Hemostatic sprays are widely used to control bleeding during surgeries. They help achieve hemostasis with minimal moisture and promote wound healing. Hemostatic sprays are convenient to use and enable faster closure of bleeding sites compared to traditional methods such as sutures and staplers. They reduce operating time and hospital stay. The growing preference for minimally invasive surgeries is driving the demand for hemostatic sprays.
The global Hemostatic Spray Market is estimated to be valued at US$ 2.51 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for hemostatic sprays is growing significantly owing to the increasing number of minimally invasive surgeries being performed globally. Minimally invasive surgeries involve small incisions and hence cause minimal blood loss. Hemostatic sprays help surgeons quickly control bleeding through small openings, reduce complications, and accelerate recovery for the patients. They serve as an effective alternative to conventional hemostatic agents like gelatin matrix thrombins and collagens during laparoscopic and open surgeries. With growing awareness about the benefits of minimally invasive procedures, the adoption of hemostatic spray is expected to rise markedly over the forecast period.
SWOT Analysis
Strength: The hemostatic spray market offers point-of-care wound closure and is quick and easy to apply. It can control bleeding in spaces that are difficult to access.
Weakness: Due to the new technology, acceptance among end users and patients may be initially low. Cost of these advanced treatment procedures can be high.
Opportunity: Increasing number of surgical procedures worldwide due to rising chronic diseases and accidents helps market growth. Development of novel synthetic and recombinant hemostatic agents widens opportunities.
Threats: Stringent regulatory policies can be a challenge. Reimbursement policies for advanced hemostatic solutions vary across regions posing a threat.
Key Takeaways:
The global hemostatic spray market is expected to witness high growth during the forecast period of 2023 to 2030. The global Hemostatic Spray Market is estimated to be valued at US$ 2.51 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the market currently due to supportive reimbursement policies and advanced healthcare infrastructure. Asia Pacific shows fastest growth due to growing healthcare expenditure, physician awareness and large patient pool in developing countries of the region.
Key players: Key players operating in the hemostatic spray market are Olympus Corporation, Medtronic plc., Shilpa Medicare Limited, Baxter, BC3 Technologies, Ethicon, Pfizer Inc., HemCon Medical Technologies, Z-Medica, Teleflex Incorporated, Tricol Biomedical, Arch Therapeutics, and Cook. Strategic collaboration and new product launches are common strategies adopted by top companies to gain foothold in this market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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