The hemostats market generated a revenue of USD 3.01 billion in 2022, and it will reach USD 4.73 billion by 2030, propelling at 5.80% CAGR during the forecast period, as per a report by P&S Intelligence.
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This is credited to the development of new hemostasis products by numerous players, and the increasing oncologic, orthopedic, cardiac, gynecological, and reconstructive surgeries.
The mounting number of surgical procedures is also a main driving factor for this industry. Moreover, the need to achieve hemostasis during the surgical process and the availability of various management devices have increased significantly in recent years.
In 2022, orthopedic surgery dominated the hemostats market with over 34% share, and it will remain like this in the future. Due to the rising incidence of sports injuries, increasing road accidents, the mounting number of laparoscopic surgeries, the growing aging population, and escalating number of obesity and age-related diseases, such as osteoporosis and arthritis.
The cardiovascular surgery category is projected to grow the fastest. This can be credited to the rising number of this kind of surgeries, the increasing problem of mental stress in people, and the growing incidence of cardiac disorders. The prevalence of cardiac diseases is increasing, as a result of sedentary lifestyles, and various other factors.
North America accounted for the largest share, of approximately 32%, in 2022, and it will grow significantly in the future owing to the numerous research and development activities, increasing incidence of orthopedic and cardiac disease, and the presence of reputable healthcare businesses.
Due to the increasing number of surgeries, numerous research and development activities, and the production of new hemostasis products, the hemostats industry will grow significantly in the future.
