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(Medical-NewsWire.com, May 13, 2021 ) 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.
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.
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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.
Germany commands the largest share of the market
Based on region, the hemostats and sealants (focused products) market is segmented into Germany, the UK, France, Italy, and Spain. Germany dominates the hemostats and sealants market due to its large patient population and the favorable reimbursement scenario for the usage of hemostats.
Key players operating in the hemostats and sealants (focused products) market include 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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