The global Hemostats market size is projected to reach USD 3.7 billion by 2027 from USD 2.8 billion in 2022, at a CAGR of 6.1% during the forecast period. Growth in this market is driven by the growing volume of surgical procedures performed, rising focus on R&D, increasing incidence of sports-related injuries and spinal ailments, and rising focus on effective blood loss management in patients during surgeries. However, side effects and allergic reactions associated with hemostats are expected to hamper the adoption of these products. Moreover, the growth opportunities in emerging markets are expected to provide growth opportunities for players in the Hemostats market during the forecast period.
The Hemostats market is highly consolidated and is dominated by various players. The major players operating in this market are C.R. Bard (US), Baxter (US), Teleflex Incorporated (US), Ethicon (Subsidiary of Johnson & Johnson) ( US), Medtronic plc (Ireland), B. Braun Melsungen AG (Germany), Pfizer (US), etc.
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Ethicon (Subsidiary of Johnson & Johnson) ( US)
Johnson & Johnson has a strong brand value among hemostat end users, strong R&D capabilities, and a strong portfolio of hemostatic agents, surgical sealants, and soft tissue attachments. The company invests a significant part of its revenue in R&D. It has constantly increased its R&D investments to accelerate innovative product development. In FY 2020, the company invested about USD 12.2 billion in R&D, out of which about USD 2.1 billion was invested in the Medical Devices business segment, which witnessed an increase of 9.8% as compared to FY 2019. These investments were aimed at discovering, testing, and developing new products and improving existing products.
Baxter International (US)
Baxter International offers an extensive product portfolio of hemostats. It has a widespread presence across 100 countries through direct and indirect sales channels. The company consistently invests in R&D, which enables it to launch innovative and technologically advanced products in the market. In 2020, the company invested USD 521 million in R&D across its R&D centers located in Belgium, Sweden, India, Italy, Germany, China, Japan, and the US Baxter is focusing on extending its product portfolio in the hemostats market through both organic and inorganic growth strategies such as product launches and product acquisitions. In April 2019, the company received the US FDA approval for FLOSEAL Hemostatic Matrix with the latest design enhancements. The product is indicated to stop bleeding during surgical procedures. Product launches and acquisitions are helping the company to expand its customer base
Hemostats Market by Type (Thrombin, Oxidised Regenerated Cellulose, Combination, Gelatin, Collagen), Application (Orthopedic Surgery, General Surgery, Gynecological), Formulation (Sponge, Powder, Matrix & Gel, Sheets & Pads) - Global Forecast to 2027
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