the hemostats market.
BD and B. Braun Melsungen Ag are the leading players operating in the hemostats market.
US$ 4.71 billion would be the estimated value of the hemostats market by 2031.
7.1% is the CAGR of the hemostats market.