The Hemostasis products market is expected to witness a CAGR of 5.2% during the forecast period, 2022-2027.
The impact of the COVID-19 pandemic on the hemostasis product market was considerable. According to the study titled "Pandemic care: The need for hemostasis testing in critically ill COVID-19 patients" published in the Journal of hematology in May 2020, Patients treated in hospitals for COVID-19 tend to have an inflammatory response and, as a result, hypercoagulability, which is a broad term for the risk of developing pathological blood clots, also known as thrombosis or venous thromboembolism (VTE). Additionally, as per a November 2021 published article titled "Meta-analysis of coagulation parameters associated with disease severity and poor prognosis of COVID-19", hemostasis could be considered a risk factor for disease severity and mortality of COVID-19. Thus, such instances are likely to have a positive impact on the market's growth.
Furthermore, factors driving market growth include an increase in the number of trauma and surgical cases; technological advancements in the fields of hemostasis products; and an increase in the prevalence of blood disorders.
An increase in the number of trauma and surgical procedures is one of the key drivers boosting the hemostasis product market’s growth. As recognized by the World Health Organization and several other international agencies, surgical care is inevitable to manage several health conditions, which include cardiovascular diseases, injuries, cancer, obstructed labor, birth defects, and other conditions. For instance, according to the study titled "Trauma of major surgery: A global problem that is not going away" published in the International Journal of Surgery in September 2019, each year 310 million major surgeries are performed worldwide, with 40 to 50 million in the United States and 20 million in Europe. According to estimates, 15% experience serious postoperative morbidity, and 5-15% are readmitted within 30 days. Thus, an increasing number of surgeries performed across the globe is anticipated to boost the demand for hemostasis products, as these products play a vital role in wound healing. Similarly, the United States, Canada, Germany, France, and Italy have been reported to have a significant density of surgical volume. Hence, all these factors are expected to drive market growth across the globe.
Additionally, the increasing prevalence of chronic blood disorders is also driving the market's growth. For instance, as per the Annual Global Survey 2020 by the World Hemophilia Federation, a total number of 347,026 people were affected by bleeding disorders in 2020. Additionally, as per the 2022 update by the International Society on Thrombosis and Haemostasis, every year there are approximately 10 million cases of venous thromboembolism worldwide. As per the same source, in Europe, there are 544,000 Deep Vein Thrombosis (VTE) related deaths every year. Thus, such an increase in the number of patients suffering from blood disorders is likely to impel the demand for hemostasis products.
Furthermore, rising technological advances in the product to enhance the patient outcomes during the surgical process are expected to have a positive impact on the market's growth. For instance, according to the study titled "Avitene Microfibrillar Collagen Hemostat (MCH) for Adjunctive Hemostasis in Surgical Procedures: A Systematic Literature Review" published in the Journal of Medical Devices in July 2021, in a wide range of surgical specialties, including hepatic, orthopedic, splenic, oral, and otolaryngologic surgery, MCH has been shown to produce rapid hemostasis with favorable patient outcomes and few reported complications. Anecdotal evidence suggests that MCH is effective in cardiovascular surgery. Thus, advancements in hemostasis products are expected to bolster the market over the forecast period.
Thus, all the aforementioned factors are expected to drive the market over the forecast period. However, stringent regulatory policies and the use of off-label products are projected to restrain the market's growth over the forecast period.
Hemostat agents, such as products containing thrombin, are a safe and effective alternative to gelatin sponges and oxidized cellulose in controlling bleeding during surgeries. Hemostatic agents containing thrombin and collagen are superior to surgical hemostasis alone in controlling microvascular bleeding during cardiac surgery. It is also reasonable to use fibrin sealants as an adjunct to surgical hemostasis to limit bleeding in cardiac and aortic surgery.
As per the research study published in June 2021, titled "German Heart Surgery Report 2020: The Annual Updated Registry of the German Society for Thoracic and Cardiovascular Surgery", a total of 92,809 operations were classified as heart surgery procedures in the classical sense, of which 29,444 were isolated coronary artery bypass grafting procedures, 35,469 were isolated heart valve procedures, and the number of isolated heart transplantations increased by 2% to 340. Additionally, according to the British Heart Foundation’s February 2021 report, in 2020 in England, about 371,000 heart procedures and operations were performed. Hence, the high number of heart surgeries and operations being performed every year may boost demand for hemostat agents that control bleeding.
In addition, increasing key strategic activities such as mergers and acquisitions and product launches by the key market players are anticipated to boost the segment's growth over the forecast period. For instance, in July 2021, Baxter International, Inc., a global medical products company, reported its Baxter Healthcare Corporation subsidiary had completed the acquisition of certain assets related to the PerClot Polysaccharide Hemostatic System from CryoLife, Inc. The PerClot Polysaccharide Hemostatic System is used as an adjunctive hemostatic device to control bleeding during multiple open and laparoscopic surgical procedures, including gynecologic, general, cardiovascular, and urology.
