The flowable hemostats market size is projected to reach US$ 1.75 billion by 2031 from US$ 1.03 billion in 2023. The market is expected to register a CAGR of 6.90% during 2023–2031. Research and development (R&D) activities leading to product innovations will likely remain a key trend in the market.
Flowable Hemostats Market Analysis
The number of hospitals and surgical centers is expected to increase, driving demand for flowable hemostats. The increasing frequency of surgical and trauma cases is the main factor driving market growth. Due to the enormous volume of surgical procedures, the rise in organ transplant cases, the entry of local players, and the increasing ability of surgeons to perform more technically complex procedures, China is thought to be the region with the fastest growth rate.
Flowable Hemostats Market Overview
Population aging is an international phenomenon; in other words, the number and percentage of older people in every nation are rising. The need for hemostats is directly impacted by the growing elderly population, mainly because of their increased vulnerability to different diseases and, consequently, higher surgical rates. The World Health Organization (WHO) reports that the proportion of the population that is 60 years of age and older is rising. There were one billion individuals sixty years of age or older in the world in 2019. By 2030, there will be 1.4 billion, and by 2050, there will be 2.1 billion. This increase is happening at a never-before-seen rate, and it will pick up speed in the following decades, especially in developing nations. A study by the William Harvey Research Institute at Queen Mary University of London found that from 544,998 in 1999 to 1,012,517 in 2015, there was a significant increase in the number of individuals 75 years of age or older having surgery. Patients undergoing surgery had an average age increase from 47.5 years in 1999 to 54.2 years in 2015.
Therefore, it is projected that during the forecast period, a rise in the elderly population will drive the global flowable hemostats market.
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Flowable Hemostats Market: Strategic Insights
Market Size Value in US$ 899.51 Million in 2021 Market Size Value by US$ 1,422.78 Million by 2028 Growth rate CAGR of 6.9% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Flowable Hemostats Market: Strategic Insights
| Market Size Value in | US$ 899.51 Million in 2021 |
| Market Size Value by | US$ 1,422.78 Million by 2028 |
| Growth rate | CAGR of 6.9% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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Flowable Hemostats Market Drivers and Opportunities
Increasing Number of Injuries and Surgical Procedures Favors the Market Growth
Public health is still greatly concerned about injuries. The rise in trauma and accident cases worldwide is vital to propelling the global market for flowable hemostats. The World Health Organization (WHO) estimates that every year, road traffic crashes claim the lives of about 1.3 million people. Twenty to fifty million individuals sustain non-fatal injuries each year, many of which result in disability. Worldwide, more than one-third of pre-hospital deaths and more than 40% of deaths that occur within the first 24 hours are caused by hemorrhage or excessive bleeding. In addition, a US Armed Forces study revealed that 25% of battlefield deaths may have been avoided with medical intervention. Uncontrolled blood loss is the cause of nearly 90% of these fatalities. This resulted in a rising number of surgical procedures. A growing number of musculoskeletal disorders associated with sports, work-related injuries, and age-related dysfunction are leading to an increase in surgical procedures. However, sports-related injuries cause a significant amount of health gains to be lost. The BMJ Publishing Group Ltd. report estimates that in hospitals, 4.5 million adults in the EU receive treatment for sports-related injuries yearly.
Furthermore, a BMJ Publishing Group Ltd. report states that nearly 40% of sports injuries treated in hospitals occur in team ball sports. Concussions are thought to be the most pervasive brain injuries responsible for altering mental status, and they are a significant cause of both mortality and morbidity. Statistics from the BMJ Publishing Group Ltd. report show that head injuries, the leading cause of death for individuals under 40, result in approximately 1.4 million hospital visits in England and Wales each year. According to a National Library of Medicine study, China has a higher-than-average number of patients suffering from traumatic brain injury (TBI), which raises serious concerns about the condition's impact on public health. The market is expected to grow during the forecast period due to the high adoption of flowable hemostats due to increasing surgical procedures and injuries.
Increasing Number of Hospitals and Surgical Centers Creates Significant Opportunities in the Market
Developed and developing regions are seeing a sharp rise in hospitals and surgical centers. The demand for surgical equipment, such as medical devices and hemostat products, is increasing due to this growth, particularly for newly established surgical centers and hospitals. The UK Prime Minister declared in October 2020 that approximately US$ 4.3 billion would be invested in establishing 40 hospitals and a plan for future funding of 48 hospitals by 2030. Additionally, healthcare infrastructure has seen noticeable advancements in nations like China and India over the last ten years. The opening of 22 new AIIMS hospitals around the country was announced by the Indian Ministry of Health and Family Welfare in June 2019. According to a report by the Ministry of Internal Affairs and Communications and the Statistics Bureau, as of October 2019, there were 8,300 hospitals in Japan and roughly 1,529,215 hospital beds (1,212.1 per 100,000 people).
