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