Absorbable Hemostat Market Size, Share, Growth, and Industry Growth by Type (Gauze, Powder, Gelatin Sponge, and Other) By Application (Hospital, Clinics, and Other) Regional Forecast From 2023 To 2030

Updated On: 20 November 2023

ABSORBABLE HEMOSTAT MARKET REPORT OVERVIEW

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The global absorbable hemostat market size is estimated to be USD 23.240 billion in 2022 and the market is projected to touch USD 31.860 billion by 2028, with a growing CAGR of 5.4% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with absorbable hemostat experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Absorbable hemostat is a biomedical material. The medical material can be used to stop bleeding in case where application ligature, pressure, and other conventional methods are ineffective.

Increase in surgical procedures and the growing volume of complications in surgical procedures are estimated to surge market growth. Increase in number of surgical and hospital centers and government investment for healthcare interoperability. Rise in R&D activities and growing focus on effective blood loss management in patients during surgeries. These factors are anticipated to accelerate market growth. Rising orthopedic surgeries and growing technological advancement are projected to drive market growth in the upcoming years. Increase in geriatric population and growing disposable income are anticipated to accelerate market growth. However, the scarcity of skilled professionals and trained experts is estimated to hamper market growth. Also, high medication cost is expected to slow the market growth rate in the upcoming years.

COVID-19 Impact: Growing Demand for Hospital Resources During Pandemic to Augment Market Progress

COVID-19 pandemic has had a significant impact due to the high demand for hospital resources globally. Increasing number of coronavirus cases fueled market progress. Pandemic affected several business across the world. However, pharmaceutical and biopharmaceutical companies along with small startups witnessed positive market growth.

LATEST TRENDS

"Growing Surgical Procedures Performed to Foster Market Growth"

Increasing number of surgical procedures is anticipated to surge market growth. Growing number of regulatory approvals and a high need to perform critical surgeries are projected to drive market growth. Rise in incidence of sports-related injuries and spinal aliment. Such advantages of the product are estimated to accelerate market growth. Growing focus on effective blood loss management during surgeries in patients is estimated to fuel market growth. Increasing the patient population base is anticipated to accelerate market growth. The product has multiple advantages, such as biocompatibility, easy application, and cost-effectiveness. Growing acceptance of the process in the advanced healthcare sector is anticipated to accelerate absorbable hemostat market growth in the upcoming years.

ABSORBABLE HEMOSTAT MARKET SEGMENTATION

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• By Type

Based on type, the market is divided into gauze, powder, gelatin sponge, and other.

Gelatin sponge is expected to be the leading part of the segmentation type.

• By Application

Based on the application, the market is divided into hospital, clinics, and other.

Hospital is expected to be the leading part of application segmentation.

DRIVING FACTORS

"Increasing Number of Surgical Centers and Hospitals to Incite Market Growth"

The number of hospitals is surgical centers is increasing day by day in developed and emerging countries. High demand for surgical equipment and devices such as hemostats is projected to drive market growth. Growing investment to develop new products and increased demand for modern healthcare instruments globally is estimated to fuel market growth. Rise in the prevalence of the bleeding disorder is estimated to propel market progress. Rising musculoskeletal disorders associated with sports, age-related dysfunction, and occupational injuries are estimated to expand absorbable hemostat market growth in the upcoming years.

"Increase in Research and Development activities and growing government investment for Healthcare to Surge Market Growth"

increase in research and development activities in hospitals and surgical centers is estimated to propel market growth. Growing emerging markets is likely to create a new opportunity in market growth rate. And growing government investment in healthcare is projected to surge market growth. Increase in funding by the federal government is anticipated to boost the product adoption. Healthcare expenditure and healthcare infrastructure advancements are expected to accelerate market progress. Growing demand to expand healthcare facilities is estimated to foster market growth in the upcoming years. Rise in disposable income and an increasing need for healthcare services for effective and smooth. These factors are anticipated to surge absorbable hemostat market growth.

RESTRAINING FACTORS  

"Scarcity of Skilled Professionals and Trained Expertise to Hamper Market Growth."

scarcity of skilled professionals and trained expertise are estimated to hamper market growth. Also, high medication cost is expected to slow the market growth rate in the upcoming years.

ABSORBABLE HEMOSTAT MARKET REGIONAL INSIGHTS

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"Growing Geriatric Population in North America to Drive Market Share "

North America is expected to account largest absorbable hemostat market share due to growing geriatric population. Increase in number of surgeries and the presence of prominent market players in the region is estimated to surge market progress. Growing volume of complications in surgical procedures is estimated to surge market growth. Increase in the number of surgical and hospital centers and government investment for healthcare interoperability. Rise in R&D activities and growing focus on effective blood loss management in patients during surgeries. These factors are anticipated to accelerate market growth. Rising orthopedic surgeries and growing technological advancement are projected to drive market growth in the upcoming years.

Asia Pacific is projected to hold the second rank in the market growth due to increasing surgeries performed in the region and the adoption of advanced technological products to control blood during trauma-related treatment procedures. Such factors are anticipated to accelerate absorbable hemostat market growth in the upcoming years.  

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Johnson & Johnson (U.S.)
• BD (U.S.)
• Baxter (U.S.)
• B.Braun (Germany)
• Cura Medical (India) 
• GELITA MEDICAL (Germany)
• Curasan AG (Germany)
• Meril Life Sciences (India)
• Zhonghui Shengxi (China)
• Beijing Datsing Bio-tech (China)
• Guizhou Jin Jiu Biotech (China)
• Beijing Taikesiman (China)
• Foryou Medical (China)
• Saikesaisi Holdings Group (China)
• Biotemed (Egypt)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.