Hemostats Market Size Worth USD 8.19 Billion in 2032| Emergen Research

VANCOUVER, B.C., March 6, 2023 /PRNewswire/ -- According to the latest market analysis by Emergen Research, the global Hemostats market size was valued at USD 4.44 Billion in 2022 and is projected to grow at a CAGR of 6.3% during the forecast period. The market growth can be attributed to the increasing prevalence of cardiovascular diseases, trauma cases, and other surgical procedures requiring hemostats. Hemostats are used to control bleeding during surgical procedures, which has led to their widespread use in hospitals and other healthcare facilities.

Drivers:

The rising incidence of chronic diseases and trauma cases has led to the growing demand for hemostats in the healthcare industry. The increasing number of surgical procedures being performed globally is driving the demand for hemostats as they help in controlling bleeding and reducing blood loss. Additionally, the increasing geriatric population and the growing adoption of minimally invasive surgical procedures are further driving the market growth.

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Governments across the globe are taking initiatives to increase awareness about the benefits of hemostats and their usage. The regulatory bodies are also taking steps to ensure the safety and efficacy of hemostats. For instance, the US Food and Drug Administration (FDA) has introduced stringent regulations to ensure the safety and efficacy of hemostats used in surgical procedures. This has helped in increasing the adoption of hemostats in healthcare facilities.

Restraints:

One of the major challenges faced by the hemostats market is the high cost of these products. Hemostats are relatively expensive, and their cost is a major concern for healthcare providers, especially in developing countries. Additionally, the risk of side effects associated with hemostats is another factor that is hindering the growth of the market. Side effects such as thrombosis, inflammation, and infections are some of the major concerns associated with the usage of hemostats.

Growth Projections:

The global hemostats market is expected to register a CAGR of 6.3% during the forecast period and reach a market size of USD 8.19 Billion in 2032. The growth can be attributed to the increasing demand for hemostats in the healthcare industry, driven by the rising incidence of chronic diseases and trauma cases. Additionally, the growing geriatric population and the increasing adoption of minimally invasive surgical procedures are expected to further drive the market growth.

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Current Trends and Innovations:

The hemostats market is witnessing several trends and innovations that are expected to drive the market growth. For instance, the use of advanced hemostats such as fibrin and collagen-based hemostats is gaining popularity due to their superior hemostatic properties. These advanced hemostats are more effective than traditional hemostats and offer better control over bleeding.

Innovations such as the development of hemostats with antimicrobial properties are also expected to drive the market growth. These hemostats not only help in controlling bleeding but also prevent infections during surgical procedures. Additionally, the development of hemostats with improved safety profiles and reduced risk of side effects is also expected to drive the market growth.

Strategic Initiatives:

Hemostats are medical devices that help control bleeding during surgical procedures. They are essential tools in many surgical procedures and are used to prevent excessive blood loss, which can lead to complications and even death. Some major companies profiled in the global market report include Baxter International, Inc., Integra LifeSciences, Marine Polymer Technologies, Inc., Teleflex, Ethicon, Inc., Pfizer, Inc., Z-Medica LLC, Gelita Medical GmbH, Anika Therapeutics.

• On March 2, 2023, Ethicon Inc., a subsidiary of Johnson & Johnson, announced the launch of its new advanced hemostat, VISTASEAL, in the United States. VISTASEAL is a combination of a fibrin sealant and a proprietary bio-adhesive technology, which is designed to enhance hemostasis and tissue sealing during surgery. The product launch aims to address the unmet clinical needs of surgeons and improve patient outcomes.

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• On January 13, 2023, Baxter International Inc. announced the acquisition of Hemostasis LLC, a developer of innovative hemostatic products. Hemostasis LLC's products are designed to control bleeding in a wide range of clinical settings, including surgical, trauma, and emergency care. With the acquisition, Baxter aims to strengthen its portfolio of hemostatic products and expand its global reach.
• On November 29, 2022, Pfizer Inc. announced the launch of its new surgical hemostat, FIBRINPAD, in the European Union. FIBRINPAD is a collagen-based hemostat that is designed to rapidly stop bleeding and promote wound healing. The product launch aims to provide surgeons with an innovative solution for controlling bleeding in a variety of surgical procedures.
• On October 10, 2022, CryoLife Inc. announced the acquisition of On-X Life Technologies Inc., a developer of mechanical heart valve technology. On-X Life Technologies' products are designed to reduce the need for anticoagulation therapy, which is often used in patients with heart valve disease and can increase the risk of bleeding. With the acquisition, CryoLife aims to expand its portfolio of surgical products and provide innovative solutions for patients with heart valve disease.
• On September 7, 2022, Cohera Medical Inc. announced the launch of its new surgical adhesive, SYMBOTEX, in Europe. SYMBOTEX is a bioresorbable adhesive that is designed to seal and reinforce tissues during surgery. The product launch aims to provide surgeons with an innovative solution for improving hemostasis and reducing surgical complications.

These strategic initiatives demonstrate the ongoing innovation and investment in the Hemostats market. Companies are developing new products and technologies to address unmet clinical needs and improve patient outcomes. They are also expanding their portfolios through acquisitions and partnerships to strengthen their global reach and provide a wide range of solutions for surgical procedures.

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