Quick Summary:
In a world where healthcare advancements are a top priority, keeping informed about technological developments is essential. The global flowable hemostats market makes this feat achievable, especially in the context of increasing surgical procedures and a growing elderly population. Flowable hemostats, featuring a bovine or porcine gelatin matrix, are emerging as vital surgical tools, particularly useful when application on difficult-to-reach surfaces is required, barring ophthalmic surgeries.
North America is leading the market share, largely due to technological advancements and improvements in the healthcare infrastructure, alongside an upsurge in the number of surgeries. Moreover, strategies adopted by market players - including developing innovative products such as Medcura's LifeFoam, an expanding injectable hemostat - bear witness to a dynamic market that offers vast opportunities for practitioners and investors alike. The efficient management of non-compressible abdominal wounds is just a glimpse at how flowable hemostats find an expanding role in the medical industry.
The flowable hemostats market has segments based on material, product, application, and end-users. Each segment offers potential growth, with combination hemostat products, universally appealing general surgery applications, and versatile hospital and clinic end-users emerging as prominent market leaders. As a senior executive, obtaining this market research report will equip you with an in-depth understanding of a rapidly evolving market and provide powerful insights to make confident, data-driven decisions.
The global flowable hemostats market is projected to reach US$ 1,422.78 million by 2028 from US$ 899.51 million in 2021; it is expected to grow at a CAGR of 6.9% from 2022 to 2028.
The market growth is attributed to the increasing number of injuries and surgical procedures and the rising geriatric population. However, a shortage of skilled professionals and poor reimbursement policies limit the market growth.
Flowable hemostats have flowable consistency and contain a porcine or bovine gelatin matrix. It may add topical thrombin to form a combination hemostat. When an application is needed on a surface that is difficult to reach, flowable hemostats are helpful. The product can be used for all surgical procedures except ophthalmic type.
North America accounted for the largest market share in 2021, owing to various factors such as a rise in the number of surgical procedures, upgrades in the healthcare infrastructure of the region, and technological advancements. The US flowable hemostats market is anticipated to witness significant growth during the forecast period, owing to the increasing number of surgical procedures, the launch of innovative products by the market players, and the availability of advanced healthcare facilities in the country. Flowable hemostats are used extensively in surgeries on spine, abdomen, cardiovascular, and other key surgical areas with high bleeding. Market players have been focusing on establishing their presence in the country. For instance, Medcura, Inc., a US-based company, has developed a line of advanced hemostatic and wound treatment products. The company has developed an expanding injectable hemostat - Life Foam. The product rapidly provides temporary control of bleeding from non-compressible abdominal wounds that are difficult to handle in cases such as trauma and battlefield conditions. As per data by the Centers for Disease Control and Prevention (CDC), trauma from accidents is the third leading cause of death in the US after heart disease and cancer. Almost 85% of hemorrhage-related deaths are due to non-compressible internal bleeding noticed by Life Foam. In 2018, the product received a Breakthrough Device Designation by Food and Drug Administration (FDA), which further accelerated the development and clinical application of the product, especially in the case of traumatic injuries.
Based on material, the global flowable hemostats market is bifurcated into bovine gelatin and porcine gelatin. The bovine gelatin segment held a larger market share in 2021. Moreover, the same segment is anticipated to register a higher CAGR of 7.1% during the forecast period.
Based on product, the global flowable hemostats market is segmented into combination hemostats, active hemostats, and passive hemostats. The combination hemostats segment held the largest market share in 2021. Moreover, the same segment is anticipated to register the highest CAGR of 7.3% during the forecast period.
Based on application, the global flowable hemostats market is segmented into general surgery, cardiac surgery, vascular surgery, orthopaedic surgery, neuro & spine surgery, and others. The general surgery segment held the largest market share in 2021. Moreover, the same segment is anticipated to register the highest CAGR of 7.9% during the forecast period.
Based on end user, the global flowable hemostats market is segmented into hospitals and clinics, ambulatory surgery centers, and others. The hospitals & clinics segment held the largest market share in 2021. However, the ambulatory surgery centers segment is anticipated to register the highest CAGR of 7.8% during the forecast period.
Various organic and inorganic strategies are adopted by companies in the global flowable hemostats market. The organic strategies mainly include product launches and product approvals. Further, inorganic growth strategies witnessed in the market are acquisitions, collaborations, and partnerships. These growth strategies allow the global flowable hemostats market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall market growth. Further, acquisition and partnership strategies help the market players strengthen their customer base and expand their product portfolios. A few significant developments by key players in the flowable hemostats market are listed below.
The market growth is attributed to the increasing number of injuries and surgical procedures and the rising geriatric population. However, a shortage of skilled professionals and poor reimbursement policies limit the market growth.
Flowable hemostats have flowable consistency and contain a porcine or bovine gelatin matrix. It may add topical thrombin to form a combination hemostat. When an application is needed on a surface that is difficult to reach, flowable hemostats are helpful. The product can be used for all surgical procedures except ophthalmic type.
