The absorbable hemostats market has been gaining significant traction over the past couple of years owing to the growing prevalence of chronic diseases and accidents globally. Absorbable hemostats are used to control bleeding during surgical procedures by accelerating the clotting process. These hemostats are designed to degrade in the body over time and get absorbed without needing removal. Some of the commonly used absorbable hemostats include gelatin matrix, oxidized cellulose, and collagen based hemostats. Absorbable hemostats offer various advantages over conventional gauze and clamp hemostats such as better visualization during surgery, promotion of healing, and reduced risk of adhesions and infections at the surgical site. The growing volume of surgeries performed worldwide and rising geriatric population susceptible to various medical conditions is propelling the demand for advanced hemostats.
The global Absorbable Hemostats Market is estimated to be valued at US$2.3 billion in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024-2030.
Key Takeaways
Key players operating in the absorbable hemostats market are Ethicon (Johnson and Johnson), Baxter International Inc., B. Braun Melsungen AG, C.R. Bard, and Pfizer.
The growing focus on minimally invasive surgeries and the rising volume of targeted surgeries globally present significant opportunities in the absorbable hemostats market. Manufacturers are focusing on developing advanced hemostats such as combination hemostats to capitalize on this opportunity.
North America currently dominates the global absorbable hemostats market. However, the market in Asia-Pacific is anticipated to grow at the fastest pace during the forecast period driven by growing healthcare infrastructure, shifting focus towards advanced medical technologies, and increasing medical tourism in the region.
Market drivers
The rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and diabetes worldwide is one of the major drivers of the absorbable hemostats market. As per the World Health Organization (WHO) estimates, chronic diseases accounted for over 70% of global deaths in 2020. The increasing frequency of surgical procedures performed for the treatment of chronic conditions is propelling the demand for effective hemostats. Additionally, rising geriatric population prone to injury-causing falls and lifestyle diseases is also contributing to the market growth.
PEST Analysis
Political: The regulations related to the approval and usage of absorbable hemostats have a significant impact on this market.
Economic: The overall economic growth and healthcare expenditure influence the demand for absorbable hemostats in various regions.
Social: The rising healthcare awareness and focus on reducing blood loss during surgeries is positively impacting the adoption of absorbable hemostats.
Technological: Developments in material science are allowing manufacturers to introduce advanced absorbable hemostats with faster clotting capabilities and improved biocompatibility. Automation in manufacturing is also enhancing production volumes.
The North American region accounts for around 40% of the global absorbable hemostats market in terms of value. This can be attributed to factors like the strong healthcare infrastructure, high medical spending, and growing adoption of advanced hemostats among medical practitioners in countries like the United States.
The Asia Pacific region is witnessing the fastest growth for absorbable hemostats. This is owing to the rising GDP levels improving access to healthcare, rapidly growing geriatric population undergoing various surgeries, and increasing focus of international players on expanding their presence in emerging Asia Pacific markets like India and China through collaborations with local players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.