Hemostatic Agents Market Size, Share, Growth Analysis, By Type(Hemostats (Mechanical, Gelatin, Collagen, Oxidized regenerated cellulose)), By Application(Orthopedic Surgery, General Surgery, Neurological Surgery, Cardiovascular Surgery), By End User(Hospitals, Surgery Centers, Nursing Homes, and Others), By Region - Industry Forecast 2024-2031

Hemostatic Agents Market Drivers

Growing Number of Surgical Procedures Worldwide to Support Demand

• The spike in the number of surgical procedures performed globally has provided the impetus to offer a major boost to the rising incidence of bleeding issues during surgeries, which is the most crucial driving force of the global market. In the contemporary scenario, there is a wide range of medical devices available for care, as well as a considerable advance in the attainment of hemostasis in surgical procedures. According to recent estimates provided by the National Center for Biotechnology Information (NCBI), around 60-70% of all transfused red blood cells are used in a surgical context, as bleeding during surgery is one of the most feared problems that might occur during these procedures. This has resulted in a significant demand for the product offerings in the global market, as many surgeons prefer to use these goods in surgical operations with a low risk of bleeding issues.

Increasing Product Technological Developments to Drive Market Growth

• The increasing number of product launches with technologically enhanced features is another significant driving factor for the market during the forecast period. Some advantages of modern goods include their effectiveness in achieving hemostasis. Furthermore, developments in the product's R&D have resulted in other benefits such as a lower risk of infection and lower prices. This has resulted in the creation and production of technologically upgraded product offerings with a variety of enhanced features. Furthermore, it has resulted in a broadening of the product offers' application regions in terms of the surgical procedures covered. The Baxter product TISSEEL is recognized as one of the most cutting-edge products in the fibrin sealants category. Also, increased product usage is likely to generate considerable growth potential during the forecast period.

Hemostatic Agents Market Restraints

Clinical and Other Limitations Associated with the Product to Hamper Market Growth

• Certain clinical limitations, such as uncontrolled bleeding, are expected to be one of the market's major restraints, resulting in the limited adoption of these treatments in some circumstances. Despite improved outcomes in the management of bleeding issues during surgical procedures and a greatly reduced risk of infection, considerations such as the product's expensive cost have limited its use. Another impediment is the clinical limits associated with specific types of surgical instruments for specific types of surgical procedures. Despite significant benefits from technological advancements, clinical restrictions severely limit the usage of these products.