At 7.3% CAGR, the Europe Flowable Hemostats Market is Projected to be Worth US$ 328.23 Million by 2028, says Business Market Insights
According to Business Market Insights research, the Europe flowable hemostats market was valued at US$ 215.54 million in 2022 and is expected to reach US$ 328.23 million by 2028, registering a CAGR of 7.3% from 2022 to 2028. Increasing number of injuries and surgical procedures and rising geriatric population are among the critical factors attributed to the Europe flowable hemostats market expansion.
Population aging is a global phenomenon, effectively every country in the world is experiencing growth in the size and proportion of older persons in their population. The rising geriatric population directly affects the demand for hemostats, primarily due to higher susceptibility to various diseases among the population leading to a higher number of surgeries. According to the World Health Organization (WHO), the number and portion of people aged 60 years and older in the population is increasing. In 2019, the number of people aged 60 years and older was 1 billion. This number will increase to 1.4 billion by 2030 and 2.1 billion by 2050. This increase is occurring at an unprecedented pace and will accelerate in the coming decades, particularly in developing countries. According to a study conducted by "Queen Mary University of London's William Harvey Research Institute," the number of people aged 75 years or older undergoing surgery surged from 544,998 in 1999 to 1,012,517 in 2015. The average age of patients undergoing surgery surged from 47.5 years in 1999 to 54.2 years in 2015. By contrast, the average age of the English population increased from 38.3 to 39.7 years. The research further states, that if current trends continue, by 2030 more than 1.48 million people aged 75 years or older will have a surgical procedure annually. This represents 1 in 10 people in England and 1 in 5 people among those aged 75 years or older. Thus, an increase in the geriatric population is anticipated to propel the Europe flowable hemostats market during the forecast period.
On the contrary, shortage of skilled professionals and poor reimbursement policies hamper the Europe flowable hemostats market.
Based on material, the Europe flowable hemostats market is bifurcated into bovine gelatin & porcine gelatin. The bovine gelatin segment held 62.8% share of Europe flowable hemostats market in 2022, amassing US$ 135.41 million. It is projected to garner US$ 208.73 million by 2028 to expand at 7.5% CAGR during 2022-2028.
In terms product, the Europe flowable hemostats market is segmented into combination hemostats, passive hemostats, and active hemostats. The combination hemostats segment held 59.0% share of Europe flowable hemostats market in 2022, amassing US$ 127.14 million. It is projected to garner US$ 197.57 million by 2028 to expand at 7.6% CAGR during 2022-2028.
Based on application, the Europe flowable hemostats market is categorized into general surgery, cardiac surgery, vascular surgery, orthopedic surgery, neuro and spine surgery, and others. The general surgery segment held 33.9% share of Europe flowable hemostats market in 2022, amassing US$ 73.17 million. It is projected to garner US$ 118.05 million by 2028 to expand at 8.3% CAGR during 2022-2028.
Based on end user, the Europe flowable hemostats market is segmented into hospitals and clinics, ambulatory surgery centers, and others. The hospitals and clinics segment held 61.7% share of Europe flowable hemostats market in 2022, amassing US$ 132.99 million. It is projected to garner US$ 200.74 million by 2028 to expand at 7.1% CAGR during 2022-2028.
By country, the Europe flowable hemostats market has been categorized into Germany, the UK, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 24.5% share of Europe flowable hemostats market in 2022. It was assessed at US$ 52.90 million in 2022 and is likely to hit US$ 83.60 million by 2028, exhibiting a CAGR of 7.9% during 2022-2028.
Key players operating in the Europe flowable hemostats market Baxter International Inc, Ethicon (Johnson & Johnson), Pfizer Inc, Teleflex Incorporated, 3-D Matrix Medical Technology, Biom'up, and Aegis Lifesciences, among others.
In Dec-19, Johnson & Johnson's Ethicon unit has launched its blood-stopping protein spray, designed to quickly seal off and control excessive bleeding during open surgeries or minimally invasive procedures. According to Ethicon, it's the first fibrin sealant designed to be used without a gas propellant. Delivered in a pre-filled syringe, the spray is designed to rapidly adhere and form a clot over the bleed and has shown clinical success in high-risk patients-such as those with multiple factors including bleeding disorders, diabetes or organ failure, or patients taking blood thinners or antiplatelet therapies.
Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com
