The Absorbable Hemostats market is relied upon to grow at the most elevated pace attributable to developing appropriation of robotization in medical procedures. Absorbable hemostats are medicinal gadgets intended to control draining amid clinical methods. They are made of normal or engineered substances that are consumed by the body after the medical procedure.
The absorbable hemostats market is estimated to be valued at USD 2.87 Bn in 2024 and is expected to reach USD 4.455 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.
Key Takeaways
Key players operating in the Absorbable Hemostats market are Ethicon (Johnson & Johnson), Baxter International Inc., Integra LifeSciences, B Braun, C. R. Bard.
The growing number of surgeries across the world is a key factor driving demand for absorbable hemostats. As per estimates, over 313 million surgeries were performed globally in 2020. The number is expected to increase annually owing to the rising global disease burden.
The Absorbable Hemostats Market technological advancements are allowing for the development of advanced absorbable hemostat products with better efficacy. Companies are focusing on developing resorbable hemostats made from novel absorbable polymer matrices that can accelerate clot formation and wound healing.
Market Trends
Synthetic absorbable hemostats are gaining popularity over traditional collagen-based varieties owing to their prolonged efficacy and fewer safety concerns. Additionally, engineered absorbable hemostats that mimic the coagulation cascade are emerging as an innovative product category.
Combination hemostat products that incorporate absorbable as well as mechanical components are witnessing higher adoption. Such products provide synergistic hemostatic action for better management of severe bleedings during complex surgeries.
Market Opportunities
The increasing volume of minimally invasive surgeries worldwide presents an major opportunity for absorbable hemostat vendors. Growing healthcare expenditures in emerging nations also offers scope for market expansion.
Advanced absorbable hemostats tailored for laparoscopic procedures can capture significant market share. Meanwhile, developing economies with large unmet surgical needs present lucrative business potential.
Impact of COVID-19 on Absorbable Hemostats Market Growth
The COVID-19 pandemic has significantly impacted the growth of the absorbable hemostats market. In the initial phases of the pandemic, supply chain disruptions led to production halts and shortage of raw materials. This adversely impacted the market growth. However, with the increasing number of surgeries being postponed, the demand for absorbable hemostats also reduced significantly.
As the pandemic spread, most of the resources in the healthcare sector were directed towards treating COVID-19 patients. Elective and non-critical surgeries were delayed or postponed. This led to a steep decline in the procedural volume and decreased demand for absorbable hemostats. However, post the first wave, as the number of surgeries gradually increased, the demand started reviving.
With the ongoing vaccination drives and availability of effective treatment options, it is expected that the procedural volumes will reach pre-pandemic levels in 2022. This will boost the market growth. However, recurrent waves still remain a threat. The market players are focusing on establishing more robust supply chains to ensure continuous supply. Demand for advanced hemostats with added antibacterial properties is also expected to rise.
Geographical Regions with Highest Absorbable Hemostats Market Value
North America dominates the global absorbable hemostats market in terms of value. This is primarily attributed to factors such as the high prevalence of target disease conditions, rising geriatric population undergoing various surgeries, and rapid adoption of advanced bleeding management solutions. Within the region, the US accounts for the major share owing to the large surgical volumes performed annually and favorable reimbursement policies.
Europe holds the second position interms of market value. Major European countries like Germany, UK, France, Spain and Italy are the key value generators contributing to the European regional market. Favorable government support towards healthcare sector and increasing healthcare spending drive the market growth in this region.
Fastest Growing Region in Absorbable Hemostats Market
Asia Pacific region is poised to witness the highest growth rate during the forecast period owing to rapidly growing healthcare infrastructure, increasing healthcare expenditure, rising medical tourism, and surging geriatric population undergoing various surgical procedures.
Emerging countries like India, China and Japan are expected to offer immense growth opportunities for absorbable hemostats market players. Other growth promoting factors include growing GDP, steady rise in number of trained medical professionals, and expansion of private healthcare facilities in Asia. Along with this, supportive regulations by governments to strengthen regional healthcare systems will further propel the market demand in Asia Pacific region.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
Nonsurgical Treatments