02 Apr 2019
Posted in Press Release
Global topical absorbable hemostats market to reach $4.1bn by 2028, says GlobalData
The global topical absorbable hemostats market is expected to grow at a compound annual growth rate (CAGR) of 5% to reach $4.1bn by 2028, according to GlobalData, a leading data and analytics company.
The company’s latest report, ‘Topical Absorbable Hemostats – Wound Care Market Analysis and Forecast Model’ reveals that North America will be one of the fastest growing regions at a CAGR of 6.3% between 2018 and 2028, with South Central America and Asia-Pacific following closely behind at 5.5% and 5.1%, respectively.
Combination Hemostats-Pads remain the largest market category as they are the preferred hemostat of choice for physicians due to better control of moderate bleeding. On the other hand, cheaper products such as Oxidized Regenerated Cellulose-based hemostats and Gelatin-based hemostats are increasing in popularity in emerging nations, such as China and India where healthcare purchasing is always cost-sensitive.
Aliyah Farouk, Medical Devices Analyst at GlobalData, comments: “The market is propelled by the rise in surgical and trauma procedures where only hemostatic agents can be used to control bleeding.”
Barriers to market growth include the increase of laparoscopic procedures. Compared to open surgeries, laparoscopic procedures do not require as many units of hemostatic agents with smaller incisions, less bleeding, and fewer risks for complications.
Farouk concludes: “Although Combination Hemostats lead the market, the main opportunity for growth will come from simpler hemostats such as oxidized regenerated cellulose pads which purely rely on mechanical means to stop bleeding. Due to a lack of reimbursement for advanced hemostatic products, these cost efficient hemostats will sell better in emerging markets.”