The global topical hemostatic agent market is anticipated to grow at a significant CAGR of 6.3% during the forecast period. The market for hemostatic agents has been spurred by the rise in chronic diseases, traumas, heart disorders, birth defects, and other conditions which have created demand for the topical hemostatic agent. Microfibrillar collagen matrix, oxidised regenerated cellulose, fibrin glue, gelatin matrix, and bovine serum are all used in hemostatic products. During surgery, these devices are used to halt bleeding. Coagulation, aberrant blockage, or normal vasoconstriction all work to stop bleeding. These substances are used to improve the quality of patient treatment. The development of hemostatic agents’ technology has resulted in a wide range of products that have allowed doctors to provide emergency care to patients in a better manner. An increase in the number of surgical procedures performed across the globe has further contributed to the market growth for hemostatic agents. For instance, every year, roughly 235 million major surgical procedures are performed worldwide, according to WHO estimates (2019). 

Hemostatic agents are used to manage blood loss during major surgery when there is a high danger of blood loss, and their use has expanded in recent years as a result of demand for blood products outstripping supply and the risks associated with transfusions.Topical hemostatic medicines have less tissue reactivity, are easy to absorb, and are less expensive than traditional therapies.

Impact of COVID-19 Pandemic on Global Topical Hemostatic Agent Market

A majority of healthcare systems have postponed or cancelled non-essential medical treatments due to mounting concerns about the spread of COVID-19. This also includes surgical operations like plastic surgery and others that aren't directly related to the therapy or management of COVID-19 but are lifesaving and hence critical in nature. Regarding the competitive landscape, some medical device companies have cancelled or changed their financial estimates and revenue guidance for 2020. For instance, Johnson & Johnson (Ethicon) gets a big decline in surgical procedures in the second quarter of 2020, resulting in a 65.0% to 85.0% drop in revenue across all key regions. 

Segmental Outlook 

The global topical hemostatic agent market is segmented based on the type, and end-user. Based on the type, the market is segmented into gelatin sponge, and oxidized regenerated cellulose-based hemostats. Based on the end-user, the market is sub-segmented into ambulatory surgical centers and hospitals. Among end-user, the hospital segment is anticipated to propel the growth of the market over the forecast period, the fact that the majority of surgical procedures are performed in hospitals in both developed and developing countries owing to the availability of such intricate surgical tools and processes is a major factor for this segment's dominance. 

Global Topical Hemostatic Agent Market Share by End-User, 2021 (%)

The Hospital Segment is Anticipated to Hold a Prominent Share in the Global Topical Hemostatic Agent Market

Due to the availability of high-quality infrastructure and cutting-edge technologies, the hospital segment held major market share in topical hemostatic agent market. As hemostatic drugs are used to limit blood loss, the demand for surgical procedures in hospitals has increased. Old-aged people necessitate immediate attention and are prone to injuries and wounds that take a long time to recover. As the population shifts toward a more active lifestyle, the number of incidences of minor injuries and wounds is predicted to rise, fueling market growth. Chronic disorders eventually lead to the patient undergoing surgical operations, which accelerates their growth. Chronic illnesses that require these goods include hernia repair, diabetes, spine injuries, ocular injuries and replacements, urological disorders, and burns.

Regional Outlooks

The global topical hemostatic agentmarket is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America).  The market can be analyzed for particular region or country level as per the requirement. The Asia-Pacific regional Topical Hemostatic Agent market is expected to hold prominent market share due to the presence of several key market players.

Global Topical Hemostatic Agent Market Growth, by Region 2022-2028

The Asia-Pacific Regionis estimated to Hold the Major Share in the Global Topical Hemostatic AgentMarket

The Asia-Pacific is anticipated to hold a prominent share in the market. The adoption of technologically improved products, as well as the large volume of surgical procedures leading to a higher demand for the product across the region. In 2020, Institute of Nano Science and Technology (INST), an autonomous institute under the Department of Science & Technology, created a starch-based 'hemostat' material by concentrating the natural clotting components in the blood, this substance aids in the stoppage of blood flow. Such kind of product innovation across the region is further contributing to the regional market growth.

Market Players Outlook

In topical hemostatic agent market,Johnson & Johnson Services, Inc., Baxter International Inc., and B. Braun Melsungen AG are among the market's key players. To stay competitive in the market, market players are using a variety of strategies such as mergers and acquisitions, regional expansion, partnerships and collaborations, and new product releases to contribute significantly to market growth. For instance, Baxter International Inc. stated in July 2021 that its Baxter Healthcare Corp. subsidiary had purchased certain assets connected to CryoLife, Inc.'s PerClot Polysaccharide Hemostatic System. The acquisition was made to improve the company's ability to optimise patient care by delivering a wide variety of intraoperative bleeding solutions, both active and passive.

The Report Covers

• Market value data analysis of 2022 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global topical hemostatic agentmarket. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.