by Absorbable hemostats are medical devices used to control bleeding during surgical procedures by accelerating the clotting process of blood. Made from either plant or animal tissues, absorbable hemostats work by mechanically activating platelets and concentrating clotting factors on bleeding surfaces. They offer several advantages over traditional gauze packing like decreased risk of re-bleeding, reduced operating time, and absorption by the body avoiding needs for removal. With rising number of surgeries globally, the demand for reliable hemostatic solutions is increasing significantly.
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 bsorbable hemostats market are Ethicon (Johnson and Johnson), Baxter International Inc., B. Braun Melsungen AG, C.R. Bard, and Pfizer.
The growing volume of surgical procedures across various clinical specialties like trauma, orthopedics, neurosurgery provides significant growth opportunities in the market. Technological advancements aim to develop hemostatic agents with improved efficacy, handling properties and absorption time.
Market drivers:
The rising geriatric population prone to chronic diseases and injuries is a key factor driving the number of surgical procedures globally. As per WHO, the proportion of the world’s population over 60 years will nearly double from 12% to 22% between 2015 and 2050. With age comes higher risks of health issues requiring surgical interventions. Additionally, improving access to healthcare in developing nations and favorable reimbursement policies are also propelling the uptake of absorbable hemostats in different medical settings.
Current challenges in Absorbable Hemostats industry:
The absorbable hemostats industry is currently facing challenges due to stringent regulatory requirements for new product approvals. Developing advanced hemostats that can effectively control hemorrhage and getting them approved is a complex process. There are also issues with reimbursement and pricing pressures that limit the ability of manufacturers to recover R&D investments.
SWOT Analysis
Strength: Absorbable hemostats are gradually replacing conventional gauze and fibrin sealants due to their absorbability within the body which reduces complications. They help control bleeding very effectively.
Weakness: Higher costs compared to traditional hemostatic agents can limit widespread adoption. Shelf life/stability issues also affect some advanced hemostatic materials.
Opportunity: Growing number of surgeries and increase in trauma/injury cases globally are driving demand. Advanced research is exploring new bioactive material based hemostats.
Threats: Stringent regulations delay product approvals. Reimbursement policies vary significantly across countries.
Geographical regions:
Currently, North America contributes to the largest share in the global absorbable hemostats market in terms of value due to increase in number of surgeries requiring hemostasis. However, regions like Asia Pacific are expected to witness fastest growth over the forecast period owing to rising healthcare expenditure, diseases prevalence and focus of manufacturers on emerging markets.
Fastest growing region:
Asia Pacific region is poised to grow at the highest CAGR during the forecast period in the absorbable hemostats market driven by factors like increasing awareness among population, rise in healthcare facilities and government support for further development of healthcare sector across various countries including India and China. Higher incidence of trauma injuries and rise in lifestyle diseases also support market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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