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Hemostatic sprays are medical devices used to control bleeding by forming clots at the site of injury. They are commonly used in surgical procedures such as minimally invasive surgeries to reduce blood loss. Hemostatic sprays contain dehydrated polymer powders that form a gel when exposed to blood, sealing off the injured vessels. They are easy to apply and effective even on hard to reach bleeding sites. The growing prevalence of chronic diseases such as cancer and cardiovascular diseases which require surgical interventions is fueling the demand for hemostatic spray to minimize bleeding and risk of complications during surgeries.
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 Dynamics:
The global hemostatic spray market is expected to be flourished by the increasing prevalence of chronic diseases requiring surgical treatments. As per the World Health Organization, cancer burden is expected to grow to 27 million new cancer cases and 16.3 million cancer deaths by 2040. Similarly, cardiovascular diseases also accounted for over 17 million deaths in 2015 according to the WHO. The growing surgical procedures for treatment and management of such chronic conditions are augmenting the demand for hemostatic sprays to control bleeding and ensure effective haemostasis during surgeries. Additionally, hemostatic sprays offer advantages over conventional haemostatic methods like gauze and gelatin sponges in terms of ease of application, better visualization, and effectiveness. These benefits are further propelling the adoption of hemostatic sprays across hospitals and ambulatory surgical centers.
Segment Analysis
The global hemostatic spray market is dominated by the external application segment, which is expected to grow at a CAGR of 9.5% during the forecast period. External application segment dominates the market as it helps in controlling bleeding from minor cuts, lacerations, and incisions during surgical procedures in a minimally invasive manner. It also helps stop bleeding quickly without much pressure on the wound.
PEST Analysis
Political: Regulations regarding the approval and usage of hemostatic spray products vary across countries and regions. Stringent regulations may hamper market growth to an extent.
Economic: Rising healthcare spending and focus on reducing hospital stay is driving demand for advanced hemostatic solutions like spray. High treatment cost of complex surgeries also boosts market growth.
Social: Growing prevalence of lifestyle diseases, trauma injuries, and chronic wounds requiring surgical interventions create sustained demand for hemostatic agents.
Technological: Continuous innovations in material science and formulation technologies help develop advanced hemostatic spray products with improved efficacy, safety, and ease of use.
Key Takeaways
The global hemostatic spray market is expected to witness high growth at a CAGR of 9.3% during the forecast period of 2023-2030.
North America dominates the market currently due to high surgical volumes and technological advancements. The Asia Pacific market is expected to witness the fastest growth owing to increasing healthcare expenditure, large patient population, and growing medical tourism.
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. Key players are focusing on new product launches, partnerships, and geographical expansion strategies to solidify their market presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
