Topical Hemostatic Agent Market Revenue, Industry Growing Demand, Size, Share and Forecast - 2031

The global topical hemostatic agent market is anticipated to grow at a considerable CAGR of 6.3% during the forecast period (2024-2031). The growing number of highly advanced product launches is a key factor driving the growth of the global topical hemostatic agent market. The effectiveness of modern goods in achieving hemostasis is one of their advantages. In the last several years, companies in the hemostats market have created and launched a slew of new products. These businesses try to obtain FDA approvals for their products for certain purposes, as demand for FDA-approved items is higher than for non-approved products on the market. For instance, in 2020, Axio BioSolutions Pvt. Ltd., a manufacturer of Military Trauma Hemostatic Dressing, received FDA approval for Axiostat. Axiostat is a Chitosan Hemostatic Dressing that helps to stop uncontrollable bleeding in as little as two to three minutes.

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Similarly, in 2019, Biom’up which is a company specialized in surgical hemostasis received Investigational Device Exemption (IDE) from FDA for HEMOSNOW, a hemostatic dry powder produced from porcine collagen and bovine-derived chondroitin sulphate.

Other benefits, such as a lower risk of infection and lower expenses, are due to the product's breakthroughs in R&D. As a result, technologically enhanced product solutions with various upgraded characteristics have been developed and manufactured. Furthermore, it has resulted in a broadening of the product's application regions in terms of surgical operations covered. For instance, TISSEEL, a Baxter product, is regarded as one of the most technologically advanced fibrin sealants on the market. Furthermore, increased product acceptance is likely to generate considerable growth opportunities during the projection period.

Hemostats must be handled by trained professionals as artery needs to be closed in a correct manner to prevent it from ischemia (Continuous bleeding). One of the key challenges restricting the adoption of these hemostats is the scarcity of qualified surgeons in both developed and emerging economies. For instance, the Association of American Medical Colleges (AAMC) projects a shortage of about 122,000 physicians by 2032 in the US.

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Market Coverage

•             Segment Covered- 

o             By Type

o             By End-User

•             Regions Covered-

o             North America

o             Europe

o             Asia-Pacific

o             Rest of the World

•             Competitive Landscape- including Baxter International Inc., B.Braun Melsungen AG, CryoLife, Inc., Integra Lifesciences, Pfizer Inc. and others.

Key questions addressed by the report

•             What is the market growth rate?

•             Which segment and region dominate the market in the base year?

•             Which segment and region will project the fastest growth in the market?

•             How COVID-19 impacted the market?

o             Deviation from the pre-COVID-19 forecast

o             Most affected region and segment

•             Who is the leader in the market?

•             How are players addressing challenges to sustain growth?

•             Where is the investment opportunity?

Global Topical Hemostatic Agent Market Report Segment

By Type

• Gelatin sponge
• Oxidized Regenerated Cellulose Based Hemostats

By End-User

• Ambulatory Surgical Centers
• Hospitals

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