New York, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Hemostasis Products Market’ for the forecast period, i.e. 2023 – 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Hemostasis Products Market Size:
The global hemostasis products market garnered a revenue of nearly USD 1,650 million in 2022. It is expected to generate a revenue of around USD 1,734.2 million at the end of 2033. The growth of the market is propelled by rising instances of road accidents causing severe injuries and incessant bleeding to the victim. Hemostats is highly efficient for controlling hemorrhage and clamping blood vessels. According to the World Health Organization, road accidents account for almost 1.3 million fatalities annually and are the leading cause of death for those between the ages of 5 and 29. Moreover, nearly 3,700 individuals worldwide lose their lives in car accidents every day, and the resulting fatal and nonfatal injuries cost the world economy almost USD 8 trillion. Furthermore, propelled need for blood transfusion and blood donations. By the use of hemostatic agents, the risk of complication during transfusion is minimized. The World Health Organization estimates that the burden of blood transfusions worldwide is almost 76% among adults aged 60 and older and nearly 54% among youngsters.
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Global Hemostasis Products Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Orthopedic surgery segment to dominate the revenue graph
- Hospitals sub-segment remains prominent in the end-user segment
Rising Cases of Cancer and Growing Surgical Procedures is to Augment the Market Growth
The patient suffering from cancer, with time develops hyper-coagulability and some even possess thromboembolic disease which leads to blood coagulation in them. According to World Health Organization statistics, there will be roughly 10 million cancer-related deaths worldwide in 2020. In addition, there were over 2 million new instances of lung cancer and almost 2.26 million new cases of breast cancer. Furthermore, hemostasis products are critical in surgical procedures, excess bleeding and open areas tends to coagulate, therefore, rising cases which requires surgical care is to elevate the market growth. According to WHO figures, there were almost 2 million surgeries performed globally in 2018. The demand for surgical care is also expected to increase by 30% in the next years.
Global Hemostasis Products Market: Regional Overview
The global hemostasis products market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
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North America’s Market Growth is Propelled by Rise in Chronic Disease and Blood Donations
The market in North America is expected to grow on the account higher number of people suffering with chronic disease including, diabetes, cardiovascular, cancer, strokes, arthritis and others. According to data from the Centers for Disease Control and Prevention, 6 out of 10 adults in the United States have at least one chronic condition, and 4 out of 10 people have multiple chronic conditions. Besides this, rising burden of blood transfusion and more people donating blood is to boost the North America’s hemostasis products market growth. In America, over 4 million individuals are anticipated to need blood transfusions each year, and each day, approximately 43,000 pints of blood are donated in the combined regions of the United States and Canada. In 2019, there were more than 10 million blood donors in the United States. Furthermore, the United States shelters around 90 hospital-based blood centers and nearly 53 community blood centers.
Increased Cases of Road Accidents and Rise in Blood Donation is to Elevate the Asia Pacific’s Market
The market growth in Asia Pacific is elevated by rising instances of road accidents followed by rise in blood donations in the region. According to the Ministry of Road Transport & Highways under Government of India, in 2020, the country witnessed 3,66,138 road accidents, leading to 1,31,714 losses of lives and 3,48,279 people injured. 18-45 years’ age group is the prime group caught up in road accidents, which accounts for nearly 70% of total accidental deaths. Furthermore, in Japan, 400 mL blood donations are expected to result in an estimated 1.3 million liters of blood being donated in 2020. Additionally, from 1998 to 2020, blood donation increases by 40 folds in China and in 2020, there were approximately 16 million blood donation in the country.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Hemostasis Products Market, Segmentation by Application
- Trauma
- Surgery
- Myocardial Infarcation
On the basis of application, the surgery segment is to garner the highest revenue at the end of 2033 by growing at a significant CAGR over the forecast period. The rising cases of bone fractures, heart issues, accidents and other problems which requires surgical care is to propel the growth of the segment. In the United States, around 9000 orthopedic surgeries are performed annually. In 2018, nearly 500,000 open heart surgeries were carried out in the world. Moreover, in 2020, the global statistics of total surgeries was around 310 million annually. In which around 20 million were performed in Europe and approximately 40-50 million took place in the United States.
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Global Hemostasis Products Market, Segmentation by Product
- Topical Hemostasis Products
- Infusible Hemostasis Products
- Advanced Hemostasis Products
Global Hemostasis Products Market, Segmentation by End User
- Hospital
- Ambulatory Surgical Centers
The increase in hospital visits and growing expenditures on hospital care can be attributed to the growth of the hospital segment. Hospital spending climbed 6.4% amounting to USD 1,270.1 billion in 2020, the National Health expenditure data sheet states. This was an increase from the 6.3% growth in 2019. Additionally, there were almost 130 million hospital visits in the United States.
Few of the well-known market leaders in the global hemostasis products market that are profiled by Research Nester are Pfizer Inc., Integra LifeSciences Corporation, Baxter, Medtronic, Stryker, BD (Becton, Dickinson and Company), Biom’up Innovative Surgery, Johnson & Johnson Services, Inc., CryoLife, Inc., Hemostatis LLC, and others.
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Recent Developments in the Hemostasis Products Market
- April 2019, Biom’up announced the approval of investigational device exemption (IDE) application for Hemosnow by U.S. Food and Drug Administration (FDA). Hemosnow is a hemostatic dry powder for control the mild levels of bleeding during surgical procedures. It is made up of porcine collagen and chondroitin sulphate extracted from bovine. It contains similar components as Hemoblast Bellows, and it might get available at lower price by excluding the human pooled plasma thrombin.
- August 2022, Pfizer Inc. recently announced the acquisition of Global Blood Therapeutics, a biopharmaceutical company known for discovering, developing and delivering the life turning care to unprivileged patient communities. To strengthen the therapy for sickle cell disease, serving all the crucial needs, bring expertise for dealing with sickle cell disease on the table and to expand the field of uncommon haematology. This deal was valued at around USD 69 per Global Blood Therapeutics share in cash which amounted for a total of USD 5.4 billion.
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