According to a new market report published by Transparency Market Research “Hemostasis Products Market (Product Type – Topical Hemostasis (collagen, oxidized regenerated cellulose, gelatin, and polysaccharide), Infusible Hemostasis (platelet concentrates from donor blood, FVIII derived from blood, fresh frozen plasma, and prothrombin complex), and Advanced Hemostasis (flowable, thrombin, fibrin, and synthetic sealants); Application – Trauma, Surgery, Hemophilia, Myocardial Infarction, Stroke, and Thrombosis; End-user – Hospitals and Clinics): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024”, the global hemostasis products market was valued at US$ 5.35 Bn in 2015 and is projected to expand at a CAGR of 4.2% from 2016 to 2024 to reach US$ 7.73 Bn in 2024.
Rapid development and innovation in hemostasis products is allowing physicians across the globe to achieve timely and adequate bleeding control, thereby providing superior quality of patient care. The global hemostasis products market is expected to witness robust growth in the near future due to the increasing surgical procedures, growing patient pool, rising global geriatric population, and demand for highly reliable and adequate bleeding control measures due to various medical conditions. Moreover, rising trauma and accident cases across the world have fueled demand for hemostasis products.
The vast product portfolio of hemostasis agents have enabled clinicians to provide customized emergency assistance to patients. The products range from thrombin sealants, fibrin glue, bovine serum/albumin, and gelatin matrix to microfibrillar collagen matrix, oxidized regenerated cellulose, and many more. Each of these agents differ in mechanism of action, application, and cost, thus giving medical professionals broader options for suitable treatment procedure.
This report provides market size and forecast for global hemostasis products market based on product type, application, end-user, and geography. The major geographies analyzed in the report include North America, Europe, Asia Pacific, Latin America, and Rest of the World. North America was the largest market for hemostasis products in 2015 and is likely to witness considerable growth during the forecast period from 2016 to 2024. The hemostasis product market in the U.S. is driven by the country’s strong economy, advancements in technology, and increasing number of patients with blood disorders. Other factors attributable to market growth include rise in the number of trauma cases and surgical procedures, high investments in research and development, and increase in geriatric population. According to the National Trauma Institute, over 192,000 deaths due to trauma are reported each year in the region and hemorrhage or excessive bleeding accounts for over 30% of such cases.
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The hemostasis products market is also witnessing strong growth in Europe due to increasing patient pool and geriatric population. The sharp rise in surgical procedures such as laparoscopy, knee and/or hip replacement surgeries, and hernia operations and increasing demand for minimally invasive procedures offering less pain and faster recovery have boosted the use of hemostasis products in hospitals and clinics. Asia Pacific is expected to be the most promising market for hemostasis due to developing economies and presence of large under-served patient population. The number of patients suffering from bleeding disorders such as hemophilia is also quite high in the region, thereby increasing demand for hemostasis products. India has the highest number of hemophilia patients in the world. According to the Indian Genetic Disorder Database, there were an estimated 55,000 hemophilia patients in India in 2015, of these 60% to 70% were undiagnosed.
Latin America also displays immense growth potential due to extensive development of health care infrastructure, increasing population, and rising government funding. The Middle East is likely to offer substantial opportunities in the hemostasis products market due to robust economic development, expanding demand for better health care, increasing per capita income, and government initiatives to boost health care infrastructure.
Major companies operating in this market include Abbott Laboratories, Baxter International, Inc., C. R. Bard, Inc., CSL Behring LLC, Grifols, S.A., HemCon Medical Technologies, Inc., Integra LifeSciences Corporation, Johnson & Johnson, Medtronic plc, and Pfizer, Inc.
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