How big is the market for Hemostatic Agents ?

How big is the market for Hemostatic Agents ?

Recent technological advancements in the field of medicine solved many mysteries, of which one let to the establishment of Hemostatic Agents market. In generic terms, Hemostatic Agents are the substances that are used to reduce or halt bleeding during surgical procedures.

These Hemostatic Agents are of critical importance during surgeries as the fundamental principle of any surgery is to minimize blood loss. Hemostatic Agents help surgeons in their endeavors by acting as blood clotting agents. They function by binding the damaged tissue which leads to the development of a barrier over the injuries and surgical wounds and helps promote coagulation.

Hemostasis is a process that involves the coagulation, fibrinolysis and platelet aggregation. Hemostat consists of Hemostatic Agents delivering system which can be a pre-filled syringe or a ready-to-use applicator. These have to be carefully administered and monitored by the trained and expert surgeons.

Geriatric patients and other patients with special conditions like diabetes need critical care as they are prone to injuries and take a lot of time to heal. From mild injuries to complicated neurosurgeries, all are catered to by Hemostatic Agents market. The demand for Hemostatic Agents is more in Cardio-vascular conditions which are followed by general surgeries.

Hemostatic Agents help minimize blood loss, but they pose a great risk of tissue contamination. Advancements in medical technology in recent times solved these issues and made Hemostatic Agents more efficient. The usage of Hemostatic agents went up in recent times with rising prevalence of diseases, increasing health consciousness among people and advancements in medical practices. This increased the demand and widened the market space for the Hemostatic agents. Advancements in healthcare infrastructure and increase in the number of surgeries have led to a significant growth in Hemostatic Agents market space.

The Hemostatic Agents market space is segmented by different type of agents like Thrombin Based Hemostats, Collagen Based Hemostats, Gelatin Based Hemostats, Regenerated Oxidized Cellulose Based Hemostats, Fibrin Sealants, and Others, by Treatment into Cardiovascular, Digestive Surgery, Combination Hemostats, General Surgery, Neurosurgery, and Others. The segmentation also depends on the end users; hospital, surgery centers and nursing homes.

Hemostatic agents market is dominated by highly competitive players like Ethicon, Pfizer, Baxter International, R. Bard, The Medicines Company, Anika Therapeutics, Advanced Medical Solutions, Integra LifeSciences, B Braun Melsungen, Gelita Medical, Equimedical, Vascular Solutions, Marine Polymer Technologies and Z-Medica. Mergers and acquisitions are a possibility in the future with the constant endeavors to gain more market share and regional presence. Cutting edge technology in the field of formulation and development R&D is most sought after by the companies to minimize the costs and increase the margins.

In global markets, North America dominated the Hemostatic agents market in 2016 with 36% of the overall market share owing to the growth of cancer, cardiovascular diseases, and diabetes in this region. Other factors that played an important role are their aggressive marketing techniques and launch of new product lines. Asia-Pacific markets have the highest CAGR and are expected to grow rapidly in the coming years with the increase in medical tourism and surgical procedures. Hemostatic Agents Market growth rate attributes to the increased number of surgeries, minimal post-operative complications, and fast healing.

In spite of hindrances like high costs, unfavorable reimbursement policies and lack of awareness in undeveloped countries, Hemostatic Agents market is growing at a constant pace. With the modern lifestyle habits and demographic tilt towards a fast-paced lifestyle, the cases of routine injuries are on the rise. This will increase the demand for the Hemostatic Agents and will affect the market growth rate in the future. Hemostatic Agents industry is expected to witness a lucrative growth over the next five years owing to the increased awareness levels and rise in the surgical procedures.

Check out Market Data Forecast’s comprehensive reports with in-depth analysis about the Haemostatic Agents Market a free research sample can also be availed. Stay tuned for trending news stories about the latest technologies and interesting Healthcare tit-bits.

 
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