The hemostats market will touch USD 4.73 billion by 2030, powering at 5.80% CAGR by the end of this decade.
The increase in the count of surgeries, such as oncologic, reconstructive, orthopedic gynecological, and cardiac, and the expansion of novel hemostasis products by many major players are the key factors powering the growth of the industry. The WHO estimates that 235 million key surgical procedures were done globally in 2019.
On the basis of application, orthopedic surgery was the leader of the industry with over 34% share, and it will be like this in the years to come as well.
This can be credited to the rising elderly populace, growing occurrence of sports injuries, mounting count of laparoscopic surgeries, growing number of road accidents leading to surgical procedures, and booming incidence of obesity and age-related complications, such as osteoporosis and arthritis.
These are responsible for the mounting count of orthopedic surgeries at a global level, therefore powering the requirement for products to minimalize blood loss.
Also, due to the development in the older populace, the count of patients who experience joint replacement surgeries, for example complete hip and knee replacements, are rising gradually.
Furthermore, the requirement for orthopedic implants amongst the senior populace is growing attributable to the development in the occurrence of musculoskeletal ailments and fractures caused by osteoporosis.
The cardiovascular surgery category will grow the fastest in the hemostats market in the years to come as well. This can be credited to the growing incidence of cardiac ailments, growing count of vascular surgeries, and the mounting examples of mental stress in individuals.
The occurrence of cardiac ailments is increasing worldwide as a result of the sedentary existences, genetic disposition, and numerous more factors. As per a report, globally, about 190,000 cardiac surgeries are achieved every year, therefore powering the requirement for hemostats.
North America led the industry with around 32% share, and it will have a robust growth owing to the considerable R&D activities, itself as a result of the strong support for the setup of novel R&D facilities; increasing occurrence of orthopedic and cardiac ailments and volume of related surgeries, and presence of trustworthy healthcare businesses. Moreover, the region's speedy acceptance of novel technologies and the increasing occurrence of chronic ailments both support the development of the industry.
Hence, their beneficial healthcare infra, rising consumer consciousness, strong support of the government, and tech progressions in the healthcare industry have made both Canada and the U.S. attractive target markets for the stalwarts.
It is because of the booming count of surgeries all over the world, the demand for hemostats is on the rise. This trend will continue in the years to come as well.
SOURCE: P&S Intelligence
