The global hemostats market is projected to generate USD 4.73 billion revenue by 2030, advancing at a CAGR of 5.8% during 2022–2030. The market is being driven by a number of factors, including an increase in the number of surgical procedures, rise in the count of hemostatic products with regulatory approvals, surge in the prevalence of spinal disorders and sports-related injuries, and strengthening of the focus on managing blood loss in patients during operations.
The world is witnessing the increasing incidence of chronic diseases, such as CVDs and cancer, as well as physical trauma due to intended violence. This has resulted in a rise in the count of surgeries, in turn, propelling the demand for hemostats. Furthermore, the increase in the number of road accidents has intensified this surge, thus augmenting the growth of the market.
Moreover, the rising number of hospitals and ambulatory surgery centers (ASCs) is contributing to the growth of the hemostats market. Governments are taking initiatives to improve the healthcare infrastructure and set up new hospitals. Moreover, the prognosis for the business will be shaped by an increase in the demand for inpatient and outpatient care services across ASCs.
Patients have begun to prefer ASCs due to the rising costs of healthcare at full-fledged hospitals. ASCs also support a range of insurance plans and offer multiple payment options. Additionally, government organizations across the world are implementing advantageous reimbursement schemes for getting treated at ASCs, which is ought to encourage patients to seek outpatient care.
On the basis of end user, the hospitals category accounted for the largest market share in 2022, and it will further maintain its dominance in the future. The main factor driving this market domination is the fact that in both developed and developing nations, hospitals handle the majority of the surgical procedures. This is because they have the resources needed for such complex procedures.
Moreover, the demand for hemostats at tactical battle casualty care centers or military hospitals is being driven by the rise in the incidence of geopolitical conflicts that call for combat.
Geographically, the APAC region will display the highest CAGR over the forecast period. This is due to an increase in the investment by both domestic and overseas businesses in the region, a large pool of patients suffering from chronic and infectious diseases, a shift in the government policy in favor of providing critical and emergency care, and expansion of the healthcare infrastructure.
Some of the major market players are Baxter International Inc., B. Braun Melsungen AG, Medtronic plc, Integra LifeSciences, Pfizer Inc., Stryker Corporation, STARSIL Hemostat, 3-D Matrix Medical Technology, and Hemostasis LLC.