Hemostats Market Opportunities and Strategies to 2033

This report describes and explains the hemostats market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global hemostats market reached a value of nearly $3.17 billion in 2023, having grown at a compound annual growth rate (CAGR) of 2.66% since 2018. The market is expected to grow from $3.17 billion in 2023 to $4.36 billion in 2028 at a rate of 6.60%. The market is then expected to grow at a CAGR of 7.11% from 2028 and reach $6.15 billion in 2033.

Growth in the historic period resulted from the increase in surgical procedures, government initiatives to perform free surgeries, increasing number of road accidents and growth in medical tourism. Factors that negatively affected growth in the historic period include high cost of hemostatic agents.

Going forward, the rising healthcare expenditure globally, increasing aging populations, rising demand for cosmetic and plastic surgeries, growing prevalence of cancer and increasing number of hospitals will drive the market. Factors that could hinder the growth of the hemostats market in the future include supply chain disruptions.

The hemostats market is segmented by product into active hemostats, passive hemostats, combination hemostats and other products. The passive hemostats market was the largest segment of the hemostats market segmented by product, accounting for 47.09% or $1.49 billion of the total in 2023. Going forward, the combination hemostats segment is expected to be the fastest growing segment in the hemostats market segmented by product, at a CAGR of 8.10% during 2023-2028.

The hemostats market is segmented by formulation into matrix and gel hemostats, sheet and pad hemostats, sponge hemostats, powder hemostats and other formulations. The matrix and gel hemostats market was the largest segment of the hemostats market segmented by formulation, accounting for 34.71% or $1.1 billion of the total in 2023. Going forward, the sheet and pad hemostats segment is expected to be the fastest growing segment in the hemostats market segmented by formulation, at a CAGR of 8.03% during 2023-2028.

The hemostats market is segmented by application into orthopedic surgery, general surgery, neurological surgery, cardiovascular surgery, reconstructive surgery, gynecological surgery and other applications. The orthopedic surgery market was the largest segment of the hemostats market segmented by application, accounting for 31.60% or $1.0 billion of the total in 2023. Going forward, the cardiovascular surgery segment is expected to be the fastest growing segment in the hemostats market segmented by application, at a CAGR of 8.46% during 2023-2028.

North America was the largest region in the hemostats market, accounting for 36.82% or $1.16 billion of the total in 2023. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the hemostats market will be the Middle East and Asia-Pacific, where growth will be at CAGRs of 8.59% and 8.03% respectively. These will be followed by South America and Africa, where the markets are expected to grow at CAGRs of 7.75% and 7.59% respectively.

The global hemostats market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 60.22% of the total market in 2023. Baxter International Inc.was the largest competitor with a 15.81% share of the market, followed by B. Braun Melsungen AG with 7.43%, Integra LifeSciences Corporation with 6.42%, Johnson & Johnson Inc. with 5.22%, Stryker Corporation with 5.04%, Medtronic plc with 4.79%, Teleflex Incorporated with 4.31%, Becton, Dickinson, and Company with 3.78%, Abbott Laboratories with 3.72% and Smith & Nephew plc with 3.71%.

The top opportunities in the hemostats market segmented by product will arise in the passive hemostats segment, which will gain $469.09 million of global annual sales by 2028. The top opportunities in the hemostats market segmented by formulation will arise in the sheet and pad hemostats segment, which will gain $382.44 million of global annual sales by 2028. The top opportunities in the hemostats market segmented by application will arise in the orthopedic surgery segment, which will gain $367.9 million of global annual sales by 2028. The hemostats market size will gain the most in the USA at $301.28 million.

Market-trend-based strategies for the hemostats market include focus on advancing new technologies and research and developments in the hemostats market, focus on strategically entering partnerships and collaborations with start-ups and mid-sized companies in the market to broaden the products and services offered by the company and focus on deploying cutting-edge hemostat solutions for challenging bleeding scenarios to offer surgeons a dependable solution for effectively managing bleeding, potentially lowering surgical complications and enhancing patient outcomes.

Player-adopted strategies in the hemostats market include focus on improving portfolio through the launch of product developments, focus on enhancing business operations through strategic partnerships and focus on strengthening business expertise through strategic acquisitions.

To take advantage of the opportunities, the analyst recommends the hemostats companies to focus on advancing technologies and R&D, focus on innovative hemostat solutions for bleeding control, focus on combination hemostats market segment, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, provide competitively priced offerings, participate in industry trade shows and conferences, continue to use B2B promotions, focus on educational initiatives and focus on enhancing cardiovascular surgeon engagement.