The global hemostatic gels market was valued at approximately USD 957.1 million in 2021 and is projected to expand significantly, reaching an estimated USD 1.9 billion by 2032. This growth reflects a robust compound annual growth rate (CAGR) of 6.8% during the forecast period, according to a recent study by Future Market Insights.
Key Highlights:
- Market Leadership of Porcine-based Hemostatic Gels: As of 2021, porcine-based hemostatic gels have dominated the market, holding a substantial market share of about 45% among the various material types. The effectiveness and biocompatibility of these gels make them a preferred choice in surgical settings.
- Rising Demand in Surgical Procedures: The increasing number of surgical procedures globally, coupled with the growing emphasis on minimizing blood loss during operations, is significantly driving the demand for hemostatic gels. These gels are essential in promoting rapid clotting and enhancing patient outcomes.
- Technological Advancements: Ongoing innovations in hemostatic gel formulations, including the development of faster-acting and more effective products, are expected to further propel market growth. Manufacturers are increasingly focusing on improving the efficacy and application methods of these gels.
- Expansion in Application Areas: Hemostatic gels are finding applications in various medical fields, including trauma surgery, orthopedic surgery, and dental procedures. This expansion across specialties is contributing to the overall market growth.
- Increasing Awareness of Patient Safety: With a growing focus on patient safety and quality of care, healthcare professionals are increasingly adopting hemostatic gels as an essential tool in managing surgical bleeding. This trend underscores the importance of effective hemostatic solutions in modern medicine.
As the hemostatic gels market continues to evolve, stakeholders are encouraged to invest in research and development to explore new material types and enhance product performance. This commitment to innovation will be crucial in meeting the dynamic needs of healthcare providers and patients alike.
Key Takeaways:
- Based on product type, sales of porcine-based hemostatic gels are expected to grow at a 5.7% CAGR through 2032.
- In terms of indication, the cardiovascular surgery segment is expected to account for 33.1% of the total market share over the assessment period.
- By end user, demand for hemostatic gels across hospitals will increase at a 5.4% CAGR during the forecast period.
- The U.S. dominated the North America hemostatic gels market in 2021, holding 82% of the total market share.
- Demand for hemostatic gels in India is forecast to grow at a 7.4% CAGR over the assessment period.
- Sales in the U.K. hemostatic gels market are expected to increase at a 7.1% CAGR through 2032.
- China will emerge as a lucrative pocket, with demand growing at an 8% CAGR over the forecast period.
“Rising adoption of effective hemostatic gels across various industries for the protection of the workforce is expected to fuel demand in the market. In addition to this, rising awareness regarding the usage of hemostatic gels for blood loss management across emerging economies will augment the growth in the market,” says an FMI analyst
Competition Landscape
Key players operating in the hemostatic gels market are adopting strategies such as product launches, mergers & acquisitions, joint ventures, and R&D activities to improve their global presence. For instance:
- In 2019, Baxter International, Inc. introduced Floseal Hemostatic Matrix, its new hemostatic agent. Floseal Hemostatic Matrix U.S.FDA approved and is used to stop bleeding during surgical procedures.
- In 2021, Medcura, Inc. together with ASO LLC launched Rapid-Seal, a new class of antibacterial hemostatic gel. This product meets the market demand for a transparent gel that will be easily applied during surgeries.
Key Market Segments Covered In Hemostatic Gels Industry Research
By Material:
- Bovine-Based
- Porcine-Based
- Polymer-Based
By Indication:
- General Surgery
- Dental Surgery
- Veterinary Surgery
- Cardiovascular Surgery
- Orthopaedic Surgery
- Others
By End-User:
- Hospitals
- Speciality Clinics
- Veterinary Settings
- Ambulatory Surgical Centers
- Online Sales
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube