Rockville, Dec. 16, 2022 (GLOBE NEWSWIRE) -- In fiscal year 2022, the flowable hemostats market is estimated to be valued US$ 1,124 Million, up from US$ 912.2 Million in fiscal year 2021. The market is anticipated to grow at a 7.1% CAGR from 2022 to 2032, reaching a value of US$ 1,654.25 Million by the end of that year. The need for flowable hemostats is rising in this difficult economic environment. The requirement for flowable hemostat is rising as a consequence of the rise in the year-over-year demand for medical supplies and drugs.
To understand the specific challenges caused by COVID-19, governments, physicians, and healthcare systems are actively working with internal medical teams of various med-tech companies. As a kind of charity, top medical technology companies provide financial support to local communities and front-line healthcare personnel. They are offering area-specific help in order to improve clinical outcomes. During the projected period, such actions will increase demand for flowable hemostats around the world.
Furthermore, the market for flowable hemostats is mostly driven by the increase in accident and trauma cases throughout the world. According to estimates from the World Health Organization (WHO), 1.25 million fatal traffic-related injuries occur each year. Hemorrhage or significant bleeding causes more than 40% of first-day mortality, including more than one third of pre-hospital deaths globally. Additionally, according to study by the US Armed Forces, medical assistance might prevent 25% of battlefield fatalities. Nearly 90% of these deaths are due to uncontrolled blood loss. We may anticipate that these factors will increase demand for flowable hemostats in the international market.
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Key Takeaways from the Market Study
- During the historical period of 2017-2021, the flowable hemostats market grew at a CAGR of 5.2%.
- The bovine gelatin segment by material type is going to occupy a 45.5% global market share in 2022.
- The hospital and clinics segment by end-user type will be the fastest growing segment during the forecast period with a 7.4% CAGR.
- The North American region is predicted to grow with a steady CAGR of 6.9% during 2022-2032.
- The APAC flowable hemostats market is expected to grow with a steady CAGR of 6.7% during 2022-2032.
“Sales of flowable hemostats are being driven by their advantages, which include promoting fibroblast growth, facilitating tissue fixation, enhancing implant material flexibility, and aiding in hemostasis. Additionally, the growing global geriatric population will increase demand.” comments a Fact.MR analyst.
Key Segments Covered in The Flowable Hemostats Market Report
- By Material :
- Bovine Gelatin
- Porcine Gelatin
- By Product :
- Active Hemostats
- Passive Hemostats
- Combination Hemostats
- By Application :
- General Surgery
- Cardiac Surgery
- Orthopedic Surgery
- Neuro and Spine Surgery
- By End-User :
- Hospitals and Clinics
- Ambulatory Surgery Centers
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Competitive Landscape
- Leading MedTech company Axio Biosolutions announced a $6 million Series B2 equity investment in 2021 that will be headed by TrueScale Capital and include current shareholders Accel, Omidyar Network India, and the University of California-Ratan Tata Fund.
- The U.S. Food and Drug Administration (FDA) has given Baxter International Inc. permission to prepare its renowned hemostatic product, Floseal Hemostatic Matrix, more quickly, the company announced at the 2019 session of the Association of periOperative Registered Nurses (AORN) Global Surgical Symposium and Expo. Baxter is a global leader in advancing surgical innovation.
- In July 2021, Baxter International Inc. announced that its Baxter Healthcare Corporation subsidiary had completed the acquisition of certain assets related to the PerClot Polysaccharide Hemostatic System from CryoLife, Inc.
Prominent Players in the Global Market
- Johnson & Johnson
- Baxter International
- Teleflex Incorporate
- CR Bard, Inc.
- Ethicon, Inc.
- Axio Biosolutions
- Braun Melsungen AG
- Integra LifeSciences
- Marine Polymer Technologies, Inc.
- Pfizer, Inc.
- Z-Medica LLC
- Gelita Medical GmbH
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More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the flowable hemostats market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of flowable hemostats market by material (porcine gelatin and bovine gelatin), product (active hemostats, passive hemostats, and combination hemostats), application (general surgery, cardiac surgery, vascular surgery, orthopedic surgery, neuro & spine surgery, and others), and end user (hospital & clinics, ambulatory surgery centers, and others) and regions.
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