”, the market is estimated to reach $1.2 billion by 2023 at a CAGR of 4.4%.
Ireland holds major market share during 2018-2023
Ireland holds major market share in European Hemostats Market as it is reputed to hold the highest cancer rate for men and women, with 338 people per 100,000 being diagnosed in 2012. The key end user markets in Denmark are Hospitals, Surgery Centers, Nursing Homes among others. Ireland hemostats market is estimated to reach $165.51 million by 2023, growing at a CAGR of 7.3% during the forecast period.
Selected Impact Analysis done in the full report
Fibrin sealants are indicated as an adjunct to hemostasis for use in patients undergoing surgery: Fibrin sealants aid in the rapid formation of stable clots. They can be applied to small blood vessels and to areas that cannot be addressed with conventional sutures. Also, fibrin sealants reduce the amount of blood loss during surgical procedures and lower the risk of post-operative infection or inflammation. Moreover, fibrin sealants are conveniently absorbed by the body during the wound healing process. Fibrin sealants are particularly useful in MI surgical procedures, especially in treating patients with clotting disorders. Currently, fibrin sealants are approved by the FDA as broad label hemostats for surgical procedures.
Medically invasive procedures are still considered an ideal choice for the cure and prevention of many diseases: Medically invasive techniques are increasingly being used for managing diseases such as cancerous tumors, cardiac arrhythmias, and dermatological conditions. They are also used to treat patients that are critical or inoperable. These surgeries reduce the risk of infection and cause minimal complications, thus, resulting in shorter hospital stays, reduced pain, and faster recovery when compared to traditional open surgeries. The increase in MI surgical procedures is expected to increase the demand for wound closure devices and drive market growth until 2023.
New tissue sealants and hemostats in the market have addressed issues related to tissue contamination with previous sealants: Many novel hemostats and tissue sealants are being developed to address trauma-associated hemorrhages and contaminants associated with sealants. For example, Novartis's Recombumin is a recombinant albumin derived from humans, which has the potential to seal leakages of fluids or gases from surgical incision sites. It is non-toxic and is highly cost-effective compared to animal-derived sealants. The launch of such products will have a significant impact on the market, and propel the demand for innovative products during the forecast period.
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Excerpts Growth Factors Mentioned in the Full Report:
Rising incidents of surgeries has resulted in the growing need for the production of hemostats. The market is driven by factors such as medically invasive procedures and rapid innovation and technical advancements in the industry along with an alliance between health-care insurance providers and rising initiatives taken by the government. For instance, development of recombinant thrombin will drive the thrombin based hemostats market, thereby fueling the hemostats market growth in Europe.
Gelatin based hemostats is estimated to witness the fastest growth during the forecast period.
Companies in Europe hemostats are focused on acquisitions that accounted for 76% of the total developments. The European hemostats market also witnessed large number of product launches and collaborations with 12% each in the aforesaid period.
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Key players of European Hemostats Market:
Baxter International Inc, has undergone the maximum number of developments for the European Hemostats Market. The list of dominant players is as below:
B Braun Melsungen AG (Germany)
C R BARD Inc.
Gelita Medical GmbH (Germany)
Johnson & Johnson Services, Inc.Â (U.S.)
Pfizer Inc. (U.S.)
RESORBA Medical GmbH (Germany)
Thrombotargets Corporation (Spain)
And 50+ companies
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Hemostats Market: By Type (Active, Passive, Flowable, Sealants and Adhesive), By Treatment (Cardiac Surgery, Vascular Procedure, Soft Tissue Reconstruction, Spinal Procedures, Hepatic Resection, and others), By End User (Hospitals, Surgery Centers, Nursing Homes, and Others) & By Geography Forecast (2018 - 2023)
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