Additionally, the market for flowable hemostats has a lot of lucrative opportunities due to the expansion of the healthcare industry. In recent years, there has been a rapid transformation in the healthcare industry. Advanced technologies in healthcare have been favored by many countries worldwide. Technology-enabled care (TEC) solutions are being mentioned in the healthcare systems, particularly in emerging economies, due to the need for better healthcare facilities. The aging population, increased prevalence of chronic illnesses, and the provision of pediatric care are some of the main drivers of the healthcare industry's expansion. The efficacy of topical hemostats may contribute to improved clinical outcomes with increasing technical procedures. Therefore, the best topical hemostats would provide accurate and effective bleeding control. The substantial increase in hospitals and surgical centers necessitates a high uptake of flowable hemostat products, ultimately presenting profitable growth prospects for the market in the upcoming years.
Flowable Hemostats Market Report Segmentation Analysis
Key segments that contributed to the derivation of the flowable hemostats market analysis are material, product, application, and end user.
- Based on material, the flowable hemostats market is segmented into porcine gelatin and bovine gelatin. The bovine gelatin segment held the most significant market share in 2023.
- By product, the market is categorized into active hemostats, passive hemostats, and combination hemostats. The combination hemostats segment held the largest share of the market in 2023.
- Based on application, the flowable hemostats market is segmented into general surgery, cardiac surgery, vascular surgery, orthopedic surgery, neuro & spine surgery, and others. The general surgery segment held the most significant market share in 2023.
- By end user, the market is segmented into hospitals & clinics, ambulatory surgery centers, and others. The hospital & clinics segment held a significant market share in 2023.
Flowable Hemostats Market Share Analysis by Geography
The geographic scope of the flowable hemostats market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The North America flowable hemostats market is segmented into the US, Canada, and Mexico. The market for flowable hemostats in the US is expected to witness significant growth during the forecast period owing to the increasing number of surgical procedures, the launch of innovative products by the market players, and the availability of advanced healthcare facilities in the country. Flowable hemostats are used extensively in surgeries on the spine, abdomen, cardiovascular, and other critical surgical areas with high bleeding.
Market players have been focusing on establishing their presence in the country. For instance, gel-e, Inc., a United States-based company, has developed advanced hemostatic and wound treatment products. The company has developed an expanding injectable hemostat, Life Foam. The product rapidly provides temporary control of bleeding from non-compressible abdominal wounds that are difficult to handle in cases such as trauma and battlefield conditions. As per data from the CDC, trauma from accidents is the third most important cause of death in the US after heart disease and cancer. Almost 85% of hemorrhage-related deaths are due to non-compressible internal bleeding, which Life Foam notices. In 2018, the product received a Breakthrough Device Designation from the FDA, further accelerating the development and clinical application, especially in traumatic injuries. Hence, the abovementioned factors considerably drive the flowable hemostats market in the United States during the forecast period.
Flowable Hemostats Market Report Scope
Flowable Hemostats Market News and Recent Developments
The flowable 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 flowable hemostats market are listed below:
- Baxter International has received US Food and Drug Administration (FDA) approval for faster preparation of its leading hemostatic, Floseal Hemostatic Matrix, at the 2019 Association of periOperative Registered Nurses (AORN) Global Surgical Conference and Expo. This next generation of Floseal has 20 percent fewer components and steps to prepare, making it easier and faster for operating room (OR) nurses to get Floseal in surgeons' hands to help stop bleeding during procedures. (Source: Baxter International Inc, Press Release, April 2019)
Flowable Hemostats Market Report Coverage and Deliverables
The “Flowable Hemostats Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Flowable hemostats market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Flowable hemostats market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Flowable 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 flowable hemostats market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Material, Product, Application, and End User
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 market is expected to register a CAGR of 6.90% during 2023–2031.
Baxter Intemational Inc, Teleflex Incorporated, Johnson & Johnson, Biom'up, Pfizer Inc., Aegis Lifesciences, 3-D Matrix Medical Technology
Research and development (R&D) activities leading to product innovations will likely remain a key trend in the market.
Key factors driving the market are the increasing number of injuries and surgical procedures and the rising geriatric population.
North America dominated the flowable hemostats market in 2023
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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