The Hemostatic Spray Market is Estimated To Witness High Growth Owing To Increasing Use in Surgeries

Hemostatic Spray Market


 Market Overview:

Hemostatic spray is a topical hemostatic agent applied to bleeding tissues to accelerate clot formation. It is composed of clotting factors and thrombin to activate platelets and clotting cascade at the site of injury. The hemostatic sprays have advantages of ease of use, immediate hemostasis and require minimal training to use.

Market key trends:
One of the key trends in the Hemostatic Spray Market Demand is increasing use in surgeries. Hemostatic sprays are increasingly being used in various surgeries such as cardiac, orthopedic, trauma and neurosurgeries. They help in accelerating hemostasis and reducing bleeding during surgeries. This reduces surgical time and risk of complications associated with prolonged bleeding. The hemostatic sprays eliminate the need for compression or sutures at bleeding sites. They form a protective layer over the injury to promote clotting. This increases their preference over other hemostatic agents in surgeries and is expected to drive the growth of hemostatic spray market during the forecast period.

Porter’s Analysis

Threat of new entrants: Low barriers to entry as manufacturing hemostatic sprays doesn’t require large capital investments. However, established brands have an advantage.

Bargaining power of buyers: Individual consumers have low bargaining power due to undifferentiated products. Healthcare providers can negotiate on large volume tenders.

Bargaining power of suppliers: Suppliers of raw materials like chitosan have moderate power given limited availability of suppliers. Suppliers of medical devices have low-moderate power.

Threat of new substitutes: Threat is moderate as new wound sealing technologies can replace hemostatic sprays.

Competitive rivalry: Intense as leading players continuously invest in R&D and compete on brand value, product differentiation and pricing.

SWOT Analysis

Strengths: Rapid wound closure properties and ease of use. Growing clinical evidence supporting efficacy.

Weaknesses: Limited applicability in severe bleeding conditions. High prices limit usage in lower income countries and regions.

Opportunities: Untapped growth potential in developing markets. New product launches incorporating additional drugs/technologies.

Threats: Stringent regulations can delay product approvals. Reimbursement challenges in certain regions.

Key Takeaways

The global hemostatic spray market is expected to witness high growth at a CAGR of 9.0% over the forecast period, due to increasing incidence of trauma injuries and surgical procedures.

North America dominated the market in 2023 with over 40% revenue share owing to higher medical spending and availability of advanced treatment options. Asia Pacific expected to grow at fastest pace due to rising healthcare investment and patient awareness in major countries like India and China.

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, Biomâ€TMUp, Arch Therapeutics, Hemostasis, Starch Medical, Success Pharmaceutical. Major players are focused on new product development and geographic expansion strategies to solidify their market presence.

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