New York, Feb. 06, 2024 (GLOBE NEWSWIRE) -- The global hemostasis products market size is estimated to attain at ~5.1% CAGR from 2023 to 2033. The market is expected to garner a revenue of USD 1.73 billion by the end of 2033, up from a revenue of ~USD 1.65 billion in the year 2022.This growth is set to be dominated by the rising prevalence of accidents all across the globe. The World Health Organization estimates that car accidents claim the lives of roughly 1.19 million people annually. Twenty to fifty million more occurrences of non-fatal injuries occur, many of which lead to disability. Therefore, the need for hemostasis products is growing.
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Additionally, the surge in the number of surgeries is also predicted to influence the market growth for hemostasis products. For instance, in the case of the United States, more than 900,000 heart surgeries are performed annually, and by 2029, the number is expected to rise to 1.3 million. The bleeding during surgeries is most prevalent. Hence, to control that the market demand is surging.
Surging Geriatric Population to Boost the Growth of the Global Hemostasis Products Market
As per the predictions of the World Health Organization, one in six individuals on the planet will be 60 or older by 2030. By now, there will be 1.4 billion people over the age of 60, up from 1 billion in 2020. Therefore, with this, the cases of bleeding disorders are also growing. A growing percentage of elderly adult patients suffering from bleeding problems require simultaneously emergent and elective age-related operations, and they are also at risk of developing age-related comorbidities. Therefore, the market for hemostasis products is growing.
Hemostasis Products Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surging Cardiovascular Disease to Drive the Market Growth in North America
The hemostasis products market in North America is estimated to gather the largest revenue in the market over the forecast period. This growth is set to be encouraged by rising cardiovascular disease. In the US, heart disease is the greatest cause of death for both men and women in addition to members of the majority of racial and ethnic groups. Cardiovascular disease claims one life in the United States every 33 seconds.
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Rising Healthcare Benefit Cost to Influence the Market Expansion in Asia Pacific
The Asia Pacific market for hemostasis products is set to have significant growth in the market over the coming years. The major element influencing the market expansion in this region is rising healthcare benefit costs. Costs of healthcare benefits rose by over 6% in the Asia-Pacific area in 2022. India saw the greatest increase in healthcare benefit costs in APAC during that year on a national level.
Hemostasis Products, Segmentation by Product
- Topical
- Infusible
- Advanced
The topical segment is projected to gather the highest revenue by the end of 2033. This growth of the segment is set to be dominated by growth in cases of hemophilia. For instance, over 190,000 individuals worldwide suffer from hemophilia in one way or another. Hence, topical medication is expected to be most preferred in this disease. This is since, porcine gelatin, plant-derived polysaccharide spheres, and oxidized cellulose from bovine collagen are ingredients in topical mechanical hemostats. By encouraging platelet activation and aggregation, these topically administered medicines help to create a clotting matrix at the site of bleeding.
Hemostasis Products, Segmentation by End-User
- Hospitals
- Ambulatory Surgical Centers
The hospitals segment is estimated to have notable growth over the forecast period. The major factor to dominate the segment growth is rising chronic disease. According to the World Health Organization, noncommunicable diseases (NCDs) account for 41 million annual deaths worldwide, or 74% of all fatalities.
A few of the well-known industry leaders in hemostasis products market that are profiled by Research Nester are Terumo Corporation, Baxter International, Inc., Sysmex Asia Pacific Pte Ltd, Abbott Healthcare Private Limited, csl behring llc, Grifols, S.A., Dexur Inc, Pfizer Inc., Tricol Biomedical, Medtronic plc, and others.
Recent Development in the Market
- Grifols, S.A. has finalized the acquisition of 100% of the stock capital of Tiancheng Pharmaceutical Holdings AG in order to expedite and expand its product line.
- The purchase of the PerClot Polysaccharide Hemostatic System has given Baxter International, Inc. access to a new product line for advanced surgery.
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