Global Hemostatic Agents Market is anticipated to grow at a 6.1% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Global Hemostatic Agents Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global hemostatic agents market was estimated to be over US$ 3 Bn in 2018. It is anticipated to grow at a CAGR of 6.1% from 2019 to 2030.
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.
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.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Global Hemostatic Agents Market by Product Type (Active, Passive, Combination), Specialty (Cardiology, Cath Lab, Trauma, General Surgery, Obgyn, Transplant, Oncology, Neurology, Orthopedic, Plastic Surgery, Dental), Size of Hospitals (Large Hospitals (500 + Beds), Medium Hospitals (250-499 Beds, Small Hospitals (Less than 250 Beds)) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/global-hemostatic-agents/56
Launch of Advanced Hemostatic Agents
There is an effort by the key players in this market to launch hemostatic agents that are more efficacious and faster in order to meet the growing needs by doctors to handle disruptive bleeds. Value added features are being offered by multiple hemostatic agents, to offer pertinent medical aid and treatment options. The advent of advanced hemostatic agents is resulting in better patient outcomes thus propelling the growth of the global hemostatic agents market. These aspects help the medical fraternity to dispense fast-acting and safe treatments to their patients. Players in the hemostatic agents market are focusing on developing and launching products with value added features that provide quicker healing, more safety and efficacy thereby providing an advanced product that is an enhanced version of the existing products in the market.
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.
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.
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.
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