Thus, all the aforementioned factors are expected to boost the segment's growth over the forecast period.
Owing to the rising prevalence of cardiovascular disorders in North America, there is a high demand for innovative hemostasis products. According to research conducted by the American Heart Association in October 2021, approximately 2,300 Americans die each day from cardiovascular diseases, with one death occurring every 38 seconds. In addition, the Centers for Disease Control and Prevention estimates that 659,000 Americans will die of heart disease in 2022. This accounts for nearly a quarter of all deaths in the United States. As the number of cardiovascular diseases rises in the region, the number of cardiac surgeries is expected to increase, which is anticipated to boost demand for hemostasis products, thereby boosting the market growth.
For instance, as per a February 2020 update by the Centers for Disease Control and Prevention (CDC), the precise number of people affected by deep vein thrombosis is unknown, although as many as 900,000 people could be affected (1 to 2 per 1,000) each year in the United States. As per the same source, estimates suggest that 60,000-100,000 Americans die of venous thromboembolism. Thus, these statistics indicate the growing need for early detection of blood disorders, thereby augmenting the demand for hemostasis products within the region and ultimately contributing to the market growth.
Furthermore, the presence of top pharma and biotech companies that are involved in the development of therapeutics and the presence of well-established healthcare infrastructure is fuelling the growth of the overall regional market to a large extent for hemostasis products. For instance, in July 2021, Medcura, Inc., a commercial-stage medical device company, in partnership with ASO, LLC, a major United States manufacturer and supplier of first aid products, reported the launch of a high-performance, antibacterial hemostatic gel, Rapid-Seal, at a leading United States drugstore chain.
Thus, all the aforementioned factors are anticipated to boost the market over the forecast period.
The global hemostasis products market is moderately fragmented and consists of a number of major players. Companies like Abbott Laboratories, Baxter International, Inc., C. R. Bard, Inc. (BD), CSL Behring LLC, Dexur, Grifols, S.A., Johnson & Johnson, Medtronic plc, Pfizer, Inc., Tricol Biomedical, among others, hold the substantial market share in the Hemostasis Products market.
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The impact of the COVID-19 pandemic on the hemostasis product market was considerable. According to the study titled "Pandemic care: The need for hemostasis testing in critically ill COVID-19 patients" published in the Journal of hematology in May 2020, Patients treated in hospitals for COVID-19 tend to have an inflammatory response and, as a result, hypercoagulability, which is a broad term for the risk of developing pathological blood clots, also known as thrombosis or venous thromboembolism (VTE). Additionally, as per a November 2021 published article titled "Meta-analysis of coagulation parameters associated with disease severity and poor prognosis of COVID-19", hemostasis could be considered a risk factor for disease severity and mortality of COVID-19. Thus, such instances are likely to have a positive impact on the market's growth.
Furthermore, factors driving market growth include an increase in the number of trauma and surgical cases; technological advancements in the fields of hemostasis products; and an increase in the prevalence of blood disorders.
An increase in the number of trauma and surgical procedures is one of the key drivers boosting the hemostasis product market’s growth. As recognized by the World Health Organization and several other international agencies, surgical care is inevitable to manage several health conditions, which include cardiovascular diseases, injuries, cancer, obstructed labor, birth defects, and other conditions. For instance, according to the study titled "Trauma of major surgery: A global problem that is not going away" published in the International Journal of Surgery in September 2019, each year 310 million major surgeries are performed worldwide, with 40 to 50 million in the United States and 20 million in Europe. According to estimates, 15% experience serious postoperative morbidity, and 5-15% are readmitted within 30 days. Thus, an increasing number of surgeries performed across the globe is anticipated to boost the demand for hemostasis products, as these products play a vital role in wound healing. Similarly, the United States, Canada, Germany, France, and Italy have been reported to have a significant density of surgical volume. Hence, all these factors are expected to drive market growth across the globe.
Additionally, the increasing prevalence of chronic blood disorders is also driving the market's growth. For instance, as per the Annual Global Survey 2020 by the World Hemophilia Federation, a total number of 347,026 people were affected by bleeding disorders in 2020. Additionally, as per the 2022 update by the International Society on Thrombosis and Haemostasis, every year there are approximately 10 million cases of venous thromboembolism worldwide. As per the same source, in Europe, there are 544,000 Deep Vein Thrombosis (VTE) related deaths every year. Thus, such an increase in the number of patients suffering from blood disorders is likely to impel the demand for hemostasis products.
