An Increase in Number of Surgeries will Propel Hemostasis Products Market Growth
Haemostasis is the first stage of wound healing. The growing number of patients with bleeding issues needs the adoption of technologically advanced hemostasis medicines. The increasing frequency of chronic diseases in the senior population pushes increased demand for hemostasis products. With the increase in surgical procedures worldwide, there will be a high need for hemostasis products, which will fuel market expansion. The developments in surgical techniques such as robot-assisted surgery and the aging population will likely increase demand in the global hemostatis products market. The primary factors driving the expansion of global hemostasis products market include an increase in the number of surgical procedures due to increased road accidents and the rising incidence of chronic diseases.
A surgery is performed for various reasons, including making or confirming a diagnosis, removing damaged tissue or an obstruction, repairing or repositioning tissues or organs, implanting devices, redirecting blood arteries, or transferring tissues or organs. Every year, over 310 million significant procedures are performed worldwide; approximately 40 to 50 million in the United States and 20 million in Europe. With the growing number of surgeries, the demand for hemostasis products will also increase to be able to manage bleeding from the surgical site, which in turn will continue to foster the growth of hemostasis products market.
The growth in the number of surgical procedures performed globally has significantly boosted the rising prevalence of bleeding problems after surgeries. According to the National Center for Biotechnology Information (NCBI), around 60-70 percent of all transfused red blood cells are used in a surgical environment, as bleeding during surgery is one of the most feared risks. This has resulted in a significant demand for product offerings in global hemostasis products market. Many surgeons prefer to use these goods in surgical operations with a low risk of bleeding issues.
Minimally Invasive Surgery Will Dominate Market due to Increase Patients Convenience
The minimally invasive surgery segment is likely to dominate the application segment because of the growing number of surgical procedures. Hemostatic drugs are used extensively in minimally invasive urological operations, driving the expansion of hemostasis products market. The minimally invasive surgery segment is growing due to an increase in the prevalence of chronic diseases such as gastrointestinal disease, kidney disease, heart disease, and respiratory disease, an increase in demand for minimally invasive surgery, an increase in funding from private and government organizations for the development of healthcare infrastructure, and advancements in minimally invasive surgery technologies. The growing geriatric population promotes the growth of the minimally invasive surgery industry since older people are more prone to chronic ailments. An increase in the number of procedures boosts the segment growth.
North America will Acquire Major shares due to an Increase in the Number of Surgeries.
North America will hold the largest revenue share in global hemostasis products market because of the region's increased frequency of cardiovascular illnesses, diabetes, and cancer. Some elements contributing to the dominance include using technologically sophisticated products and rising surgical operation numbers, resulting in increased demand for the product. With the increasing prevalence of cardiovascular illnesses in North America, there is significant demand for novel hemostasis products. According to American Heart Association data conducted in October 2021, around 2,300 Americans die each day from cardiovascular disorders, with one death occurring every 38 seconds. The Centers for Disease Control and Prevention predicts that 659,000 Americans will die from cardiovascular disease in 2022. This is responsible for almost one-quarter of all deaths in the United States. As the frequency of cardiovascular disorders in the region develops, so will the number of cardiac surgeries, likely to enhance demand for hemostasis products and thus the market growth.
Asia Pacific is expected to have the highest growth due to a large patient population, an increase in surgical operations, and an increase in product introductions. The key drivers of regional development are liberal policies combined with a cost-effective environment. India, China, and Japan are the leading countries, with a highly developed healthcare infrastructure, modern therapies, and a vast patient pool. With the government backing, the market in Malaysia, Singapore, and other Asian nations is rapidly increasing, with a thriving medical tourism business and improved healthcare services. Over the forecast period, the hemostasis products market in India is expected to develop. Increased healthcare expenditure and the availability of less rigorous rules on the usage of such medical devices, as well as cheaper costs and an abundance of labour, are significant drivers driving the expansion of this industry. As of 2021, 1,301,319 allopathic doctors registered with state medical councils and the National Medical Commission. The country has 289,000 registered dentists and 1.3 million allied and healthcare professionals.
Global Hemostasis Products Market: Competitive Landscape
Some of the key participants in hemostasis products market continue to prioritise the launch of new goods in addition to forging collaborations, alliances, and partnership agreements. In May 2022, Precision BioLogic Inc., a hemostasis diagnostic tool developer, announced the availability of their new CRYOcheck Chromogenic Factor IX assay in Canada, the European Union, and the United Kingdom, Australia, and New Zealand. In February 2022, Futura Surgicare Pvt Ltd broadened its product offering by introducing hemostatic goods under Hemostax (Oxidised Regenerated Cellulose) under a new vertical, Dolphin Hemostats. Hemostax Standard is an absorbable hemostat meant to assist surgeons in controlling bleeding more effectively.
A few of the players in global hemostasis products market include Johnson & Johnson, Baxter International, Inc., Braun Melsungen AG (B. Braun Holding GmbH & Co. KG), Becton, Dickinson & Company, Pfizer, Inc., Cohera Medical, Inc., Medtronic plc., Ethicon LLC, MIL Laboratories Pvt. Ltd., and Cryolife, Inc.
Global Hemostasis Products Market is Segmented as Below:
Key Elements Included In The Study: Global Hemostasis Products Market
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