Growth in this market is driven by the growing volume of surgical procedures performed, rising focus on R&D, increasing incidence of sports-related injuries and spinal ailments, and rising focus on effective blood loss management in patients during surgeries. However, side effects and allergic reactions associated with hemostats are expected to hamper the adoption of these products.
The COVID-19 outbreak has significantly impacted the availability of hospital resources worldwide. This has been primarily managed by dramatically reducing inpatient and outpatient services for other diseases and implementing infection prevention and control measures.
With the WHO officially declaring the outbreak of COVID-19 a pandemic, a mix of established pharmaceutical and biopharmaceutical companies and small startups has stepped forward to develop treatments and vaccines that target the infection caused by the novel coronavirus.
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Post-surgical adhesion formation leads to different complications in different surgeries, such as severe abdominal pain in the case of abdominal surgeries, infertility in women after gynecological surgeries, and physical impairment of patients after neurological surgeries.
According to WHO estimations (2019), approximately 235 million major surgical procedures are undertaken worldwide every year. This is attributed to the growing prevalence of obesity and other lifestyle diseases, the rising geriatric population, the increasing prevalence of orthopedic conditions, and the increasing incidence of spinal and sports-related injuries.
According to the Heart and Circulatory Disease Statistics 2019 from the British Heart Foundation (UK), there has been a significant increase in the number of cardiac surgical procedures such as angioplasty and aortic valve replacement in the UK over the last decade, and this trend is expected to continue in the coming years.
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The demand for surgical equipment (including medical devices such as hemostats) is high in these newly established surgical centers and hospitals, owing to the increasing patient population base. For instance, in October 2020, the Prime Minister of the UK announced plans of investing USD 4.3 billion for 40 hospitals and certain schemes for future funding for 48 hospitals by 2030.
According to the Commonwealth Fund in 2018, China has approximately 12,000 public hospitals and 21,000 private hospitals. Similarly, in June 2019, the Indian Ministry of Health and Family Welfare announced the opening of 22 new AIIMS across the country. The significant growth in the number of hospitals and surgical centers is expected to support the growth of the hemostats market, as these are key end users of the hemostats market.
Some of the major players operating in hemostats market are C.R. Bard (US), Baxter (US), Teleflex Incorporated (US), Ethicon (Subsidiary of Johnson & Johnson) ( US), Medtronic plc (Ireland), B. Braun Melsungen AG (Germany), Pfizer (US), etc. In 2020, Ethicon (Subsidiary of Johnson & Johnson) ( US) held the leading position in the market.
