The report classifies the Global Hemostatic Agents Market in terms of various segments and offers a comprehensive overview. According to the report the hemostatic agent market in North America was valued at US$ 1173 Mn in 2017.
The North America market was leading at a global sphere in the same year. According to the report, the trend is unlikely to change during the forecast period 2018-2025. Growth in the market witnessed in North America is attributable to the increasing demand for a surgical procedure in the region.
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Besides this, as per research conducted by the American College of Obstetricians and Gynecologists, in the U.S. the rate of postpartum hemorrhage increased by 25.9% approximately during the last decade. This is likely to fuel the demand for hemostatic agents for surgery and other purposes.
The hemostatic agents market in the Asia Pacific is expected to grow at a relatively higher CAGR. Baxter (the leading organization in the global market), plans to expand its operation in emerging nations such as India and China to enhance its accessibility. This is expected to propel the growth rate of the Asia Pacific hemostatic agent market. Meanwhile, the Europe market is likely to expand at a low CAGR due to the presence of a smaller patient pool compared to the Asia Pacific and North America.
Combination Hemostats to Dominate the Global Market
In terms of product type, the combination hemostats segment accounted for 14% of the global market in 2017. Combination hemostats are proven to be very effective and offer faster healing. Combination hemostats are capable of offering efficient hemostasis in a shorter time owing to the rapid action of thrombin and gelatin. Rising adoption of combination hemostats is anticipated to drive the global hemostatic agents market during the forecast period 2018-2025.
The factors expected to drive the global hemostatic agents market are increasing the incidence of hemorrhage during surgery and a rising emphasis on blood management. Moreover, innovations in a surgical procedure such as robot-assisted surgery and rising geriatric population are anticipated to fuel the demand in the global hemostatic agents market.
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As per data published by the Journal of Medical Emergency Services (JEMS), worldwide approximately 5 million people die due to traumatic and non-traumatic hemorrhage. Therefore, the rising cases of traumatic or non-traumatic hemorrhage are likely to enable growth in the global hemostatic agents market.
Baxter Widening its Distribution Network Across Regions
Baxter emerged dominant in the global hemostatic agents market in 2017. The growth witnessed is attributable to its diversification strategy implemented to improve the accessibility of its brands. The trend is unlikely to change and Baxter may continue to dominate the global market during the forecast period.
Strong brand presence, diversified product portfolio, and intense R&D conducted on hemostatic agents are a few factors contributing to Baster’s expansion. Some of the other companies operating in the global hemostatic agents market are Stryker, CryoLife Inc., Integra Life Sciences, BD, Ethicon LLC., Pfizer Inc., Medtronic, and Biom’up.
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