The global flowable hemostats market size is expected to reach US$ 1,422.78 million by 2028, registering a CAGR of 6.9% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Bovine Gelatin Segment to Lead Flowable Hemostats Market During 2022–2028
The report highlights the major factors driving the market and prominent players with their developments. The market is primarily driven by the increasing number of injuries and surgical procedures and the rising geriatric population. However, poor reimbursement policies and a shortage of skilled professionals are hampering the growth of the global flowable hemostats market.
The COVID-19 outbreak disrupted routine services in hospitals worldwide. Hospitals witnessed a huge reduction in elective surgery procedures. Healthcare companies in the global flowable hemostats market have increased the supply of life-sustaining medicines and medical devices, such as flowable hemostats. They are expanding job opportunities for individuals to help meet increased product demand. Manufacturers are optimizing their production activities by making hemostats and other medical devices available round the clock. In-house medical teams of med-tech companies are proactively working with the government, clinicians, and healthcare systems to understand the unique challenges created by the COVID-19 pandemic. Leading med-tech companies extend philanthropic support by providing financial support to frontline healthcare workers and communities. They are extending geographic-specific support to improve clinical outcomes.
Global Flowable Hemostats Market, by Material, 2021 and 2028 (%)
Flowable Hemostats Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material (Porcine Gelatin and Bovine Gelatin), Product (Active Hemostats, Passive Hemostats, and Combination Hemostats), Application (General Surgery, Cardiac Surgery, Vascular Surgery, Orthopedic Surgery, Neuro & Spine Surgery, and Others), and End User (Hospital & Clinics, Ambulatory Surgery Centers, and Others)
Flowable Hemostats Market Size, Share | Forecast 2022, 2028
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Flowable hemostatic agents are thick, flowable consistency products comprising two chief components, active and passive, which convert fibrinogen to fibrin at the site of bleeding. The passive component is either bovine or porcine gelatin, while the active component is thrombin. Thrombin addition to gelatin may not be required in some instances. Flowable hemostats are considered highly efficacious in achieving hemostasis due to the combined effect of these constituents.
Based on material, the global flowable hemostats market is bifurcated into bovine gelatin and porcine gelatin. The bovine segment holds a larger market share in 2022 and is anticipated to register a higher CAGR of 7.1% in the market during the forecast period. The market for the bovine gelatin segment is growing due to the rise in the prevalence of chronic cardiac diseases. Bovine gelatin is a protein-based product produced by partial hydrolysis of collagen. The collagen material is extracted from bovine tissue, such as bone and skin. The product has hemostatic properties and is used in admixture with thrombin to provide an excellent hemostat result. The increasing number of general surgeries and the rising geriatric population drive the flowable hemostat market for the bovine gelatin segment. In addition, building advanced healthcare infrastructure in developing countries, including China and India, is another factor assisting the market's growth.
The abovementioned factors will drive the global flowable hemostats market in the coming years.
Baxter International Inc, Teleflex Incorporated, Ethicon (Johnson & Johnson), Biom'up, Pfizer Inc., Aegis Lifesciences, and 3-D Matrix Medical Technology are among the leading companies operating in the global flowable hemostats market.
The report segments the global flowable hemostats market as follows:
Based on material, the global flowable hemostats market is bifurcated into bovine gelatin and porcine gelatin. By product, the market is segmented into combination hemostats, active hemostats, and passive hemostats. Based on application, the market is segmented into general surgery, cardiac surgery, vascular surgery, orthopaedic surgery, neuro & spine surgery, and others. In terms of end user, the global flowable hemostats market is segmented into hospitals & clinics, ambulatory surgery centers, and others. By geography, the global flowable hemostats market is segmented into North America (the US, Canada, and Mexico), Europe (Germany, the UK, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, the UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
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