North America dominates the Global Hemostats Market.

Northbrook, IL -- (SBWire) -- 08/06/2021 --According to the new market research report "Hemostats Market by Type (Thrombin, Oxidised Regenerated Cellulose, Combination, Gelatin, Collagen), Application (Orthopedic Surgery, General Surgery, Gynecological), Formulation (Sponge, Powder, Matrix & Gel, Sheets & Pads) - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 3.5 billion by 2026 from USD 2.6 billion in 2021, at a CAGR of 6.1% during the forecast period.

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The Growth in this market is driven by the growing volume of surgical procedures performed, rising focus on R&D, increasing incidence of sports-related injuries and spinal ailments, and rising focus on effective blood loss management in patients during surgeries. However, side effects and allergic reactions associated with hemostats are expected to hamper the adoption of these products.

The Thrombin-based hemostats segment is expected to grow at the highest CAGR during the forecast period

By type, the Hemostats market is segmented into thrombin-based hemostats, oxidized regenerated cellulose-based hemostats, combination hemostats, gelatin-based hemostats, and collagen-based hemostats. The thrombin-based hemostats segment accounted for the largest share in the market in 2020. The large share of this segment can primarily be attributed to the advantages associated with the use of thrombin-based hemostat.

The Matrix & gel hemostats segment of Diagnostic Devices accounted for the largest share of the market in 2020

Based on formulation, the hemostats market is segmented into matrix & gel hemostats, sheet & pad hemostats, sponge hemostats, and powder hemostats. In 2020, the matrix & gel hemostats segment accounted for the largest share of the market. The large share of this segment can be attributed to the advantages associated with these hemostats, such as easy application, biocompatibility, and cost-effectiveness. On the other hand, the sponge hemostats segment is expected to witness the highest growth in the market during the forecast period due to the growing acceptance of these formulations by end users.

Orthopedic surgery accounted for the largest share of the Hemostats market in 2020

Based on application, the market is segmented into neurological surgery, cardiovascular surgery, general surgery, orthopedic surgery, gynecological surgery, reconstructive surgery, and other surgeries (urological, thoracic, and ENT surgeries). The orthopedic surgery segment accounted for the largest share of the market in 2020. The growing geriatric population, increasing incidence of sports injuries, and the growing prevalence of lifestyle disorders (such as arthritis, osteoporosis, and obesity) are some of the major factors responsible for the growing number of orthopedic surgeries performed globally. However, the reconstructive surgery segment is expected to grow at the highest CAGR during the forecast period. Growth in the number of facial cosmetic surgeries and breast reconstruction procedures are the major factors driving the growth of this segment.

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The Hemostats market is segmented into five major regional segments, namely, North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In 2020, North America accounted for the largest share of the market, followed by Europe. The large share of North America is majorly driven by the growing geriatric population and the increasing number of surgeries performed in the region and the strong presence of major market players in this region.

The major players in the Hemostats market are C.R. Bard (US), Baxter (US), Teleflex Incorporated (US), Ethicon (Subsidiary of Johnson & Johnson) (US), Medtronic plc (Ireland), B. Braun Melsungen AG (Germany), Pfizer (US), etc.