Hemostatic spray products are topical hemostatic agents used to control bleeding during surgical procedures. They are easy-to-use spray formulations that form a clot over the bleeding site upon contact. Hemostatic sprays help surgeons obtain a clear view of the surgical area and work space, allowing for more efficient procedures. They are commonly used in minimally invasive surgeries, such as laparoscopic or arthroscopic procedures, where achieving hemostasis can be challenging compared to open surgeries.
The global hemostatic spray market is estimated to be valued at US$ 2.51 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increase in the Number of Surgical Procedures (One driver from heading): The number of surgical procedures conducted globally has increased significantly in recent years due to the rising geriatric population and growing prevalence of target conditions. As per the American Hospital Association, over 51 million inpatient surgeries and 144.6 million outpatient surgeries were performed in the U.S. in 2018. With growth in the number of surgical procedures, demand for hemostatic agents and spray formulations is also rising for better management of bleeding during surgeries. This growth driver is expected to propel the hemostatic spray market over the forecast period.
SWOT Analysis
Strength: Hemostatic sprays have several advantages over other traditional hemostasis methods. They are easy to use and allow for localized and precise application of hemostatic agents. They also accelerate clotting at the target site and help achieve hemostasis quickly in 3-5 minutes. Their compact size makes them portable and suitable for use in various clinical settings.
Weakness: Hemostatic sprays are single-use devices and have to be discarded after one application. This makes them less economical compared to other hemostatic agents which can be reused. Some patients also experience temporary discomfort or stinging sensation upon application.
Opportunity: The rising number of surgical procedures worldwide is fueling the demand for advanced hemostatic agents. Hemostatic sprays are gaining popularity due to their effectiveness in managing surgical bleeding. There is a scope to further expand their use in trauma care and organ transplantation. Additional clinical research can help reduce side effects and further improve efficacy.
Threats: Stringent regulatory norms and long approval timelines increase the cost of new product launches. The market also faces competition from other hemostats such as gauzes, bandages, and topical hemostats. Substitution threat exists from cheaper generic versions and alternate advanced hemostatic agents.
Key Takeaways
The global Hemostatic Spray market is expected to witness high growth. The global hemostatic spray market is estimated to be valued at US$ 2.51 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030.
The North America region currently dominates the market owing to rapid adoption of novel hemostatic agents and availability of favorable reimbursement policies. Asia Pacific is expected to grow at the fastest pace during the forecast period driven by rising healthcare expenditure, large patient pool and increasing number of surgeries.
Key players related content comprises Key players operating in the Hemostatic Spray market are Olympus Corporation, Medtronic plc., Shilpa Medicare Limited, Baxter, BC3 Technologies, Ethicon, Pfizer Inc., HemCon Medical Technologies, Z-Medica, Teleflex Incorporated, Tricol Biomedical, Arch Therapeutics, and Cook. The market leaders are focusing on new product launches and geographical expansions to strengthen their market presence.
The global hemostatic agents market displays a highly competitive vendor landscape with the presence of numerous prominent players that offer extensive product lines, reports Transparency Market Research.
These companies hold a lion’s share in the market and are focused on building a stron network with hospitals and distributors to expand their footprints in the market.
Request Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=52779As per expert analysts, the global hemostatic agents market is expected to rise at a promising CAGR of 6.5% during the forecast period which is 2018 to 2022.
On the basis of geography, the hemostatic agents market spreads across Asia Pacific, Europe, North America, South Africa, and Rest of the World.
Additionally, surging geriatric population has strengthened the market’s growth ground in North America.
This is mainly because it takes long time for the wounds of geriatric patients to heal.
