Hemostasis Products Market Trends

Growth Drivers

Globally Increasing Number of Surgical Procedures- The use of hemostats has increased in recent years owing to the high prevalence of chronic diseases requiring surgery. The outcome of any surgical procedure can be disastrous if severe complications develop and uncontrollable bleeding occurs. Thus, the rising number of surgical procedures undertaken in hospitals is anticipated to drive global hemostasis products market growth over the forecast period. It is estimated that around 300 million complex surgeries are performed globally each year, with approximately 45 million conducted in the United States and 22 million undertaken in Europe.
Rise in Expenditures for Research and Development -Approximately 2.63% of the global Gross Domestic Product (GDP) was spent on research and development in 2020, according to the World Bank. Compared to 2018, this was a notable increase of 2.2%.
Surge in Cases of Hemophilia Worldwide- As per the Centers for Disease Control and Prevention, a prevalence estimate for hemophilia A in the United States is 12 cases per 100,000 males, whereas, for hemophilia B, it is 3.7 cases per 100,000 males.
Technologically Advanced Product Development- For instance, in February 2020 Terumo Corporation has released AQUABRID, a new surgical sealant for the EMEA market. Designed to stop bleeding during surgery, the product prevents blood loss
Growing Incidence of Accidents and Trauma Around the World- It has been estimated by the World Health Organization (WHO) that violence-related trauma and unintentional injuries are responsible for about 4.4 million deaths worldwide each year.

Challenges

Inadequacy of Surgical Professionals
High Prices Associated with Hemostasis Products - Even if illnesses are increasing at an alarming rate, the cost of hemostasis products is also increasing. As a result, the population with middle income is expected to slower the adoption rate of hemostasis products in the forecast period.
Disruption in Demand and Supply Due to COVID-19

Hemostasis Products Market: Key Insights

Base Year	2023
Forecast Year	2024-2036
CAGR	5.1%
Base Year Market Size (2023)	USD 1.73 Billion
Forecast Year Market Size (2036)	USD 3.31 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of hemostasis products is assessed at USD 1.81 Billion.

The hemostasis products market size was over USD 1.73 Billion in 2023 and is expected to reach USD 3.31 Billion by the end of 2036, growing at around 5.1% CAGR during the forecast period i.e., between 2024-2036. Rising prevalence of cardiovascular diseases, huge base of geriatric population along with increasing blood clotting disorders are the major factors driving the market growth.

North America is set to hold majority industry share of 31% by 2036, owing to rising incidence of heart diseases such as heart attacks and heart strokes along with rising geriatric population in the region.

Terumo Corporation, Baxter International, Inc., Sysmex Asia Pacific Pte Ltd, Abbott Healthcare Private Limited, csl behring llc, Grifols, S.A., Dexur Inc, Pfizer Inc., Tricol Biomedical., Medtronic plc

Hemostasis Products Market Trends