An uptick in the number of patients with bleeding issues has created the need for technologically advanced hemostasis products. Seeing this, key vendors in the hemostasis market are forging strategic partnerships and launching revolutionary products. Favourable government policies coupled with increased healthcare expenditure also play an eminent role in facilitating innovation in the hemostasis products market. Apart from that, the growing prevalence of chronic diseases in the geriatric population is propelling the demand for hemostasis products. In addition to this, advancements in surgical techniques such as robot-assisted surgery have also promoted the adoption of modern hemostasis products. Over the forecast period, the cumulative force of these factors will accelerate the growth trajectory of the global hemostasis products market.
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An Increase in Number of Surgeries to Facilitate Hemostasis Products Market Expansion
A surge in the number of road accidents along with the rising incidence of chronic diseases has resulted in an increased number of surgical procedures worldwide. Surgeries are performed for various reasons, including making/confirming a diagnosis, repairing or repositioning tissues/organs, removing damaged tissue/an obstruction, implanting devices, redirecting blood arteries, and transferring tissues/organs. Hemostasis products are required to manage bleeding during surgical procedures. Therefore, with an increase in the number of surgeries, the demand for hemostasis products is projected to rise. Considering this, the global hemostasis products market will attain unprecedented levels of growth in the upcoming years.
Growing Prominence of Minimally Invasive Surgery to Create Positive Market Dynamics
In recent years, the minimally invasive surgeries have gained significant prominence due to less body cuts and speedy recovery associated with it. Another factor behind the growing traction of these surgeries is the rising occurrence of diseases such as gastrointestinal disease, kidney disease, heart disease, and respiratory disease. The geriatric population also prefers minimally invasive surgery due to less patient trauma associated with it. Witnessing this, both public and private entities have increased their funding in the advancement of minimally invasive surgery technologies. All these factors are contributing to increased demand for hemostasis products. As a result of this, the global hemostasis products market is projected to experience robust expansion during the study period.
North America to Sustain Dominance Amid Rising Incidence of Cardiovascular Diseases, Diabetes, and Cancer
North America is expected to emerge as a key region in the global hemostasis products industry. The growing cases of cardiovascular diseases, diabetes, and cancer is propelling the demand for novel hemostasis products. Furthermore, the availability of technologically-advanced products coupled with rising surgery procedures is improving the growth prospects of the regional market. On the other hand, Asia Pacific is projected to experience the highest growth over the projected period. This is due to various macro factors including a large patient population and increased product introductions.
Leading Market Players
Some of the major players in the global hemostasis products market include Braun Melsungen AG (B. Braun Holding GmbH Co. KG), Cohera Medical, Inc., Johnson Johnson, Dickinson Company, Baxter International, Inc., Pfizer, Inc., Becton, Medtronic plc., MIL Laboratories Pvt. Ltd., Ethicon LLC, and Cryolife, Inc.
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