The global hemostatic instruments market is growing immensely owing to several growth factors such as the rising number of surgical procedures, surging cases of sports-related injuries, and increasing incidence of chronic diseases such as cardiovascular, orthopedic, and trauma across the globe. The increase in number of surgical procedures may lead to several complications including bleeding, which is anticipated to surge the demand for hemostatic instruments in the forecast period. Additionally, increasing access to health care services, technological advancements, and the entry of new manufacturers are other factors expected to augment the hemostatic devices market.
Hemostasis and tissue sealing agents are used to prevent hemorrhage. During surgery, it is very essential to stop the excessive bleeding in patient to avoid further organ damage or death by excess blood loss. This has created the need for hemostasis instruments in the forecast period. The hemostatic instruments market is segmented on the basis of type and application. On the basis of type, the market is segmented into mechanical, flowable, and active. Mechanical type is anticipated to hold highest market share in 2021. Based on application, the market is segmented into cardiovascular surgery, general surgery, orthopedic surgery, gynecologic surgery and others.
The North America is expected to dominate the market in 2021 owing to advanced treatment facilities and increasing focus on effective blood management among patients during surgeries is expected to foster regional growth.
Some of the major companies operating in the market are Johnson & Johnson, Medtronic, CryoLife, Inc., Becton, Dickinson and Company, Pfizer, Baxter, Stryker, CryoLife, Inc., B. Braun Melsungen AG, and Smith & Nephew. These market players are focusing on several market strategies such as product launches, mergers & acquisitions, partnerships, collaboration, and others to strengthen their market position. For instance, in May 2022, BD announced the launch of scientific office in Egypt to enhance patient safety and healthcare worker safety in the Middle East & North America (MENA) region.