Growing volume of surgical procedures performed, rising focus on R&D, increasing incidence of sports-related injuries and spinal ailments, and rising focus on effective blood loss management in patients during surgeries. However, side effects and allergic reactions associated with hemostats are expected to hamper the adoption of these products.
According to market research report, “Hemostats Market by Type (Thrombin, Oxidised Regenerated Cellulose, Combination, Gelatin, Collagen), Application (Orthopedic Surgery, General Surgery, Gynecological), Formulation (Sponge, Powder, Matrix & Gel, Sheets & Pads) – Global Forecast to 2026″, size is projected to reach USD 3.5 billion by 2026 from USD 2.6 billion in 2021, at a CAGR of 6.1% during the forecast period.
With the WHO officially declaring the outbreak of COVID-19 a pandemic, a mix of established pharmaceutical and biopharmaceutical companies and small startups has stepped forward to develop treatments and vaccines that target the infection caused by the novel coronavirus.
Adhesion formation is a major post-surgical complication, which results in healthcare complications and generally requires repeat surgeries for the treatment of affected patients.
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Post-surgical adhesion formation leads to different complications in different surgeries, such as severe abdominal pain in the case of abdominal surgeries, infertility in women after gynecological surgeries, and physical impairment of patients after neurological surgeries.
According to the Heart and Circulatory Disease Statistics 2019 from the British Heart Foundation (UK), there has been a significant increase in the number of cardiac surgical procedures such as angioplasty and aortic valve replacement in the UK over the last decade, and this trend is expected to continue in the coming years.
The number of hospitals and surgical centers is increasing in both developed and emerging countries. The demand for surgical equipment (including medical devices such as hemostats) is high in these newly established surgical centers and hospitals, owing to the increasing patient population base.
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According to the Commonwealth Fund in 2018, China has approximately 12,000 public hospitals and 21,000 private hospitals. Similarly, in June 2019, the Indian Ministry of Health and Family Welfare announced the opening of 22 new AIIMS across the country. The significant growth in the number of hospitals and surgical centers is expected to support the growth of the hemostats market, as these are key end users of the hemostats market.
Currently, the lack of skilled surgeons, both in developed and developing economies, is one of the major factors limiting the adoption of these products. For instance, the Association of American Medical Colleges (AAMC) projects a shortage of about 122,000 physicians by 2032 in the US.