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The Absorbable Hemostats Market is Trending by Increasing Application of Minimally Invasive Surgeries
The absorbable hemostats market has grown significantly over the past decade owing to the rising prevalence of chronic diseases and increasing application of minimally invasive surgeries globally. Absorbable hemostats are medical devices that help control bleeding during surgical procedures by accelerating the clotting process of blood. Commonly used absorbable hemostats include oxidized regenerated cellulose, gelatin matrix, and collagen matrix. They offer advantages such as enhanced visibility of the surgical site, reduced blood loss, minimal scarring, and faster healing time. Absorbable hemostats have revolutionized complex surgical procedures and improved patient outcomes.
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 such as Baxter International Inc., B. Braun Melsungen AG, and Ethicon LLC account for a major share of the global absorbable hemostats market owing to their robust product portfolios and global distribution networks. These players have established themselves as trusted providers of medical devices for complex surgeries.
The demand for absorbable hemostats is growing rapidly driven by the rising prevalence of lifestyle diseases, growing geriatric population undergoing various surgical procedures, and increasing adoption of minimally invasive surgeries. According to the Centers for Disease Control and Prevention, over 60% of the global population suffers from chronic diseases. This high disease burden is expected to propel demand for absorbable hemostats over the forecast period.
Globally, players in the Absorbable Hemostats Market are focusing on expanding their geographical presence with emphasis on emerging countries in Asia Pacific and Latin America. These regions are lucrative for absorbable hemostats market due to increasing healthcare spending, favorable government initiatives, and rising medical tourism. Manufacturers are actively pursuing strategic deals and partnerships to establish manufacturing and distribution facilities in high growth markets.
Market drivers
One of the key trends gaining prominence in the absorbable hemostats market is the shift towards multifunctional hemostatic products with additional capabilities such as antibacterial properties. Major players are investing in R&D to develop novel hemostatic formulations that provide active wound healing in addition to hemorrhage control. Advances in biomaterial science and tissue engineering technology are expected to further expand application areas of absorbable hemostats over the forecast period.
Porter’s Analysis
Threat of new entrants: Entry of new players is moderate in this market as it requires technical expertise and government regulatory approvals.
Bargaining power of buyers: Buyers have moderate to high bargaining power in this market as there exist various absorbable hemostat products.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials for absorbable hemostats are available from various sources.
Threat of new substitutes: Threat of substitutes is low as alternative conventional hemostats like ligatures have inherent drawbacks.
Competitive rivalry: Intense competition exists among existing players to gain more market share through new product launches and regional expansions.
Geographical Regions
North America holds the largest share of the absorbable hemostats market currently, owing to advanced healthcare facilities, availability of reimbursements and rising surgical procedures in the region.
The Asia Pacific region is poised to witness the highest growth rate during the forecast period due to improving access to healthcare services, active government support and increasing population susceptible to injuries and chronic diseases.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