North America accounted for the largest market share in 2021, owing to various factors such as a rise in the number of surgical procedures, upgrades in the healthcare infrastructure of the region, and technological advancements. The US flowable hemostats market is anticipated to witness significant growth during the forecast period, owing to the increasing number of surgical procedures, the launch of innovative products by the market players, and the availability of advanced healthcare facilities in the country. Flowable hemostats are used extensively in surgeries on spine, abdomen, cardiovascular, and other key surgical areas with high bleeding. Market players have been focusing on establishing their presence in the country. For instance, Medcura, Inc., a US-based company, has developed a line of advanced hemostatic and wound treatment products. The company has developed an expanding injectable hemostat - Life Foam. The product rapidly provides temporary control of bleeding from non-compressible abdominal wounds that are difficult to handle in cases such as trauma and battlefield conditions. As per data by the Centers for Disease Control and Prevention (CDC), trauma from accidents is the third leading cause of death in the US after heart disease and cancer. Almost 85% of hemorrhage-related deaths are due to non-compressible internal bleeding noticed by Life Foam. In 2018, the product received a Breakthrough Device Designation by Food and Drug Administration (FDA), which further accelerated the development and clinical application of the product, especially in the case of traumatic injuries.
Based on material, the global flowable hemostats market is bifurcated into bovine gelatin and porcine gelatin. The bovine gelatin segment held a larger market share in 2021. Moreover, the same segment is anticipated to register a higher CAGR of 7.1% during the forecast period.
Based on product, the global flowable hemostats market is segmented into combination hemostats, active hemostats, and passive hemostats. The combination hemostats segment held the largest market share in 2021. Moreover, the same segment is anticipated to register the highest CAGR of 7.3% during the forecast period.
Based on application, the global flowable hemostats market is segmented into general surgery, cardiac surgery, vascular surgery, orthopaedic surgery, neuro & spine surgery, and others. The general surgery segment held the largest market share in 2021. Moreover, the same segment is anticipated to register the highest CAGR of 7.9% during the forecast period.
Based on end user, the global flowable hemostats market is segmented into hospitals and clinics, ambulatory surgery centers, and others. The hospitals & clinics segment held the largest market share in 2021. However, the ambulatory surgery centers segment is anticipated to register the highest CAGR of 7.8% during the forecast period.
COVID-19 Impact - Global Flowable Hemostats Market
The growing concern regarding the spread of COVID-19 led a majority of healthcare systems to postpone or cancel non-essential medical procedures. These surgical procedures included procedures such as plastic surgeries, which are not directly linked to the treatment or management of COVID-19 or are life-saving. In terms of competitive scenarios, several medical device companies either withdrew or revised their financial projections and revenue guidelines for 2020. For instance, Ethicon (Johnson & Johnson) is anticipating a significant negative impact on revenue across major markets with an estimated 65% to 85% drop in surgical procedures in the second quarter of 2020. This is expected to adversely affect the global market during the timeline. Hospitals worldwide witnessed a huge reduction in elective surgery procedures due to patient safety concerns. According to a research article published by “The Journal of Plastic, Reconstructive & Aesthetic Surgery,” emergency surgical productivity showed a 65% reduction during the COVID-19 lockdown in Mexico. In 2019, around 1,114 patients were treated with plastic surgery in Mexico, while only 393 cases were seen in 2020. Hence, a reduction in surgical procedures led to a decline in the demand for flowable hemostats in 2020.Various organic and inorganic strategies are adopted by companies in the global flowable hemostats market. The organic strategies mainly include product launches and product approvals. Further, inorganic growth strategies witnessed in the market are acquisitions, collaborations, and partnerships. These growth strategies allow the global flowable hemostats market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall market growth. Further, acquisition and partnership strategies help the market players strengthen their customer base and expand their product portfolios. A few significant developments by key players in the flowable hemostats market are listed below.
- In October 2020, Teleflex Incorporated announced that it had entered into a definitive agreement with privately held Z-Medica, LLC, an industry-leading manufacturer of hemostatic products. Under the terms of the agreement, Teleflex will acquire Z-Medica for an upfront cash payment of US$ 500 million at closing, and up to an additional US$ 25 million upon achieving certain commercial milestones. Teleflex acquired certain tax attributes in the transaction that are expected to result in future tax benefits. Teleflex valued these tax attributes at approximately US$ 40 million in arriving at purchase price.
- In October 2019, Biom’up SA, which specializes in surgical hemostasis, announced that its flagship product, HEMOBLAST Bellows, to be approved for open as well as laparoscopic surgery by the Australian TGA regulatory authority for commercialization in the sizable and growing Australian market.
Frequently Asked Questions about the Global Flowable Hemostats Market
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| Report Attribute | Details |
|---|---|
| No. of Pages | 182 |
| Published | September 2022 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 899.51 Million |
| Forecasted Market Value ( USD | $ 1422.78 Million |
| Compound Annual Growth Rate | 6.9% |
| Regions Covered | Global |
Table of Contents
1. Introduction
3. Research Methodology
4. Flowable Hemostats Market - Market Landscape
5. Antimicrobial Coatings for Medical Devices Market - Key Market Dynamics
6. Flowable Hemostats Market - Global Analysis
7. Flowable Hemostats Market Analysis - By Material
8. Flowable Hemostats Market- By Product
9. Flowable Hemostats Market- By Application
10. Flowable Hemostats Market Analysis - By End User
11. Flowable Hemostats Market Revenue and Forecasts to 2028 - Geographical Analysis
12. Impact Of COVID-19 Pandemic on Antimicrobial Coatings for Medical Devices Market
13. Antimicrobial Coatings for Medical Devices Market-Industry Landscape
14. Company Profiles
15. Appendix
Samples
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Companies Mentioned
A selection of companies mentioned in this report includes:
- Baxter International Inc
- Teleflex Incorporated
- Johnson & Johnson
- Biom'up
- Pfizer Inc.
- Aegis Lifesciences
- 3-D Matrix Medical Technology.
