Hemostatic Spray Market Is Estimated To Witness High Growth Owing To Rising Number Of Surgical Procedures
Hemostatic spray is a topical hemostatic agent used during various types of surgical procedures to stop bleeding. It helps control bleeding by forming clots on blood vessels. These sprays are particularly used in trauma patients undergoing surgeries for hemorrhage control and bleeding management. The commonly used hemostatic spray products are gelatin-thrombin spray, fibrin sealants, and collagen-based spray.
The growth of the global hemostatic spray market is majorly driven by the rising number of surgical procedures performed worldwide. According to the World Health Organization, around 313.9 million surgical procedures are performed annually across the world. Further, rising prevalence of cardiovascular diseases, cancer, and trauma injuries are also contributing to the increased number of life-saving operations conducted globally. This is expected to bolster the demand for hemostatic sprays. Additionally, product advances are expected to fuel the market growth over the forecast period. For instance, new generation hemostatic sprays with faster effectiveness and less complex application are being introduced to cater to the needs of healthcare professionals performing emergency surgeries.
Strength: The Hemostatic Spray Market Demand has significant growth potential due to increasing demand for effective hemostatic agents. Hemostatic spray helps stop bleeding quickly making it an attractive option for emergency response situations. Their ease of application makes them favorable compared to other hemostatic agents.
Weakness: High costs associated with developing new hemostatic spray products pose a challenge for market players. Dependence on reimbursement policies for product adoption can hamper market revenues.
Opportunity: Increasing incidence of trauma injuries worldwide presents an opportunity for market expansion. Growing application of hemostatic sprays in surgical procedures will drive revenues over the forecast period.
Threats: Stringent regulatory approvals arising from safety concerns can negatively impact product pipeline. Increase in pricing pressure from healthcare facilities looking to optimize costs.
The global hemostatic spray market is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing prevalence of target diseases and trauma injuries. Surgeries are being widely adopted to treat chronic wounds, trauma injuries, and to control bleeding during surgeries. This is expected to propel the demand for advanced hemostatic sprays to control bleeding during procedures.
Regional analysis shows that North America dominates the global market and is expected to continue its dominance over the forecast period. This is attributed to growth in target disease population and rising healthcare spending in the region. Asia Pacific is expected to be the fastest growing market for hemostatic sprays owing to improving access to healthcare facilities and increasing medical tourism in countries like India and China.
Key players operating in the hemostatic spray market are Baxter, Ethicon, CSL Behring, Pfizer, Johnson & Johnson, Celox Medical, HemCon Medical Technologies, Medtrade Products, Z-Medica, RevMedx, Axio Biosolutions, Cohera Medical, Teleflex Incorporated, Integra LifeSciences Corporation, Tricol Biomedical, Biomâ€TMUp, Arch Therapeutics, Hemostasis, Starch Medical, Success Pharmaceutical. Key players are focusing on new product launches and acquisitions to strengthen their market positions.