Albany, NY -- (SBWIRE) -- 02/15/2019 -- The global hemostatic agents market was valued at US$ 2.8 Bn in 2015. It is projected to expand at a compound annual growth rate (CAGR) of 6.5% from 2018 to 2022 according to a new report published by Transparency Market Research (TMR) titled “Hemostatic Agents Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015–2022” the report suggests that increase in the geriatric population and number of surgical procedures is expected to propel the hemostatic agents market in the near future (2018 to 2022).
North America and Europe are expected to dominate the global market owing to the increase in geriatric population, rise in patient population cases, and entry of new players in the market. The market in Asia Pacific is expected to expand at a CAGR of 9.30% during the forecast period due to the increasing geriatric population, rising adoption of hemostatic agents, and growing patient population cases and surgical procedures in the region. Moreover, research and development activities and initiatives by governments in the healthcare sector are anticipated to further boost the market in Asia Pacific.
The global hemostatic agents is expected to be potentially driven by value added features offered by the various hemostatic agents in order to provide effective and efficient treatments, resulting in positive outcomes and appropriate medical aid and care. Hemostatic agents are employed to provide effective and safe treatments in diverse surgical procedures. Hemostatic agents are required by surgeons to undertake more complex and technically-challenging procedures, as these agents are efficacious and fast-acting to control bleeding.
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These attributes help medical professionals to successfully provide treatments to the patient population. Key players operating the hemostatic agents market are developing products with value added features, such as launching technically advanced products with more efficacy and safety, providing quicker healing and blood loss prevention, thus offering an enhanced product as compared to their existing products in the market. Therefore, companies are emphasizing on research and developmental activities, thereby providing the value added features in hemostatic agents.
Traditionally, passive hemostatic agents are most prominently employed in treatment procedures. These passive agents are generally considered highly effective for small amount of bleeding and act by forming a barrier to stop blood flow and provide a surface that lets the blood to clot more rapidly. Passive hemostatic agents have comparatively lower cost and hence better affordability; however, they also possess lower efficacy, requiring three to four times more usage of product, on average, in order to achieve hemostasis. The surgical procedure type, bleeding type, availability of hemostatic agent, and characteristics of patient, influence the choice of hemostatic agent that is used by surgeons. Active hemostatic agents are comparatively able to meet the criteria and terms of an ideal hemostatic agent, by actively participating in the coagulation process, thereby preventing disruptive blood loss during surgical procedures. Usage of active agents can be alone or in combination with passive agents.
The report offers the detailed segmentation of hemostatic agents in terms of specialty / therapeutic area, into cardiology, cath lab, trauma, general surgery, obgyn, transplant, oncology, neurology, orthopedic, plastic surgery, dental, and others (urological surgeries, pulmonary surgeries).
General surgery, cardiology, and trauma segments are likely to lead the market during the forecast period. Increase in the geriatric population, rise in number of patient population cases, and increase in number of surgical procedures are key factors that are fueling these segments. Moreover, technological advancements and extensive research and development in these therapeutic areas contribute to their higher share of the market.
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In terms of size of hospitals, large hospitals and medium hospitals segments accounted for a leading share of the global hemostatic agents market. These segments are estimated to gain market share by the end of 2022. Expansion of specialized surgical services, well-built and well-equipped infrastructure along with extensive facilities, medical professionals, and specialized care contribute to their significant share in the global market. Moreover, rise in patient population, increase in awareness about various measures, and rise in adoption for new technological advancements are further driving the hemostatic agents market.