Market Trends of Hemostasis Products Industry
This section covers the major market trends shaping the Hemostasis Products Market according to our research experts:
Surgery Segment is Expected to Hold a Significant Market Share
Hemostat agents, such as products containing thrombin, are a safe and effective alternative to gelatin sponges and oxidized cellulose in controlling bleeding during surgeries. Hemostatic agents containing thrombin and collagen are superior to surgical hemostasis alone in controlling microvascular bleeding during cardiac surgery. It is also reasonable to use fibrin sealants as an adjunct to surgical hemostasis to limit bleeding in cardiac and aortic surgery.
As per the research study published in June 2021, titled "German Heart Surgery Report 2020: The Annual Updated Registry of the German Society for Thoracic and Cardiovascular Surgery", a total of 92,809 operations were classified as heart surgery procedures in the classical sense, of which 29,444 were isolated coronary artery bypass grafting procedures, 35,469 were isolated heart valve procedures, and the number of isolated heart transplantations increased by 2% to 340. Additionally, according to the British Heart Foundation's February 2021 report, about 371,000 heart procedures and operations were performed in England in 2020. Hence, the high number of heart surgeries and operations being performed every year may boost demand for hemostat agents that control bleeding.
In addition, increasing key strategic activities such as mergers and acquisitions and product launches by the key market players are anticipated to boost the segment's growth over the forecast period. For instance, in July 2021, Baxter International, Inc., a global medical products company, reported its Baxter Healthcare Corporation subsidiary had completed the acquisition of certain assets related to the PerClot Polysaccharide Hemostatic System from CryoLife, Inc. The PerClot Polysaccharide Hemostatic System is used as an adjunctive hemostatic device to control bleeding during multiple open and laparoscopic surgical procedures, including gynecologic, general, cardiovascular, and urology.
Thus, all the aforementioned factors are expected to boost the segment's growth over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period
Owing to the rising prevalence of cardiovascular disorders in North America, there is a high demand for innovative hemostasis products. According to research conducted by the American Heart Association in October 2021, approximately 2,300 Americans die each day from cardiovascular diseases, with one death occurring every 38 seconds. In addition, the Centers for Disease Control and Prevention estimates that 659,000 Americans will die of heart disease in 2022. This accounts for nearly a quarter of all deaths in the United States. As the number of cardiovascular diseases rises in the region, the number of cardiac surgeries is expected to increase, which is anticipated to boost demand for hemostasis products, thereby boosting the market growth.
For instance, as per a February 2020 update by the Centers for Disease Control and Prevention (CDC), the precise number of people affected by deep vein thrombosis is unknown, although as many as 900,000 people could be affected (1 to 2 per 1,000) each year in the United States. As per the same source, estimates suggest that 60,000-100,000 Americans die of venous thromboembolism. Thus, these statistics indicate the growing need for early detection of blood disorders, thereby augmenting the demand for hemostasis products within the region and ultimately contributing to the market growth.
Furthermore, the presence of top pharma and biotech companies that are involved in the development of therapeutics and the presence of well-established healthcare infrastructure is fuelling the growth of the overall regional market to a large extent for hemostasis products. For instance, in July 2021, Medcura, Inc., a commercial-stage medical device company, in partnership with ASO, LLC, a major United States manufacturer and supplier of first aid products, reported the launch of a high-performance, antibacterial hemostatic gel, Rapid-Seal, at a leading United States drugstore chain.
Thus, all the aforementioned factors are anticipated to boost the market over the forecast period.
