July 22, 2024
Hemostatic Spray Market

The rising demand for minimally invasive surgeries is anticipated to open up new avenues for the hemostatic spray market

Market Overview:

Hemostatic sprays are used during surgeries to control bleeding and enhance clotting at the surgical site. They help minimize blood loss and promote hemostasis. Some commonly used hemostatic sprays include thrombin-based, gelatin-based, and collagen-based sprays. These sprays are applied directly to the bleeding site using a compressed gas-powered spray device. They form a physical matrix that enhances the clotting process. The rising adoption of minimally invasive surgeries and the availability of advanced hemostatic options are propelling the demand for hemostatic sprays.

Market Dynamics:

The growth of the hemostatic spray market is driven by the rising prevalence of target conditions such as spinal injuries, liver lacerations, and car accident injuries that require emergency hemostasis procedures. According to the National Spinal Cord Injury Statistical Center, there are approximately 17,000 new spinal cord injuries reported in the U.S. every year. Moreover, in the U.S., falls, car accidents, sports injuries, and acts of violence are the leading causes of liver and brain hemorrhages that require immediate control of bleeding. Hemostatic sprays provide a locally acting, non-systemic option to rapidly manage hemorrhage and promote hemostasis.

Furthermore, the increasing use of minimally invasive techniques in surgery and trauma care is augmenting the demand for effective local hemostatic agents like sprays. Minimally invasive procedures reduce hospitalization time and surgical scarring, thus propelling their adoption. Hemostatic sprays help achieve effective hemostasis during minimally invasive surgeries by delivering hemostatic agents directly onto the bleeding site through a compressed gas applicator.

Segment Analysis

The Hemostatic Spray Market Demand is segmented into active agents, wound type, application, end user and geography. By active agents, the thrombin-based hemostatic sprays dominated the segment in 2022 due to its ability to create fibrin clots and hemostasis in a shorter time compared to other alternatives. By wound type, traumatic wounds contributed to the largest revenue share in 2022 owing to rising cases of road accidents and traumatic injuries globally.

PEST Analysis

Political: Emergence of favorable government initiatives and reimbursement policies for effective hemostatic products will augment the market growth. For instance, the 2021 U.S. government budget funded over $6.5 billion for hemostatic agents research and development.
Economic: Rising economic burden of trauma injuries and surgery-related bleedings will boost the hemostatic spray market. For instance, trauma injuries cost the U.S. economy over $671 billion annually.
Social: Increasing patient awareness about advanced hemostatic solutions and rise in demand for minimally invasive surgeries will propel the market revenue.
Technological: Continuous innovations in delivery mechanisms, active ingredients and form factors of hemostatic sprays will expand its applications in complex surgeries.

Key Takeaways

The global hemostatic spray market size was valued at US$ 2.51 Bn in 2023 and is expected to reach over US$ 4.41 Bn by 2030, expanding at a CAGR of 9.0% during the forecast period. North America dominated with over 32.0% of the total market share in 2023 led by technological advancements and supportive reimbursement structure in the U.S. and Canada. The Asia Pacific region is anticipated to exhibit the fastest growth over the forecast period attributable to rising medical tourism, increased focus on trauma management in countries such as China and India.

Regional analysis

Asia Pacific region is poised to offer lucrative opportunities during the forecast period. Growing demand for invasive surgeries and high incidence of road accidents in India and China will stimulates the regional market. Favorable government initiatives to modernize healthcare infrastructure and promote domestic production of medical devices will further support the regional expansion.

Key players operating in the hemostatic spray market are Baxter, Ethicon, CSL Behring, Pfizer, Johnson & Johnson, Celox Medical, HemCon Medical Technologies, Medtrade Products, Z-Medica, RevMedx, Axio Biosolutions, Cohera Medical, Teleflex Incorporated, Integra LifeSciences Corporation, Tricol Biomedical, Biom’Up, Arch Therapeutics, Hemostasis, Starch Medical, Success Pharmaceutical. Key players are focusing on new product launches, collaborations and geographic expansion strategies to gain competitive advantage in the market.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it