Hemostats Market Competitive Analysis, Statistics, Geographical Region, Trends Forecast till 2025
The Hemostats Market in the Asia Pacific is expected to grow at a relatively higher CAGR. Baxter (the leading organization in the global market), plans to expand its operation in emerging nations such as India and China to enhance its accessibility. This is expected to propel the growth rate of the Asia Pacific Hemostats market. Meanwhile, the Europe market is likely to expand at a low CAGR due to the presence of a smaller patient pool compared to the Asia Pacific and North America.
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Some of the Main Key Players Covered in the Report
Medtronic
Ethicon LLC.
Pfizer Inc.
Biom’up
Baxter International Inc.
Stryker
CryoLife Inc.
Integra Life Sciences
BD
Combination Hemostats to Dominate the Global Market
In terms of product type, the combination hemostats segment accounted for 14% of the global market in 2017. Combination hemostats are proven to be very effective and offer faster healing. Combination hemostats are capable of offering efficient hemostasis in shorter time owing to the rapid action of thrombin and gelatin. Rising adoption of combination hemostats is anticipated to drive the global Hemostats market during the forecast period 2018-2025.
The factors expected to drive the global Hemostats market are increasing the incidence of hemorrhage during surgery and a rising emphasis on blood management. Moreover, innovations in a surgical procedure such as robot-assisted surgery and rising geriatric population are anticipated to fuel the demand in global Hemostats market.
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Drivers & Restraints-
Rising Number of Sports Injuries to Augment Growth
The increasing number of accidental cases and the rise in the number of surgical procedures are the major factors promoting hemostat market growth. Additionally, the increasing emphasis on sports and physical activities and the rising number of sports injuries is also expected to aid in the expansion of the market. Besides this, the increasing prevalence of chronic diseases that requires surgical treatment procedures is also adding impetus to the market.
Regional Analysis-
North America to Dominate Market on Account of Presence of Increasing Number of Ambulatory Patients Opting Surgery
Geographically, North America earned a revenue of USD 1.17 billion in 2017 and emerged dominant, attributable to the rise in the number of surgeries and supported interventions for controlling blood loss during operations from the government. This, coupled with the high rate of hospital visits including both inpatient and ambulatory patients opting for therapeutic and invasive surgeries are likely to help this region continue dominating the market in the forthcoming years.