Flowable Hemostats Market Analysis, Trends And Opportunities Forecast 2028

According to Premium Market Insights new research study on "Flowable Hemostats Market is projected to reach US$ 1,422.78 million by 2028 from US$ 899.51 million in 2021; it is expected to grow at a CAGR of 6.9% from 2022 to 2028.

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Some Of the Major Players Influencing are Baxter International Inc, Teleflex Incorporated, Johnson & Johnson, Biom'up, Pfizer Inc., Aegis Lifesciences, 3-D Matrix Medical Technology.

The market growth is attributed to the increasing number of injuries and surgical procedures and the rising geriatric population. However, a shortage of skilled professionals and poor reimbursement policies limit the market growth.
Flowable hemostats have flowable consistency and contain a porcine or bovine gelatin matrix. It may add topical thrombin to form a combination hemostat. When an application is needed on a surface that is difficult to reach, flowable hemostats are helpful. The product can be used for all surgical procedures except ophthalmic type.
North America accounted for the largest market share in 2021, owing to various factors such as a rise in the number of surgical procedures, upgrades in the healthcare infrastructure of the region, and technological advancements. The US flowable hemostats market is anticipated to witness significant growth during the forecast period, owing to the increasing number of surgical procedures, the launch of innovative products by the market players, and the availability of advanced healthcare facilities in the country. Flowable hemostats are used extensively in surgeries on spine, abdomen, cardiovascular, and other key surgical areas with high bleeding. Market players have been focusing on establishing their presence in the country. For instance, Medcura, Inc., a US-based company, has developed a line of advanced hemostatic and wound treatment products. The company has developed an expanding injectable hemostat-Life Foam. The product rapidly provides temporary control of bleeding from non-compressible abdominal wounds that are difficult to handle in cases such as trauma and battlefield conditions. As per data by the Centers for Disease Control and Prevention (CDC), trauma from accidents is the third leading cause of death in the US after heart disease and cancer. Almost 85% of hemorrhage-related deaths are due to non-compressible internal bleeding noticed by Life Foam. In 2018, the product received a Breakthrough Device Designation by Food and Drug Administration (FDA), which further accelerated the development and clinical application of the product, especially in the case of traumatic injuries.

Based on material, the global flowable hemostats market is bifurcated into bovine gelatin and porcine gelatin. The bovine gelatin segment held a larger market share in 2021. Moreover, the same segment is anticipated to register a higher CAGR of 7.1% during the forecast period.
Based on product, the global flowable hemostats market is segmented into combination hemostats, active hemostats, and passive hemostats. The combination hemostats segment held the largest market share in 2021. Moreover, the same segment is anticipated to register the highest CAGR of 7.3% during the forecast period.

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Based on application, the global flowable hemostats market is segmented into general surgery, cardiac surgery, vascular surgery, orthopaedic surgery, neuro & spine surgery, and others. The general surgery segment held the largest market share in 2021. Moreover, the same segment is anticipated to register the highest CAGR of 7.9% during the forecast period.

Based on end user, the global flowable hemostats market is segmented into hospitals and clinics, ambulatory surgery centers, and others. The hospitals & clinics segment held the largest market share in 2021. However, the ambulatory surgery centers segment is anticipated to register the highest CAGR of 7.8% during the forecast period.

COVID-19 Impact - Global Flowable Hemostats Market

The growing concern regarding the spread of COVID-19 led a majority of healthcare systems to postpone or cancel non-essential medical procedures. These surgical procedures included procedures such as plastic surgeries, which are not directly linked to the treatment or management of COVID-19 or are life-saving. In terms of competitive scenarios, several medical device companies either withdrew or revised their financial projections and revenue guidelines for 2020. For instance, Ethicon (Johnson & Johnson) is anticipating a significant negative impact on revenue across major markets with an estimated 65% to 85% drop in surgical procedures in the second quarter of 2020. This is expected to adversely affect the global market during the timeline. Hospitals worldwide witnessed a huge reduction in elective surgery procedures due to patient safety concerns. According to a research article published by "The Journal of Plastic, Reconstructive & Aesthetic Surgery," emergency surgical productivity showed a 65% reduction during the COVID-19 lockdown in Mexico. In 2019, around 1,114 patients were treated with plastic surgery in Mexico, while only 393 cases were seen in 2020. Hence, a reduction in surgical procedures led to a decline in the demand for flowable hemostats in 2020.

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Various organic and inorganic strategies are adopted by companies in the global flowable hemostats market. The organic strategies mainly include product launches and product approvals. Further, inorganic growth strategies witnessed in the market are acquisitions, collaborations, and partnerships. These growth strategies allow the global flowable hemostats market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall market growth. Further, acquisition and partnership strategies help the market players strengthen their customer base and expand their product portfolios. A few significant developments by key players in the flowable hemostats market are listed below.

- In October 2020, Teleflex Incorporated announced that it had entered into a definitive agreement with privately held Z-Medica, LLC, an industry-leading manufacturer of hemostatic products. Under the terms of the agreement, Teleflex will acquire Z-Medica for an upfront cash payment of US$ 500 million at closing, and up to an additional US$ 25 million upon achieving certain commercial milestones. Teleflex acquired certain tax attributes in the transaction that are expected to result in future tax benefits. Teleflex valued these tax attributes at approximately US$ 40 million in arriving at purchase price.

- In October 2019, Biom'up SA, which specializes in surgical hemostasis, announced that its flagship product, HEMOBLAST Bellows, to be approved for open as well as laparoscopic surgery by the Australian TGA regulatory authority for commercialization in the sizable and growing Australian market.

A few major primary and secondary sources referred to while preparing the report on the global flowable hemostats market are the World Health Organization (WHO), the Centers for Disease Control (CDC), and the Food and Drug Administration (FDA), among others.

Table Of Contents
1. Introduction
1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 Global Flowable Hemostats Market - By Material
1.3.2 Global Flowable Hemostats Market - By Product
1.3.3 Global Flowable Hemostats Market - By Application
1.3.4 Global Flowable Hemostats Market - By End User
1.3.5 Global Flowable Hemostats Market - By Geography
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Flowable Hemostats Market - Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 North America PEST Analysis
4.2.2 Europe PEST Analysis
4.2.3 Asia Pacific PEST Analysis
4.2.4 South & Central America PEST Analysis
4.2.5 Middle East & Africa PEST Analysis
4.3 Experts Opinion
5. Antimicrobial Coatings for Medical Devices Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Number of Injuries and Surgical Procedures
5.1.2 Rising Geriatric Population
5.2 Market Restraints
5.2.1 Shortage of Skilled Professionals and Poor Reimbursement Policies
5.3 Market Opportunities
5.3.1 Increasing Number of Hospitals and Surgical Centers
5.4 Future Trends
5.4.1 Research and Development (R&D) Activities Leading to Product Innovations
5.5 Impact Analysis
Continued…...!

Get More Related Link - https://www.marketwatch.com/press-release/medical-device-coating-market-trends-growth-future-demand-analysis-and-forecast-by-2028-2023-06-02?mod=search_headline

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