Hemostasis Products Market Size, Status, Global Outlook and Forecast 2022-2029
Hemostasis is the first stage of healing a wound.
Hemostasis is the first stage of healing a wound. The cases of patients requiring prompt bleeding stoppage support due to surgery or injury are growing. It is the key factor behind the ascended demand for advanced hemostasis medicines and products. The incidence of chronic illnesses is increasing at an alarming pace across the globe. Naturally, the need for surgical procedures is also increasing, thereby creating growth prospects for the global hemostasis products market. Hemostasis products are essential to successful surgical procedures as it effectively contains bleeding during and after surgery. The recent development of advanced surgical robots and minimally invasive surgeries are sustaining the growth of the market. Moreover, increased healthcare funding, growing road accidents, and greater confidence in surgeries are poised to bode well for the global hemostasis products market across the study period.
Growing Confidence in Surgeries to Propagate Paced Market Expansion
As medical technological breakthroughs continue to mount, the effectiveness and success rates of surgeries are increasing at a promising rate. Against this backdrop, surgeries are being conducted for various reasons including confirming a diagnosis, removing damaged tissues or obstructions, transferring tissues or organs, and redirecting blood vessels among others. Indeed, over 310 million surgeries are performed across the globe every year. As the number of surgeries and people’s confidence in their success continues to grow, the demand for hemostasis products is expected to soar in the coming years. To this end, the global hemostasis products market is expected to exhibit sound growth in the forecast period.
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High Traction for Minimally Invasive Surgical Procedures to Steepen Growth Curve
In recent years, many patients are starting to prefer minimally invasive surgeries. This is mainly due to the greater convenience and lower discomfort caused by this type of surgery in comparison to traditional ones. In such a business environment, the demand for hemostatic drugs is expected to burgeon while performing minimally invasive urological operations. The increasing prevalence of several chronic illnesses including kidney disease, cardiovascular disorders, gastrointestinal disease, and respiratory illnesses is nurturing promising grounds for minimally invasive surgical procedures. Moreover, government funding for healthcare is also increasing steadily. All these factors are collectively leading the global hemostasis products market to maturity.
North America to Boast Highest Revenue Share in Hemostasis Products Market on Account of Growing Incidence of Chronic Diseases
The alarming rise in cardiovascular diseases, cancer cases, and diabetes is establishing North America’s largest revenue share in the hemostasis products market. Other favourable factors include a high concentration of key market players, high healthcare expenditure at both individual and state levels, and paced medical research and development. Major economies such as the USA are major contributors to North America’s strong market positioning. Meanwhile, Asia Pacific is expected to post the highest growth rates owing to robust healthcare infrastructure in regional economies such as China, Japan, and India.
Prominent Market Players
Some of the leading players in the global hemostasis products market include Baxter International, Inc., Johnson & Johnson, Becton, Dickinson & Company, Pfizer, Inc., Cohera Medical, Inc., Cryolife, Inc., Medtronic plc., Braun Melsungen AG (B. Braun Holding GmbH & Co. KG), Ethicon LLC, and MIL Laboratories Pvt. Ltd.
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