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