Hemostatic Spray Market Growth is Accelerated by Rise in Surgical Procedures

 

Hemostatic sprays are advanced hemostatic agents that provide rapid and effective hemostasis for surgical bleeding. These sprays are composed of modified polysaccharides and thrombin, which promote clotting at bleeding sites. They help surgeons in achieving intraoperative hemostasis and reduce operative blood loss. Hemostatic sprays allow for targeted application of hemostatic agents minimally invasively with precision. The growing number of surgical procedures owing to rising cases of cardiovascular diseases, cancer, accidents and sports injuries has increased demand for hemostatic agents that can effectively manage blood loss during surgeries.

The global Hemostatic Spray Market is estimated to be valued at US$ 2.51 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rising volume of surgeries being performed globally is one of the key factors driving the growth of the hemostatic spray market. As per the estimates of Organisation for Economic Co-operation and Development (OECD), over 230 million surgeries were performed in 2019 across the world. The prevalence of chronic diseases is increasing rapidly owing to changing lifestyles and growing geriatric population. This has resulted in greater demand for surgical procedures to treat such conditions. Moreover, technological advancements in various surgical techniques have enabled performing more complex procedures reducing mortality rates. Hemostatic sprays play a vital role in ensuring successful completion of such intricate surgeries by effectively controlling blood loss. Their ease of application and effective hemostatic properties are promoting greater adoption rate among healthcare facilities.

Segment Analysis
The global hemostatic spray market is dominated by natural polysaccharide segment. This segment accounts for over 40% market share owing to its efficacy and lower price as compared to other hemostatic agents like collagen based or thrombin based hemostatic agents. Polysaccharide agents work on mechanical mechanism of action through forming a protective layer over the wound, allowing the platelet and coagulation factors to aggregate and form a clot.

Key Takeaways
The global hemostatic spray market is expected to witness high growth over the forecast period. Increasing adoption of minimally invasive surgeries is driving the demand for effective hemostatic agents. Advantages of spray format hemostats over conventional gauze and pads based hemostatic agents is further fueling the market growth. The global Hemostatic Spray Market is estimated to be valued at US$ 2.51 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030.

Regional analysis
North America region currently dominates the global hemostatic spray market with over 35% share. Increasing number of surgeries owing to rising prevalence of lifestyle diseases and growing geriatric population is pushing the demand of hemostatic agents in the region. Additionally, developed healthcare infrastructure and availability of advanced treatment options in countries like US and Canada is supporting the market growth.

Key players
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. Olympus Corporation leads the market with wide product portfolio and strong geographical presence across major markets.