Main Objectives Behind this Study:
# To define, describe, and forecast the European Hemostats Market (by value) on the basis of focused brand and country.
# To identify micromarkets and the drivers, restraints, industry-specific challenges, opportunities, and trends affecting the growth of the focused brands market.
# To profile focused brands and comprehensively analyze their market shares in focused European countries.
The European hemostats and sealants market is projected to reach USD 89 million by 2024 from USD 63 million in 2019, at a CAGR of 7.0%.
The study involved four major activities to estimate the current size of the hemostats and sealants (focused brands) market. Exhaustive secondary research was conducted to collect information on the market and its different subsegments.
The next step was to validate these findings, assumptions, and sizing estimates with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
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Germany commands the largest share of the market
Based on region, the European Hemostats Market is segmented into Germany, the UK, France, Italy, and Spain. Germany dominates the hemostats and sealants market due to its large patient population and the favorable reimbursement scenario for the usage of hemostats.
Key questions addressed in the report:
# What are the growth opportunities in the hemostats and sealants market across major countries in Europe in the future?
# What are the key drivers and restraints in the hemostats and sealants market?
# What are the key brands in the hemostats and sealants market?
# Which are the key countries in the hemostats and sealants market?
# What are the most preferred brands amongst end users?
Hemostats help in controlling bleeding at the site of wound or performing various open surgeries. The different types of products used include thrombin-based hemostats, combination hemostats, oxidized regenerated cellulose-based hemostats, gelatin-based hemostats, and collagen-based hemostats. Of these, combination hemostats are anticipated to grow at the highest rate in Europe, as they reduce the risk of side-effects post-application
Tachosil is expected to dominate the European hemostats and sealants market over the forecast period.
By product, the European hemostats and sealants market (for focused brands) is segmented into Tachosil, Lyostypt, Sangustop, Veriset, Avitene, and Hemopatch. Tachosil accounts for the largest market share and is anticipated to grow at the highest CAGR during the forecast period. This share can be attributed to high awareness about the brand among end users in European countries.
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The European Hemostats Market is anticipated to grow mainly due to the launch of the new products, M&A’s, and favorable reimbursement scenario in Europe.
However, the increasing preference for minimally invasive surgeries and the reducing preference for the usage of hemostats while performing surgeries are expected to hinder the growth of this market during the forecast year. Leading players operating in this market are Ethicon (J&J), Baxter, Pfizer, Baxter, C. R. Bard, and B. Braun.
Key Market Players:
Some of the prominent players in the European hemostats and sealants market are B. Braun (Germany), Medtronic (Ireland), C. R. Bard (US), Takeda (Japan), and Baxter (US).