Hemostats Market SWOT and PEST Analysis 2021-2031
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.
Hemostats Market Analysis
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.
Hemostats Market Overview
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.
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Hemostats Market: Strategic Insights
Market Size Value in US$ 2,206.00 Million in 2019 Market Size Value by US$ 3,557.41 Million by 2027 Growth rate CAGR of 6.3% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Hemostats Market: Strategic Insights
| Market Size Value in | US$ 2,206.00 Million in 2019 |
| Market Size Value by | US$ 3,557.41 Million by 2027 |
| Growth rate | CAGR of 6.3% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Hemostats Market Drivers and Opportunities
Increasing Incidences of Sports Injuries to Favor Market
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.
Increasing Technological Developments in the Product
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.
Hemostats Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Hemostats market analysis are type, cause, disorder type, category, and end user.
- Based on product, the hemostats market is segmented into thrombin-based hemostats, combination hemostats, gelatin based hemostats, collagen based hemostats, and oxidized regenerated cellulose based hemostats. The thrombin-based hemostats segment held the largest market share in 2023. However, combination hemostats are expected to register highest CAGR during the forecast period.
- By end user, the market is segmented into hospitals & clinics, ambulatory surgical center, and others. The hospitals & clinics segment held the largest share of the market in 2023 and is anticipated to register highest CAGR during 2021–2031.
Hemostats Market Share Analysis by Geography
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.
Hemostats Market Report Scope
Hemostats Market News and Recent Developments
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:
- Ethicon, a Johnson & Johnson MedTech company, announced the approval of ETHIZIATM, an adjunctive hemostat solution which has been clinically proven to achieve sustained hemostasis in difficult to control bleeding situations. Comprised of unique synthetic polymer technology, ETHIZIA Hemostatic Sealing Patch is the first and only hemostatic matrix designed to be equally active and efficacious on both sides. Designed for maximum adaptability, it can be stuffed, rolled, pulled apart, trimmed, and tailored, making it easy to handle in both open and minimally invasive surgeries. (Source: Johnson & Johnson Services, Inc, Press Release, November 2023)
- Baxter International Inc., a global leader in advancing surgical innovation, announced the launch of PERCLOT Absorbable Hemostatic Powder in the US PERCLOT is a passive, absorbable hemostatic powder that is ready to use and designed for patients with intact coagulation to address mild bleeding. (Baxter, Press Release, July 2023)
- Olympus announced the launch of EndoClot Adhesive (ECA), EndoClot Polysaccharide Hemostatic Spray (PHS) and EndoClot Submucosal Injection Solution (SIS) in the Europe, Middle East and Africa (EMEA) region. This innovative portfolio is developed by EndoClot Plus, Inc. (EPI), which expanded its distribution agreement with Olympus from the US to EMEA in December 2022. (Olympus, Press Release, April 2023)
- Medcura, Inc., a commercial-stage life science and medical device company, announced that Walmart.com, one of the world’s largest online retailers, will now be selling the Company’s antibacterial wound gel Rapid-Seal through Walmart.com. Rapid-Seal was cleared by the Food and Drug Administration (FDA) to provide rapid bleeding management and an antibacterial barrier helping to reduce infections. (Medcura, Press Release, December 2022)
- Omni-stat Medical Inc’s parent company, Medtrade Products Ltd is pleased to announce CE certification for its CELOX PPH Uterine Hemostatic Tamponade, a significant and state-of-the-art innovation that provides rapid and effective control of postpartum bleeding, a prevalent and severe complication of childbirth. Gaining accreditation for this game-changing device is a significant medical milestone in the field of obstetrics. (Source: Omni-stat Medical Inc, News, November 2022)
Hemostats Market Report Coverage and Deliverables
The “Hemostats Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Hemostats market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Hemostats market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Hemostats market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Hemostats market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; End User ; and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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