The Global Biodegradable Hemostat Market is anticipated to gain from increasing surgeries being performed worldwide. Recently Fortune Business Insights announced a report, titled “Biodegradable Hemostat Market Size, Share and Global Trend by Product Type (Thrombin-Based Hemostat, Collagen Based Hemostat, Gelatin-Based Hemostat, Oxidized Regenerated Based Hemostat), By End User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers), Geography Forecast till 2026.” The report classifies the global market in various segments.
North America held a considerable share in the market in 2018. The region is expected to witness promising growth over the forecast period 2019-2026. Governments initiative to facilitate smooth and safe surgical procedure is a factor expected to drive the market. Additionally, increasing number of surgeries conducted in nations such as the U.S. and Canada, is likely to propel growth in the region.
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Top Players Mentioned in Research Report:
- Pfizer Inc.,
- GELITA MEDICAL,
- Johnson & Johnson Services Inc.,
- R. Bard Inc.,
- Bristol-Myers Squibb Company,
- CryoLife Inc., and
- Integra LifeSciences.
As per the Healthcare Cost and Utilization Project, in the U.S. in 2014, 17.2 million hospital visits were recorded (inpatient or ambulatory). The recorded visits include therapeutic surgeries and minimal invasive surgeries. The rising number of surgeries conducted is expected to fuel the demand for biodegradable hemostats in North America. The biodegradable hemostat market in Europe is forecast to expand considerably in the coming years. Increase in number of hospitals in the region is expected to bolster the rate at which the market is registering growth. Besides this, the market is projected to witness impressive growth in Asia Pacific. Constantly improving healthcare infrastructure and presence of a large patient pool are a few factors that are likely to drive the Asia Pacific market.
Increasing Incidence of Chronic Diseases to Propel Growth
Increasing incidence of chronic diseases such as Cancer and others is a major factor anticipated to drive the global market. Moreover, the benefits biodegradable hemostats offer over other hemostat such as enhanced visualization of the surgical area, lesser operative time, and others is a factor likely to boost the market.
Technological upgrades taking place in the Global Biodegradable Hemostat Market is also expected to increase the growth in the market. For instance, BMG Incorporated is researching on a biomaterial made of dextran, named LYDEX. It is being specially designed to be used for hemostasis during surgical procedure.
On the contrary, high use of adhesive and sealants to gain hemostats in surgical procedure is a factor that may restrain the global biodegradable hemostat market. Furthermore, high cost associated with newly developed biodegradable hemostat is a factor that may hamper the growth in the market.
Hospital Segment is Exhibiting High Demand for Hemostat
On the basis of end user, the global market is classified into hospitals, specialty clinics, and others. The hospital segment holds a considerable share in the market. This segment is expected to witness impressive growth during the forecast period. High consumption of biodegradable hemostat in the hospital, backed by increasing number of surgeries is likely to propel growth in the market.
The global biodegradable hemostat is a progressive market. Existing players are adopting industry leading techniques and strategies to attain a strong brand presence in the market. Some players are emphasizing on product launch to gain a higher share in market. For instance, Cook Group received approval from the Food and Drug Administration in 2018 for hemospray. The hemospray was introduced to prevent bleeding in gastrointestinal tract.