Growth in hemostats market is driven by the increasing number of surgical procedures, growing number of regulatory approvals, increasing incidence of sports-related injuries and spinal ailments, and rising focus on effective blood loss management in patients during surgeries. In addition, the emerging markets and growth in the number of hospitals and surgical centers are expected to offer further growth opportunities for players operating in the hemostats market.
What the Market Looks Like?
Predicted to grow at a CAGR of 6.0%during the forecast period, the global hemostats market is estimated to reach USD 3.03 billion by the end of 2023. North America is expected to account for the largest share of the global hemostats market.
Based on applications, the hemostats market is segmented into neurological surgery, cardiovascular surgery, general surgery, orthopedic surgery, thoracic surgery, gynecological surgery, urological surgery, and reconstructive surgery. The orthopedic surgery segment is expected to account for the largest share of the hemostats market in 2018.
The growing geriatric population, increasing incidence of sports injuries, and the growing prevalence of lifestyle disorders (such as arthritis, osteoporosis, and obesity) are some of the major factors responsible for the growth in the number of orthopedic surgeries performed globally. The growing number of orthopedic surgeries is in turn expected to support the growth of dependent markets, such as the hemostats market for orthopedic applications
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What Drives the Market?
The growth of the global market for hemostats is primarily influenced by the following factors:
- Increasing Number of Surgical Procedures
- Growing Number of Regulatory Approvals
- Increasing Incidence of Sports-Related Injuries and Spinal Ailments
- Rising Focus on Effective Blood Loss Management in Patients During Surgeries
On the other hand, high cost of hemostats and dearth of skilled professionals are expected to hinder the growth of this market.
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