Market Size of Hemostasis Products Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Hemostasis Products Market Analysis
The Hemostasis products market is expected to witness a CAGR of 5.2% during the forecast period (2022-2027).
The impact of the COVID-19 pandemic on the hemostasis product market was considerable. According to the study titled "Pandemic care: The need for hemostasis testing in critically ill COVID-19 patients" published in the Journal of hematology in May 2020, Patients treated in hospitals for COVID-19 tend to have an inflammatory response and, as a result, hypercoagulability, which is a broad term for the risk of developing pathological blood clots, also known as thrombosis or venous thromboembolism (VTE). Additionally, as per a November 2021 published article titled "Meta-analysis of coagulation parameters associated with disease severity and poor prognosis of COVID-19", hemostasis could be considered a risk factor for disease severity and mortality of COVID-19. Thus, such instances are likely to have a positive impact on the market's growth.
Furthermore, factors driving market growth include an increase in the number of trauma and surgical cases, technological advancements in the fields of hemostasis products, and an increase in the prevalence of blood disorders.
An increase in the number of trauma and surgical procedures is one of the key drivers boosting the hemostasis product market's growth. As recognized by the World Health Organization and several other international agencies, surgical care is inevitable to manage several health conditions, which include cardiovascular diseases, injuries, cancer, obstructed labor, birth defects, and other conditions. For instance, according to the study titled "Trauma of major surgery: A global problem that is not going away," published in the International Journal of Surgery in September 2020, each year, 310 million major surgeries are performed worldwide, with 40 to 50 million in the United States and 20 million in Europe. According to estimates, 15% experience serious postoperative morbidity, and 5-15% are readmitted within 30 days. Thus, an increasing number of surgeries performed across the globe is anticipated to boost the demand for hemostasis products, as these products play a vital role in wound healing. Similarly, the United States, Canada, Germany, France, and Italy have been reported to have a significant density of surgical volume. Hence, all these factors are expected to drive market growth across the globe.
Additionally, the increasing prevalence of chronic blood disorders is also driving the market's growth. For instance, as per the Annual Global Survey 2020 by the World Hemophilia Federation, a total number of 347,026 people were affected by bleeding disorders in 2020. Additionally, as per the 2022 update by the International Society on Thrombosis and Haemostasis, every year, there are approximately 10 million cases of venous thromboembolism worldwide. As per the same source, in Europe, there are 544,000 Deep Vein Thrombosis (VTE) related deaths every year. Thus, such an increase in the number of patients suffering from blood disorders is likely to impel the demand for hemostasis products.
Furthermore, rising technological advances in the product to enhance patient outcomes during the surgical process are expected to have a positive impact on the market's growth. For instance, according to the study titled "Avitene Microfibrillar Collagen Hemostat (MCH) for Adjunctive Hemostasis in Surgical Procedures: A Systematic Literature Review," published in the Journal of Medical Devices in July 2021, in a wide range of surgical specialties, including hepatic, orthopedic, splenic, oral, and otolaryngologic surgery, MCH has been shown to produce rapid hemostasis with favorable patient outcomes and few reported complications. Anecdotal evidence suggests that MCH is effective in cardiovascular surgery. Thus, advancements in hemostasis products are expected to bolster the market over the forecast period.
Thus, all the aforementioned factors are expected to drive the market over the forecast period. However, stringent regulatory policies and the use of off-label products are projected to restrain the market's growth over the forecast period.
