The Hemostasis Products market is expected to witness a CAGR of 5.2% during the forecast period. Certain factors that are driving the market growth include the increasing number of trauma and surgical cases, and technological advancements.
An increase in the number of surgical procedures is one of the key drivers boosting the hemostasis product market’s growth. As recognized by WHO and several other international agencies, surgical care is inevitable to manage several health conditions, which include cardiovascular diseases, injuries, cancer, obstructed labor, birth defects, and other conditions.
Based on a survey conducted by WHO, in 66 member states during the past decade, Switzerland and Luxembourg accounted for the highest density of surgeries performed per million population. Apart from these developed countries, such as the United States, Canada, Germany, France, and Italy have been reported to have a significant density of surgical volume. Hence all these factors are expected to drive market growth across the globe.
Key Market Trends
Application in Surgeries is Expected to Hold a Significant Market Share
Hemostat agents, like products containing thrombin, are a safe and effective alternative to gelatin sponges and oxidized cellulose in controlling bleeding during cardiac surgery.
Hemostatic agents containing thrombin and collagen are superior to surgical hemostasis alone in controlling microvascular bleeding during cardiac surgery. It is also reasonable to use fibrin sealants as an adjunct to surgical hemostasis to limit bleeding in cardiac and aortic surgery.
As per American Heart Association 2019 statistics, cardiovascular disease is the leading global cause of death, accounting for more than 17.6 million deaths per year in 2016, a number that is expected to grow to more than 23.6 million by 2030. This will result in more cardiovascular surgeries, which will also increase the demand for hemostat agents that control bleeding. This factor is hence expected to help market growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America has dominated the global market studied, in 2018. Every year, the US government spends a significant parentage of its GDP on healthcare. According to a report published by the Organization for Economic Co-operation and Development (OECD), 2018, about 18% of the country’s GDP is spent on healthcare.
An increase in the number of road accidents and rising prevalence of chronic diseases are the major factors driving the growth of the market studied. According to the data published by the Insurance Institute for Highway Safety, in 2016, there were 34,439 fatal motor vehicle crashes in the United States, out of which 37,461 deaths occurred. It resulted in 11.6 deaths per 100,000 people. Hence all these factors are expected to drive the Hemostasis products market.
The global Hemostasis Products market is moderately fragmented and consists of a number of major players. Companies like Abbott Laboratories, Baxter International, Inc., C. R. Bard, Inc. (BD), CSL Behring LLC, Dexur, Grifols, S.A., Johnson & Johnson, Medtronic plc, Pfizer, Inc., Tricol Biomedical, among others, hold the substantial market share in the Hemostasis Products market.
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