Hemostats Market To Reach USD 4.73 Billion by 2030, Says P&S Intelligence

NEW YORK, March 23, 2023 /PRNewswire/ -- The hemostats market will reach a value of USD 4.73 billion by 2030, powering at a 5.80% compound annual growth rate in the years to come.

Hemostats Most-Widely Used during Orthopedic Surgeries

• Orthopedic surgeries dominated the industry, with a more than 34% share, in 2022.
• The increasing geriatric population, growing incidence of sports injuries and road accidents, mounting count of laparoscopic surgeries, and thriving occurrence of obesity, arthritis, and osteoporosis are driving musculoskeletal surgery volumes.
• With the increasing count of orthopedic surgeries worldwide arises the requirement for products to minimalize blood loss.
• Additionally, owing to the growth in the elderly population, the count of patients undergoing joint replacement surgeries, for example, complete hip and knee replacements, has been rising.

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Hemostat Usage in Cardiovascular Surgery Will Grow Fastest

• The cardiovascular surgery category will grow the fastest, credited to the increasing occurrence of cardiac ailments, rising count of vascular surgeries, and surging number of people with mental stress.
• The occurrence of cardiac ailments is increasing globally because of the deskbound lifestyles, genetic predisposition, and several other factors.
• Additionally, gynecological surgeons will show a monumental growth in the requirement for hemostats. This is due to the high occurrence and consciousness of gynecological diseases and the government investments for providing comprehensive women's healthcare services.

Thrombin-Based Hemostats Are Preferred by Surgeons

• The thrombin-based category had the largest share, of over 30%, in 2022.
• Thrombin-based hemostats are extensively used in knee arthroplasty procedures. Moreover, this product is simple to store at room temperature, which will increase the requirement for it.
• Further, the addition of a porcine gelatin sponge, which makes it easier to put on with direct pressure, can increase a thrombin hemostat's efficiency even further.

North America Consumes Greatest Volume of Hemostats

• As stated by the healthcare domain head at P&S Intelligence, "North America held the largest share, of around 32%, in 2022."
• This is because of the considerable R&D activities, itself because of the robust support for this aspect of healthcare; increasing occurrence of cardiac and orthopedic ailments, rising volume of surgeries, and presence of reputable healthcare businesses.

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Most Hemostat Sales Made to Hospitals

Hospitals are the most-prominent users of these products, as they conduct the highest number of surgeries among all kinds of healthcare facilities. Moreover, most of the complex surgeries for cardiovascular and neurological issues are conducted here.

APAC's Demand for Hemostats Growing Rapidly

APAC is expected to be the fastest-growing market for hemostats over this decade, driven by the enhancement of the healthcare infrastructure. Additionally, the region has the largest overall patient pool requiring surgeries, which will propel the demand for such products.

Hemostats Market Segmentation Coverage

Hemostats Market Analysis by Application

• Orthopedic Surgery
• General Surgery
• Neurological Surgery
• Cardiovascular Surgery
• Reconstructive Surgery
• Gynecological Surgery

Hemostats Market Analysis by Product Type

• Combination Based Hemostats
• Thrombin based hemostats
• Oxidized Regenerated Cellulose-Based Hemostats
• Gelatin Based Hemostats
• Collagen Based Hemostats

Hemostats Market Analysis by Formulation

• Matrix & Gel Hemostats
• Sheet & Pad Hemostats
• Sponge Hemostats
• Powder Hemostats

Hemostats Market Analysis by End user

• Ambulatory Centers
• Hospitals
• Clinics
• Community Healthcare

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About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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SOURCE P&S Intelligence