Furthermore, rising technological advances in the product to enhance the patient outcomes during the surgical process are expected to have a positive impact on the market's growth. For instance, according to the study titled "Avitene Microfibrillar Collagen Hemostat (MCH) for Adjunctive Hemostasis in Surgical Procedures: A Systematic Literature Review" published in the Journal of Medical Devices in July 2021, in a wide range of surgical specialties, including hepatic, orthopedic, splenic, oral, and otolaryngologic surgery, MCH has been shown to produce rapid hemostasis with favorable patient outcomes and few reported complications. Anecdotal evidence suggests that MCH is effective in cardiovascular surgery. Thus, advancements in hemostasis products are expected to bolster the market over the forecast period.
Thus, all the aforementioned factors are expected to drive the market over the forecast period. However, stringent regulatory policies and the use of off-label products are projected to restrain the market's growth over the forecast period.
Key Market Trends
Surgery Segment is Expected to Hold a Significant Market Share
Hemostat agents, such as products containing thrombin, are a safe and effective alternative to gelatin sponges and oxidized cellulose in controlling bleeding during surgeries. Hemostatic agents containing thrombin and collagen are superior to surgical hemostasis alone in controlling microvascular bleeding during cardiac surgery. It is also reasonable to use fibrin sealants as an adjunct to surgical hemostasis to limit bleeding in cardiac and aortic surgery.
As per the research study published in June 2021, titled "German Heart Surgery Report 2020: The Annual Updated Registry of the German Society for Thoracic and Cardiovascular Surgery", a total of 92,809 operations were classified as heart surgery procedures in the classical sense, of which 29,444 were isolated coronary artery bypass grafting procedures, 35,469 were isolated heart valve procedures, and the number of isolated heart transplantations increased by 2% to 340. Additionally, according to the British Heart Foundation’s February 2021 report, in 2020 in England, about 371,000 heart procedures and operations were performed. Hence, the high number of heart surgeries and operations being performed every year may boost demand for hemostat agents that control bleeding.
In addition, increasing key strategic activities such as mergers and acquisitions and product launches by the key market players are anticipated to boost the segment's growth over the forecast period. For instance, in July 2021, Baxter International, Inc., a global medical products company, reported its Baxter Healthcare Corporation subsidiary had completed the acquisition of certain assets related to the PerClot Polysaccharide Hemostatic System from CryoLife, Inc. The PerClot Polysaccharide Hemostatic System is used as an adjunctive hemostatic device to control bleeding during multiple open and laparoscopic surgical procedures, including gynecologic, general, cardiovascular, and urology.
Thus, all the aforementioned factors are expected to boost the segment's growth over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period
Owing to the rising prevalence of cardiovascular disorders in North America, there is a high demand for innovative hemostasis products. According to research conducted by the American Heart Association in October 2021, approximately 2,300 Americans die each day from cardiovascular diseases, with one death occurring every 38 seconds. In addition, the Centers for Disease Control and Prevention estimates that 659,000 Americans will die of heart disease in 2022. This accounts for nearly a quarter of all deaths in the United States. As the number of cardiovascular diseases rises in the region, the number of cardiac surgeries is expected to increase, which is anticipated to boost demand for hemostasis products, thereby boosting the market growth.
For instance, as per a February 2020 update by the Centers for Disease Control and Prevention (CDC), the precise number of people affected by deep vein thrombosis is unknown, although as many as 900,000 people could be affected (1 to 2 per 1,000) each year in the United States. As per the same source, estimates suggest that 60,000-100,000 Americans die of venous thromboembolism. Thus, these statistics indicate the growing need for early detection of blood disorders, thereby augmenting the demand for hemostasis products within the region and ultimately contributing to the market growth.
Furthermore, the presence of top pharma and biotech companies that are involved in the development of therapeutics and the presence of well-established healthcare infrastructure is fuelling the growth of the overall regional market to a large extent for hemostasis products. For instance, in July 2021, Medcura, Inc., a commercial-stage medical device company, in partnership with ASO, LLC, a major United States manufacturer and supplier of first aid products, reported the launch of a high-performance, antibacterial hemostatic gel, Rapid-Seal, at a leading United States drugstore chain.
Thus, all the aforementioned factors are anticipated to boost the market over the forecast period.
Competitive Landscape
The global hemostasis products market is moderately fragmented and consists of a number of major players. Companies like Abbott Laboratories, Baxter International, Inc., C. R. Bard, Inc. (BD), CSL Behring LLC, Dexur, Grifols, S.A., Johnson & Johnson, Medtronic plc, Pfizer, Inc., Tricol Biomedical, among others, hold the substantial market share in the Hemostasis Products market.
Additional Benefits:
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION (Market Size by Value - USD million)
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Abbott Laboratories
- Baxter International, Inc.
- C. R. Bard, Inc. (BD)
- CSL Behring LLC
- Dexur
- Grifols, S.A.
- Johnson & Johnson
- Medtronic plc
- Pfizer, Inc.
- Tricol Biomedical
Methodology
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