New York, NY -- (SBWire) -- 05/08/2019 --Surge in the number of surgical procedures conducted globally is expected to contribute towards the growth of the Hemostatic Agents Market. The growth of the global market is further fueled by factors such as rising adoption of hemostats to restrain bleeding, rise in geriatric population requiring surgical procedures for various ailments, growing research and development activities worldwide. Owing to the growing demand for hemostatic agents that are quicker and cheaper, there is a remarkable opportunity for the key players in the Hemostatic Agents Market to fill in this gap. Allergic reactions to human plasma or animal derived component in the hemostatic agents is anticipated to hamper the growth of this market.
Global Hemostatic Agents Market was estimated to be over US$ 3 Bn in 2018. It is anticipated to grow at a significant CAGR from 2019 to 2030.
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Hemostatic agents are used to control bleeding. A process that involves curbing the blood flow or bleeding through a blood vessel, or hemorrhage is called hemostasis. Hemostatic agents aid in hemostasis, by forming a clot at the injured area, thereby repairing the blood vessel. Primary hemostasis, secondary hemostasis, and fibrinolysis are some of the types of the hemostasis. Hemostatic agents are deployed to stem blood flow by promoting clotting, thereby enhancing the hemostasis through the coagulation process. These agents boost hemostasis by progressing primary hemostasis, increasing fibrin formation, or inhibiting fibrinolysis. Hemostatic agents play a pivotal role in curbing of bleeding or treating serious bleeds, thereby validating their usage in diverse therapeutic areas. They are not only used in hospital settings but also in military, clinics and home care settings.
The Global Hemostatic Agents Market is segmented based on product type, specialty, size of hospitals and region. On basis of product type the market is segmented into active, passive and combination. The active segment is expected to hold a dominant share owing to its ability to curb bleeding faster, it's utilization to curtail serious bleeds and in high risk surgeries. Both the active and combination product types are anticipated to reflect a substantial CAGR compared to passive products in the forecast period. On the basis of specialty, the market is segmented into cardiology, cath lab, trauma, general surgery, obgyn, transplant, oncology, neurology, orthopedic, plastic surgery, and dental. The cardiology, trauma and general surgery segments are expected to lead the hemostatic agent market during the forecast period. Their leading position can be attributed to factors such as increase in patient population and rise in the number of surgical interventions required in these specialties. On the basis of size of hospitals, the market is segmented into large hospitals (500 + Beds), medium hospitals (250-499 Beds), small hospitals (Less than 250 Beds). Large hospitals, followed by medium hospitals are anticipated to hold a substantial share in the market. State of the art facilities, well-equipped infrastructure, ability to process high surgery volume, are factors that enable these segments to hold prominent share in the global market.
SURGE IN THE NUMBER OF SURGICAL PROCEDURES
There is a perpetual rise in the number of surgical procedures across the globe. Minimally invasive procedures are further driving the surgical volumes up. There has been a significant rise in health awareness among population and ample measures have introduced appropriate and effective treatments for diseases. Steady rise in geriatric population that requires medical attention and surgery to treat several aliments is fueling the demand for hemostatic agents, thus boosting the growth of the Global Hemostatic Agents Market. Hemostatic agents enable the surgeons to undertake technically challenging and complex surgical procedures, owing to the hemostat's ability to curb bleeding in a quicker and effective manner. Moreover, the hemostatic agents can be used across diverse medical applications, hence the surge in surgical procedures is expected to propel the growth of this market.
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POSSIBLE ALLERGIC REACTIONS TO IMPEDE THE MARKET GROWTH
Many of the hemostatic agents contain human-derived or bovine-derived components that the patients could be allergic to, causing an adverse allergic reaction. These adverse reactions could manifest themselves by the way of inflammation, hypotension or in some rare cases, anaphylaxis. Additionally in case of human or bovine derived components there is always a chance of transmission of viral agents which can lead to infections. These possible allergic reactions are expected to hamper the growth of the Hemostatic Agents Market.
MAJOR PLAYERS IN THE HEMOSTATIC AGENTS MARKET
The prominent players in the Global Hemostatic Agents Market are Baxter, Ethicon US, LLC, C. R. Bard, Inc., B. Braun Melsungen AG, Pfizer Inc., Z-Medica, LLC, CryoLife, Inc., Integra LifeSciences, Advanced Medical Solutions Group plc. GELITA AG.
RAPID GROWTH IN THE ASIA PACIFIC REGION
North America is expected to hold the largest market share in the forecast period. However the Asia Pacific region is expected to witness the highest CAGR during the forecast period. Increasing geriatric population, rising medical tourism and increasing number of surgical procedures, increasing patient population opting for minimally invasive procedures is expected to present a lucrative growth scenario for the Hemostatic Agents Market in this region. Furthermore, competitive procedure rates, and a large patient pool is expected to boost the growth of the hemostatic agent market in this region.
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GLOBAL HEMOSTATIC AGENTS MARKET Overview 2019-2030 Insights Analysis with Key Players Strategies - Baxter, Ethicon US, LLC, C. R. Bard, Inc.,
Hemostatic Agents Global Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030 by Product Type and Specialty (Cardiology, Cath Lab, Trauma, General Surgery, Obgyn, Transplant, Oncology, Neurology, Orthopedic, Plastic Surgery, Dental)