Absorbable hemostats are medical devices used to control internal bleeding during surgical procedures by accelerating the clotting process. These hemostats work by interacting with different components in the body's coagulation cascade to initiate the formation of a clot at the site of bleeding. Some key products available in this market include cellulose-based hemostats, gelatin-based hemostats, and oxidized regenerated cellulose-based hemostats. Absorbable hemostats offer several advantages over traditional methods like surgical sutures by helping achieve hemostasis in a less invasive manner. They absorb into the body naturally within days or weeks after surgery and don't need removal. The growing aging population and rising incidence of target diseases are fueling the demand for surgical procedures worldwide, providing a strong boost to the absorbable hemostats market.
The absorbable hemostats market is estimated to be valued at USD 2.87 Bn in 2024 and is expected to reach USD 4.455 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.
Key Takeaways
Key players operating in the absorbable hemostats market include Baxter International, Ethicon US LLC, B. Braun Melsungen AG, Pfizer Inc., Integra LifeSciences Corporation.
Increasing adoption of minimally invasive surgeries, rising demand for advanced hemostats from ambulatory care centers, and ongoing product innovations are some key opportunities in the market.
The Absorbable Hemostats Market major players are investing heavily in emerging markets of Asia Pacific and Latin America seeing higher growth potential. Partnerships with local medical device companies help expand geographic footprints globally.
Market drivers
The rising number of surgical procedures performed worldwide is a key driver for the absorbable hemostats market. As per WHO estimates, around 312 million major surgeries are performed annually across the world. With growing chronic disease burden and an aging population, surgical volumes are expected to increase significantly. Furthermore, increasing uptake of minimally invasive procedures that require effective intraoperative hemostasis is also propelling market revenues.
PEST Analysis
Political: Regulations regarding usage of absorbable hemostats during surgeries are well defined.
Economic: Cost of absorbable hemostats is on the higher side which can limit its adoption in price sensitive regions.
Social: Rising incidences of trauma injuries and surgeries are driving the demand for effective hemostats.
Technological: Advanced research is bringing new absorbable hemostats made from materials like oxidized regenerated cellulose and polysaccharides. Some can dissolve in less than 6 months with minimalscarring.
Geographical Regions
The geographical regions where the absorbable hemostats market is concentrated in terms of value currently includes North America and Europe. This is attributed to rise in surgical procedures, advanced healthcare infrastructure and awareness. Asia Pacific is growing at a highest CAGR primarily due to rapidly developing economies, increasing healthcare spending, large patient pool and rise in medical tourism.
The fastest growing regional market for absorbable hemostats is anticipated to be Asia Pacific. Factors such as improving access to healthcare, rising standards of living, increasing disposable incomes are driving the demand for absorbable hemostats in Asia Pacific. In addition, growing focus of global players along with support from governments to expand healthcare facilities are contributing to growth of absorbable hemostats market in countries like China, India and Japan.
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