The global flowable hemostats market was valued US$ 899.51 million in 2021; it is expected to grow at a CAGR of 6.9% from 2022 to 2028.
Flowable hemostats have flowable consistency and contain a porcine or bovine gelatin matrix. It may add topical thrombin. Flowable hemostats are helpful when an application is needed on a surface that is difficult to reach or in a wet field. The product can be used for all surgical procedures, except ophthalmic.
The global flowable hemostats market is segmented into material, product, application, end user, and geography. By geography, the global flowable hemostats market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. This report offers insights and in-depth analysis of the market, emphasizing parameters such as market trends and dynamics and the competitive analysis of the globally leading market players.
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Flowable Hemostats Market: Strategic Insights
Market Size Value in US$ 899.51 Million in 2021 Market Size Value by US$ 1,422.78 Million by 2028 Growth rate CAGR of 6.9% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Flowable Hemostats Market: Strategic Insights
Market Size Value in | US$ 899.51 Million in 2021 |
Market Size Value by | US$ 1,422.78 Million by 2028 |
Growth rate | CAGR of 6.9% from 2022 to 2028 |
Forecast Period | 2022-2028 |
Base Year | 2021 |
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Speak to AnalystLucrative Regions for Global Flowable Hemostats Market
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Market Insights
Rising Geriatric Population
The geriatric population requires surgical procedures as elderly are considered vulnerable and especially sensitive to the stress of trauma, surgery, and anesthesia, resulting in the high adoption of flowable hemostats. Europe has the largest aging population, owing to the sudden decline in death rates due to medical advancements and improving living standards. China has the largest elderly population in the world, which accounts for 166 million (11.9% of the country's population), as per the United Nations (UN) report. According to the statistics revealed by Anadolu Agency, Japan’s aging population is 35.58 million. Moreover, according to the European Union (EU) report, a large number of older adults (65 and above) died due to falls, with 58% being reported to the emergency department (ED) in 2020. The European Union Public Health Association (EUPHA) report states that falls among the geriatric population is an inevitable part of aging. The population of older people (65 and above) in European countries is expected to grow to 60% by 2050, and the falls are expected to increase to almost 60,000 by 2050. Also, there is a huge variation in Europe's fall-related death rates. Hungary and Croatia report more than 100 deaths per 100,000 older people, and Luxemburg, Estonia, and Bulgaria report less than 10 deaths per 100,000 older people. Such factors increase the number of surgical procedures, ultimately driving the adoption of flowable hemostats.
The World Health Organization (WHO) states that, in the past, unintentional injury was ranked as the fourth most common cause of mortality among the aging population in China after cardiovascular diseases, cancer, and respiratory diseases. The aging population is surging in China and other countries due to increasing life expectancy and low fertility rates. Also, falling is the leading cause of unintentional deaths among the aging population in China. China's National Bureau of Statistics report states that, in 2018, China had ~249 million citizens aged 60 years and above, accounting for almost 17.9% of the population. Among these, about 167 million individuals were aged 65 years and over, accounting for 11.9% of the total population. Therefore, the rising aging population propels the volume of surgical procedures, ultimately fueling the growth of the global flowable hemostats market.
Material Insights
Based on material, the global flowable hemostats are 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.
Global Flowable Hemostats Market, by Material – 2021 and 2028
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Product Insights
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Based on product, the global flowable hemostats market is segmented into active hemostats, passive hemostats, and combination 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.
Application Insights
In terms of 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.
End User Insights
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.
Organic developments such as product launches and approvals are highly adopted strategies by companies in the global flowable hemostats market. A few of the recent key market developments are listed below:
- In April 2019, Baxter International announced that it had received US Food and Drug Administration (FDA) approval for faster preparation of its leading hemostatic, Floseal Hemostatic Matrix, at the 2019 Association of periOperative Registered Nurses (AORN) Global Surgical Conference and Expo. This next generation of Floseal has 20% fewer components and steps to prepare, making it easier and faster for operating room (OR) nurses to get Floseal in surgeons' hands to help stop bleeding during procedures.
- In June 2019, Johnson and Johnson Ethicon won FDA clearance for airless spray devices to deliver Grifols fibrin sealant to stop surgical bleeding. The Vistaseal fibrin sealant was the first product introduced by Grifols as part of the global partnership with Johnson & Johnson and Ethicon.
Company Profiles
- Baxter International Inc
- Teleflex Incorporated
- Ethicon (Johnson & Johnson)
- Biom'up
- Pfizer Inc.
- 3-D Matrix Medical Technology
- Aegis Lifesciences
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Material, Product, Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global flowable hemostats based on regions is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In 2021, the North American area held the largest market share. However, the Asia Pacific region is estimated to grow at the fastest CAGR of 7.0% during the forecast period
The global flowable hemostats based on the material is bifurcated into bovine gelatin and porcine gelatin. Bovine gelatin is likely to hold the largest market share in 2021. Moreover, the same segment is anticipated to register the highest CAGR of 7.1% during the forecast period
Shortage of skilled professionals and poor reimbursement policies are expected to restrict the flowable hemostats growth during the forecast period.
The flowable hemostats majorly consist of the players, such as Baxter International Inc; Teleflex Incorporated; Johnson & Johnson; Biom'up; Pfizer Inc.; Aegis Lifesciences; 3-D Matrix Medical Technology; among others.
Flowable hemostats have flowable consistency and contain a porcine or bovine gelatin matrix. It may add topical thrombin. When an application is needed on a difficult-reach surface or in a wet field flowable hemostats are helpful. The product can be used for all surgical procedures except ophthalmic.
The factors driving the growth of flowable hemostats are the increasing number of injuries and surgical procedures, and the rising geriatric population.
The List of Companies - Flowable Hemostats Market
- Baxter International Inc
- Teleflex Incorporated
- Johnson & Johnson
- Biom'up
- Pfizer Inc.
- Aegis Lifesciences
- 3-D Matrix Medical Technology.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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