Market Overview:
Hemostatic spray is a topical hemostatic agent applied on bleeding wounds to achieve hemostasis. It contains active ingredients such as Tetramythamine, Kaolin or polyvinyl pyrrolidine, which work by forming a mechanical barrier on the wound surface and activating the clotting cascade. Hemostatic spray is easy and quick to apply and effective in controlling bleeding from minor cuts, lacerations as well as internal and external bleeding wounds. It is widely used in surgical procedures and emergency medical settings to manage bleeding during trauma.
Market key trends:
One of the key trends in the Hemostatic Spray Market Demand is the rising incidence of chronic wounds worldwide. Chronic wounds such as diabetic foot ulcers, pressure ulcers and venous leg ulcers require effective hemostasis during wound care and debridement. According to the Wound Healing Society, chronic wounds affect approximately 6.5 million patients in the U.S. annually. Their treatment poses a huge economic burden of over $25 billion per year on the healthcare system. Hemostatic spray is increasingly being used by physicians and nurses for controlling bleeding during chronic wound care as it achieves hemostasis faster and with fewer applications compared to traditional gauze and bandage. This is expected to drive the demand for hemostatic spray over the forecast period.
Porter’s Analysis
Threat of new entrants: Low cost of production and high switching costs reduce the threat. Established players have economies of scale and brand recognition. However, innovations can disrupt the market.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to the availability of substitutes and their ability to play suppliers against each other.
Bargaining power of suppliers: Large suppliers have moderate power due to the differentiated nature of their products and services. However, high switching costs for buyers reduce their power.
Threat of new substitutes: New alternatives or technologies pose medium substitution risk as they require regulatory clearances and changing clinical practice patterns.
Competitive rivalry: Intense due to the presence of many global and regional players. Companies compete on pricing, innovation, and brand reputation.
Key Takeaways
The global Hemostatic Spray Market is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing prevalence of chronic diseases.
Regionally, North America dominates the market due to the presence of major players, developed healthcare infrastructure, and rising funding for R&D activities. However, Asia Pacific is expected to grow at the fastest rate owing to improving access to healthcare facilities and increasing healthcare spending.
Key players operating in the Hemostatic Spray Market are Baxter, Ethicon, CSL Behring, Pfizer, Johnson & Johnson, Celox Medical, HemCon Medical Technologies, Medtrade Products, Z-Medica, RevMedx, Axio Biosolutions, Cohera Medical, Teleflex Incorporated, Integra LifeSciences Corporation, Tricol Biomedical, Biomâ€TMUp, Arch Therapeutics, Hemostasis, Starch Medical, Success Pharmaceutical. Major players are focusing on new product launches, acquisitions, and geographic expansions to gain a competitive edge in the market.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it