The study involved four major activities to
estimate the current size of the hemostats and sealants (focused brands)
market. Exhaustive secondary research was conducted to collect information on
the market and its different subsegments. The next step was to validate these
findings, assumptions, and sizing estimates with industry experts across the
value chain through primary research. Both top-down and bottom-up approaches
were employed to estimate the complete market size. Thereafter, market
breakdown and data triangulation procedures were used to estimate the market
size of segments and subsegments.
What
the Market Looks Like?
The European hemostats and
sealants market is projected to reach USD 89 million by 2024
from USD 63 million in 2019, at a CAGR of 7.0%. The growth of this market is
majorly driven by the launch of new products and favorable reimbursement
scenario. However, the shift toward minimally invasive surgeries and adverse
effect of hemostats are the major factors restraining the growth of this
market.
Based on
focused products, Tachosil is projected to register the highest growth during
the forecast period
Based on focused products, the market is segmented into
Tachosil, Lyostypt, Sangustop, Veriset, Avitene, and Hemopatch. Tachosil is
expected to grow at the highest CAGR during the forecast period, mainly due to
the increasing demand for this product among end users.
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What Drives the
Market?
The growth of this market is majorly driven by the launch of
new products and favorable reimbursement scenario. However, the shift toward
minimally invasive surgeries and adverse effect of hemostats are the major
factors restraining the growth of this market.
Geographical growth scenario of wireless health market
UK to grow at the highest rate during the forecast period
(2019–2024).
The European hemostats and sealants market is geographically
segmented into Germany, UK, France, Italy, and Spain. While Germany dominated
the market in 2019, the UK is expected to register the highest CAGR in the
market during the forecast period. Germany holds the largest share amongst all
the European countries, owing to its larger patient population and
comparatively higher number of surgeries, which will require the usage of
hemostats and sealants.
Leading market
players and strategies adopted
Some of the prominent players in the European hemostats and
sealants market are B. Braun (Germany), Medtronic (Ireland), C. R. Bard (US),
Takeda (Japan), and Baxter (US).
Hemostats help in controlling
bleeding at the site of wound or performing various open surgeries. The
different types of products used include thrombin-based hemostats, combination
hemostats, oxidized regenerated cellulose-based hemostats, gelatin-based
hemostats, and collagen-based hemostats. Of these, combination hemostats are
anticipated to grow at the highest rate in Europe, as they reduce the risk of
side-effects post-application
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