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Hemostatic spray is a topical haemostatic agent which is an aerosolized spray applied directly to bleeding surfaces to accelerate clotting. It is based on coagulation factor concentrates derived from human or bovine sources which promotes coagulation at the site of application. Hemostatic sprays are increasingly being used in trauma and surgical settings to control bleeding during injuries or surgery. The growing prevalence of trauma cases associated with accidents, falls or violence has significantly boosted the demand for effective hemostatic agents. Hemostatic sprays offer immediate haemostasis and are more convenient to use compared to gauze or bandages.
The global Hemostatic Spray Market is estimated to be valued at US$ 2.51 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Hemostatic Spray Market is the increasing adoption of local haemostatic agents. Traditionally haemostatic agents derived from human or animal sources were commonly used. However, there is a shift towards plant-based local haemostatic agents which do not carry risks of transmissible diseases or immunological reactions. Agents derived from plants like Citrus peel, Oat seed and Okra plant possess hemostatic properties. These plant-based sprays are biocompatible, inexpensive and easily available. Advancements in materials science and drug delivery systems have enabled development of novel formulation technologies to deliver haemostatic agents topically in the form of sprays. Companies are focusing on formulations with rapid onset of action and enhanced adhesion to bleeding tissues.
Porter’s Analysis
Threat of new entrants: The threat of entry into the hemostatic spray market is moderate as significant research and development is required to develop new and innovative products. However, less stringent regulations have encouraged the entry of regional and local players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the availability of alternative treatment options provides buyers with alternatives. However, the need for effective hemostatic solutions in surgeries increases the dependency of buyers on such spray products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate owing to the availability of substitutes and lack of differentiation in components used across various hemostatic spray manufacturers. However, requirements around quality, reliability and certifications increase suppliers’ bargaining power.
Threat of new substitutes: The threat of substitutes is moderate as there are few alternative hemostatic modalities like compression, manual pressure and sutures available. However, advantages offered by spray products like being hand-free and requiring less skill reduces the threat.
Competitive rivalry: The competitive rivalry is high owing to the presence of global and regional players offering similar products. Manufacturers compete based on product innovation, quality and pricing.
Key Takeaways
The global hemostatic spray market is expected to witness high growth. . The global Hemostatic Spray Market is estimated to be valued at US$ 2.51 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030.
North America is expected to dominate the market over the forecast period owing to high prevalence of target diseases, developed healthcare infrastructure and availability of reimbursement. Europe is expected to be the second largest market owing to increasing focus on innovation and presence of major market players operating in the region. However, Asia Pacific is expected to witness the fastest growth rate during the forecast period owing to rising healthcare spending, increasing disposable incomes and growing awareness regarding advanced hemostatic products.
Key players – Key players operating in the hemostatic spray market are Olympus Corporation, Medtronic plc., Shilpa Medicare Limited, Baxter, BC3 Technologies, Ethicon, Pfizer Inc., HemCon Medical Technologies, Z-Medica, Teleflex Incorporated, Tricol Biomedical, Arch Therapeutics, and Cook. Shilpa Medicare and HemCon Medical Technologies have strong presence in Asia Pacific and India respectively. Olympus Corporation dominates the global market.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
