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Hemostasis Products Market to Grow at a CAGR of 4.6% During the Forecast Period 2021-2026

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Hemostasis Products Market to Grow at a CAGR of 4.6% During the Forecast Period 2021-2026

April 13
00:16 2021
Hemostasis Products Market to Grow at a CAGR of 4.6% During the Forecast Period 2021-2026

Hemostasis Product
Increasing Prevalence of Chronic Diseases Such as Cardiovascular Diseases, Cancer, Myocardial Infarction Coupled With the Rising Incidence of Trauma and Accidents Across the Globe Are the Major Factors Driving the Growth of the Market.

Hemostasis Products Market size in 2020 is estimated to be $1.52 billion, growing at a CAGR of 4.6% during the forecast period 2021-2026. Hemostasis is the act of stopping blood flow from a damaged vessel or organ. Hemostasis products are the tools that help to control bleeding during surgery and also acts as Fresh Frozen Plasma. Hemostasis products help in fewer blood transfusions, decreased operating time, and reduced morbidity and mortality for patients. It contains Polysaccharides, Oxidized Regenerated Cellulose, which is a hemostatic agent used for hemostasis in surgery and eliminates the risk of viral transmission and increases patient safety. These products are very effective in cases of inhibited coagulation, independent of clotting ability. The increasing prevalence of chronic diseases such as cardiovascular diseases, cancer, Myocardial Infarction coupled with the rising incidence of trauma and accidents across the globe are the major factors driving the growth of the market. Moreover, growing technological advancement in hemostasis products coupled with rising usage of recombinant products further enhance the overall demand for the Hemostasis Products Market during the aforesaid period.

Hemostasis Products Market Segment Analysis – By Product Type

Based on the Technology, Hemostasis Products Market is segmented into Topical Hemostasis Product, Infusible Hemostasis Product, Advanced Hemostasis Product. The topical hemostasis product segment is estimated to dominate the market during the period 2021-2026. This is attributed to rising usage of topical hemostasis products during surgery, trauma to maintain hemostasis. Topical hemostasis products include polysaccharides, collagen, gelatin, and others. The advanced hemostasis products segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 4.0% during the period 2021-2026. This is mainly owing due to the increased usage and product trust in surgical suites and it provides faster and more sustained hemostasis.

Hemostasis Products Market Segment Analysis – By Application

Based on the application, Hemostasis Products Market is segmented into Trauma, Surgery, Hemophilia, Myocardial Infarction, Stroke, and Thrombosis. In 2020, surgery is estimated to hold a major share in the market. This is mainly owing to the rising number of surgical procedures across the globe. Moreover, hemostasis products that contain thrombin which is safe and effective than alternative to gelatin sponges and oxidized cellulose in controlling bleeding during cardiac surgery are also contributing to the dominance of this segment. Also, trauma is projected to grow with a CAGR of 3.7% over the period 2021-2026. This is owing to the rising number of traumatic incidents including accidents.

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Hemostasis Products Market Segment Analysis – By Geography

North America dominated the Hemostasis Products market share accounting for 40% of the market in 2020. This is mainly owing to the rising incidence of road accidents in countries such as the U.S. and Canada. According to, a report published by the U.S. Department of Transportation, National Highway Traffic Safety Administration, in 2018, there were 36,560 people killed in motor vehicle traffic crashes on U.S. roadways. However, the Europe region is projected to be the fastest-growing over the period 2021-2026. This is owing to rising expenditure on healthcare which leads to demand technologically advanced products owing to strong surgeries volume.

Hemostasis Products Market Drivers

Increasing Prevalence of Chronic Diseases

Increasing prevalence of chronic diseases such as cardiovascular diseases, cancer, Myocardial Infarction coupled is driving the growth of Hemostasis Products market. According to, National Centres for Disease Control and Prevention (CDC), chronic diseases such as cancer, diabetes, Myocardial Infarction are the leading cause of death in U.S. which accounts for nation’s $3.8 trillion in annual health care costs. Moreover, rising number of surgeries in outpatient settings owing rising geriatric population is also set to increase the market growth.

Rising Technological Advancement

Increase in research and development in products with a technologically advanced features is also driving the market. The advancement in R & D of the products reduces the risk of infection and transmission. For instance, TISSEEL the product offering by Baxter which is the most technologically advanced product contains fibrin sealant for surgical care. Also, the increasing adoption of recombinant products is also set to the growth of the Hemostasis Products Market.

Hemostasis Products Market Challenges

High capital expenditure required for these products owing to the usage of advanced technology for hemostat is challenging the market. Along with this the certain clinical limitation, which in some cases such as uncontrolled bleeding that leads to the limited adoption of these products are also further challenging the growth of the market.

Covid-19 Impact

Moreover, the outbreak of COVID-19 around the world has impacted all industries including the healthcare industry. Covid-19 affects the Hemostasis Products market including a drastic reduction in emergency surgical procedures and also overall admission to the Emergency department (ED). Also owing to the widespread of coronavirus, it affects non-essential medical procedures such as plastic surgery and others that are not linked to the treatment of COVID-19. These affect the Hemostasis Products market by the cancellation of scheduled surgery and shift of surgeons to the other area.

Hemostasis Products Market Industry Outlook

Product launches, Merger & Acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Hemostasis Products Market. Hemostasis Products top 10 companies are Baxter International, Inc., Medtronic, Johnson & Johnson, Pfizer, Inc., Cryolife, Inc., Stryker, Tricol Biomedical, Dexur, C. R. Bard, Inc., and Grifols, S.A.

Acquisitions/Product Launches:

In February 2020, Terumo launched AQUABRID, a new surgical sealant in the EMEA market. These product is optimized to stop bleeding during surgical procedure.

In June 2019, Baxter International, Inc. launched its new hemostasis product, Floseal Hemostatic Matrix. This product is approved by USFDA and helps to stop bleeding during the procedure.

Key Takeaways

In 2020, North America dominated the Hemostasis Products Market owing to the rising number of road accidents in the region.

Increasing development in healthcare infrastructure across the globe is driving the market growth of Hemostasis Products.

Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Hemostasis Products Market report.

The High cost of the products and some certain clinical limitation are challenging the growth of the market.

Related Reports :

A. Hemostasis And Tissue Sealing Agents Market

https://www.industryarc.com/Research/Hemostasis-And-Tissue-Sealing-Agents-Market-Research-503679

B. Coagulation/Hemostasis Analyzer Market

https://www.industryarc.com/Report/16786/coagulationhemostasis-analyzer-market.html

For more Lifesciences and Healthcare Market reports, please click here

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