The increasing number of surgical procedures, growing number of regulatory approvals, increasing incidence of sports-related injuries and spinal ailments, and rising focus on effective blood loss management in patients during surgeries. In addition, the emerging markets and growth in the number of hospitals and surgical centers are expected to offer further growth opportune ities for players operating in the hemostats market. On the other hand, high cost of hemostats and dearth of skilled professionals are expected to hinder the growth of this market.
Market Size
The global Hemostats market size is expected to reach USD 3.03 billion by 2023 from USD 2.14 billion in 2017 at a CAGR of 6.0%.
CR Bard, Inc. (US), B. Braun Melsungen AG (Germany), Baxter International, Inc. (US), Integra LifeSciences (US), Marine Polymer Technologies, Inc. (US), Teleflex (US), Ethicon, Inc. (US), Pfizer, Inc. (US), Z-Medica LLC (US), and Gelita Medical GmbH (Germany) are some key players in this market. These companies are focusing on increasing their presence in the high-growth markets through both organic as well as inorganic growth strategies such as product launches, acquisitions, and expansions.
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“Johnson & Johnson held the leading position in the global hemostats market in 2017”
Ethicon, a subsidiary of Johnson & Johnson develops, manufactures, and markets technologically innovative hemostats. The company’s broad product portfolio includes surgical snow absorbable hemostats, surgicel fibrillar absorbable hemostats, surgicel nu-knit absorbable hemostats, and surgicel powder absorbable hemostats, among other products. The company has a strong presence across the globe with direct distribution channels in key markets. A good brand image for hemostats in the market has helped the company to maintain its leading position in the market. Ethicon focuses on expanding its presence in the hemostats market through the product launches. In June 2017, the company launched SURGICEL powder, a new absorbable adjunctive hemostat.
“Baxter International ranked second in the hemostats market in 2017”
The company has a strong synthetic hemostats product portfolio. The company has a strong presence across North America, Europe, the Middle East, Africa, and Asia Pacific. Some of the major end users of the company include hospitals, nursing homes, kidney dialysis centers, clinical and medical research laboratories, rehabilitation centers, doctors’ offices, and patients at home under physician supervision. The company’s robust manufacturing capabilities and wide distribution network across has enabled it to establish a strong foothold in the hemostats market. Baxter focuses on organic growth strategies, such as new product launches and acquisitions. In March 2018, the company acquired two hemostat and sealant products from Mallinckrodt plc to strengthen its existing product portfolio in the market. Similarly, in April 2017, Baxter International introduced new innovative product designs for its Floseal and Tisseel hemostatic product lines.
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