The hemostats market is expected to reach 3.03 billion by 2023 from USD 2.27 billion in 2018, at a CAGR of 6.0%.

Rapidly growing number of surgical procedures, increasing number of regulatory approvals, growing incidence of sports-related injuries and spinal ailments, and rising focus on effective blood loss management in patients during surgeries are the major factors driving the growth of this market. On the other hand, the high cost of hemostats and dearth of skilled professionals are expected to hinder the growth of this market in the coming years.

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On the basis of product, the hemostats market is segmented into thrombin-based hemostats, oxidized regenerated cellulose-based hemostats, combination hemostats, gelatin-based hemostats, and collagen-based hemostats. The combination hemostats segment is expected to grow at the highest CAGR during the forecast period. These hemostats demonstrate better control of moderate arterial bleeding than fibrin sealants because of the gelatin granulation effect.

Based on application, the hemostats market has been segmented into neurological surgery, cardiovascular surgery, general surgery, orthopedic surgery, gynecological surgery, reconstructive surgery, and other surgeries. The reconstructive surgery segment is expected to witness the highest growth in the market during the forecast period.

The increasing number of facial cosmetic surgeries, increasing cases of skin injuries, growing incidence of burn injuries, and increasing number of breast cancer patients undergoing mastectomy and breast reconstruction procedures are the major factors driving the growth of the hemostats market for reconstructive surgeries.

Based on formulation, the hemostats market has been segmented into matrix & gel hemostats, sheet & pad hemostats, sponge hemostats, and powder hemostats. Sponge hemostats are expected to witness the highest growth in the market during the forecast period. This can largely be attributed to the growing acceptance of these formulations by end users due to the various advantages associated with the use of them.

Geographically, the hemostats market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is estimated to register the highest growth rate during the forecast period, primarily due to large patient population base, increasing awareness regarding advanced hemostat products, improving healthcare infrastructure, growing medical tourism, and increasing number of elderly people in the region.

Given the immense opportunities in the major applications of hemostats products, market leaders and emerging players are increasingly focusing on the market segments mentioned above to increase their revenues and are also looking to expand their reach to emerging economies.