by Hemostasis, the critical first stage of wound healing, is witnessing a surge in demand for technologically advanced hemostasis medicines as the number of patients with bleeding issues continues to rise. The global hemostasis products market is experiencing rapid expansion, driven by several key factors.
Rise in Surgical Procedures
The growing number of surgical procedures worldwide, fueled in part by increased road accidents and the rising incidence of chronic diseases, is creating a high demand for hemostasis products. Annually, over 310 million significant surgical procedures are performed worldwide, with approximately 40 to 50 million in the United States and 20 million in Europe. As surgical procedures increase, so does the need to manage bleeding from surgical sites, propelling the growth of the hemostasis products market.
Demand from Minimally Invasive Surgery
The minimally invasive surgery segment is poised to dominate the market due to its increasing prevalence. Hemostatic drugs are extensively used in minimally invasive urological operations. This growth is attributed to the rising prevalence of chronic diseases, an increase in demand for minimally invasive surgery, and advancements in minimally invasive surgery technologies. The growing geriatric population, which is more prone to chronic ailments, further contributes to the segments growth.
North America Takes the Lead
North America is expected to hold the largest revenue share in the global hemostasis products market, primarily due to the regions higher frequency of cardiovascular illnesses, diabetes, and cancer. The regions utilization of technologically sophisticated products and the increasing number of surgical operations are driving the demand for hemostasis products. The prevalence of cardiovascular diseases in North America is significant, with millions of Americans affected. As the number of cardiac surgeries increases, so does the demand for hemostasis products, stimulating market growth.
Asia Pacific Shows Remarkable Growth
Asia Pacific is anticipated to exhibit the highest growth in the hemostasis products market, driven by its large patient population, a surge in surgical operations, and increased product introductions. Countries like India, China, and Japan, with advanced healthcare infrastructure, modern therapies, and substantial patient pools, are leading the way. Additionally, supportive government policies, cost-effective environments, and a thriving medical tourism industry are further propelling growth in the region.
Competitive Landscape
Key players in the hemostasis products market are actively launching new products and forming collaborations, alliances, and partnership agreements to meet the growing demand. Precision BioLogic Inc. recently introduced their CRYOcheck Chromogenic Factor IX assay in multiple regions, while Futura Surgicare Pvt Ltd expanded its product offering with Hemostax (Oxidised Regenerated Cellulose). Prominent market players include Johnson & Johnson, Baxter International, Inc., Braun Melsungen AG, Becton, Dickinson & Company, Pfizer, Inc., Cohera Medical, Inc., Medtronic plc., Ethicon LLC, MIL Laboratories Pvt. Ltd., and Cryolife, Inc.
The global hemostasis products market is poised for substantial growth, driven by the increasing number of surgeries and the rising demand for advanced hemostatic solutions in healthcare.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/hemostasis-products-market
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This press release first seen on Brilad
COMTEX_442047801/2840/2023-10-17T23:06:04
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.