April 17, 2024

Hemostatic Spray Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2031

The hemostatic spray market offers a minimally invasive hemorrhage management solution for injured tissues and internal bleeding. These sprays help in forming clots instantly on wounds and accelerate coagulation. With the growing prevalence of target diseases and rising incidence of trauma injuries, hemostatic sprays are increasingly adopted for their convenience in handling hard-to-reach bleeds.

The Global Hemostatic Spray Market is estimated to be valued at US$ 2.51 Bn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030.

Get more insights on this topic: https://www.coherentmarketinsights.com/industry-reports/hemostatic-spray-market

Key Takeaways

Key players operating in the hemostatic spray market are Olympus Corporation, Medtronic plc., Shilpa Medicare Limited, Baxter, BC3 Technologies, Ethicon, Pfizer Inc., HemCon Medical Technologies, Z-Medica, Teleflex Incorporated, Tricol Biomedical, Arch Therapeutics, and Cook.

The growing demand for minimally invasive hemorrhage management solutions is a key factor augmenting market growth. Hemostatic sprays ensure rapid hemostasis and help reduce complications associated with conventional clamping and suturing techniques.

With rising medical expenditures and increasing penetration into developing regions, key players are expanding their geographic presence globally. Major players are investing in new product development and innovation to strengthening their portfolio.

Market Key Trends

The use of advanced biomaterials in hemostatic spray formulations is a key trend gaining prominence. Players are focusing on the development of natural polymer-based and polysaccharide sprays with improved efficacy in accelerating clot formation. Their ability to control bleeding efficiently in high-risk surgeries drives their demand considerably.

Porter’s Analysis

Threat of new entrants: Low barriers for new companies to enter but technology, regulatory approval and financial constrains for new companies. Bargaining power of buyers: Large players have more bargaining power over suppliers but availability of substitutes. Bargaining power of suppliers: Suppliers have less power as large number of suppliers available for raw materials. Threat of new substitutes: Technology advances can lead to new substitutes but high costs of regulatory approvals. Competitive rivalry: High as companies compete on technology, innovation and brand.

Geographical Regions

North America holds the major share in the hemostatic spray market in terms of value owing to increasing adoption of advanced surgical procedures and growing demand for hemostatic agents. Factors such as increasing cancer cases, cardiovascular diseases, and trauma injuries further contribute to market growth in the region. Asia Pacific is expected to be the fastest growing regional market during the forecast period attributed to rising healthcare expenditure, large patient pool, and growing medical tourism in countries such as India, China and Japan.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it