According to a new report from MarketsandMarkets, the global hemostats market size is expected to see healthy growth over the next five years. The market was valued at $2.7 billion in 2023 and is forecasted to reach $3.7 billion by 2028, reflecting a compound annual growth rate (CAGR) of 6.7%.

Several key factors are driving expansion in the hemostats sector. Firstly, there has been a rise in surgical procedures globally across areas like orthopedics, neurology and cardiovascular specialties. Common age-related conditions often require operations, which carry risks of bleeding that need to be controlled via hemostatic agents. The growing elderly population is further elevating surgery demand and the need for effective hemostats.

Secondly, opportunities abound within developing economies for companies operating in the hemostat niche. Healthcare infrastructure is improving across Asia Pacific, Latin America, and the Middle East and Africa. Combined with rising disposable incomes, population growth and an emerging middle class, these regions present major expansion possibilities. Currently they remain relatively underpenetrated spaces.

However, the market does face certain restraints. Side effects and allergic reactions associated with poor quality or defective hemostat products can negatively impact end user perceptions and endanger patient safety. There is also an ongoing shortage of skilled personnel globally that are properly trained to utilized advanced hemostatic agents. Keeping physicians and medical staff updated on the latest technologies and usage procedures remains an obstacle for the industry.

Currently, oxidized regenerated cellulose-based hemostats account for the dominant product segment within the global hemostats market, making up the largest revenue share in 2022. The biocompatibility and safety profile of ORC-based agents supports their popularity. Matrix and gel-based formulations were also top sellers last year, offering user-friendly and cost-effective applications.

Orthopedic surgeries also represented the key end use for the hemostat industry in 2022. Lifestyle diseases such as arthritis, osteoporosis and obesity are requiring a mounting number of orthopedic operations. The field is additionally reporting more reconstructive procedures undertaken due to rising cases of sports injuries.

On a geographical basis, North America claimed the largest regional market share over 2022. The region contains several top hemostat manufacturers along with an advanced infrastructure for R&D programs. North America also shoulders a substantial burden in treating chronic illnesses, further elevating demand dynamics.

Some notable developments within the global hemostats marketplace over recent years span:

• Teleflex gaining expanded FDA clearance for QuikClot Control+ hemostatic products in cardiac surgical applications (August 2023)
• Baxter launching PERCLOT Absorbable Hemostatic Powder commercially in the United States (July 2023)
• Teleflex acquiring hemostatic device firm Z-Medica (December 2020)
• Ethicon rolling out SURGICEL Powder Absorbable Hemostat across Australia, New Zealand and Thailand (March 2020)

The outlook going forward is highly positive for hemostat producers and ancillary firms servicing the wound closure niche. As surgical case volumes rise thanks to demographic changes and healthcare investments in developing regions, reliable hemostatic products will remain essential for controlling blood loss and enabling better patient outcomes. Strategic partnerships, regional expansion and research into innovative formulations look set to headline industry moves through 2028.