Hemostasis is an important procedure that is used for preventing bleeding of an injured or damaged blood vessel. This process is considered as the first stage of wound healing. With the rapid development of the healthcare sector, the global market for hemostasis products is expected to witness substantial growth in the coming years. At present, the market is fragmented and competitive in nature with a large number of players operating in it. As per a research study by Transparency Market Research (TMR), in 2015, the global market for hemostasis products was worth US$5.35 bn and is estimated to reach a value of US$7.73 bn by the end of 2024. The market is estimated to register a 4.20% CAGR between 2016 and 2024.
This blog addresses several questions related to the development of the global hemostasis products market. Some of them are given below:
What aspects are likely to encourage the growth of the global hemostasis products market?
The rising focus of key players on technological advancements and innovations is one of the vital factors anticipated to augment global market in the next few years. In addition, the increasing number of research and development activities and the robust development of the healthcare sector are further expected to accelerate the growth of the overall market. The strong pipeline of hemostasis products and the rising number of surgical and trauma cases are some of the other factors estimated to generate promising opportunities for the key players operating in the hemostasis products market across the globe.
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Which region is projected to lead in the global hemostasis products market?
Among the key geographical regions, North America is expected to lead the global hemostasis products market in the next few years. The high growth of this region can be attributed to the rising number of innovative and effective products and the increasing pool of patients. In addition, the high-tech healthcare infrastructure and the technological developments related to hemostasis are anticipated to accelerate the growth of the market in the next few years. Furthermore, Europe and Asia Pacific markets are anticipated to witness substantial growth in the coming years.
Which business strategies have been adopted by key players to sustain in the global hemostasis products market?
Abbott Laboratories, Medtronic plc, Baxter International, Inc., Grifols, S.A., Johnson & Johnson, and Pfizer, Inc., are some of the key players operating in the global hemostasis products market. These players are making notable efforts to introduce new products in order to create a niche for themselves and gain a competitive advantage. In addition, the focus on untapped opportunities in the developing economies is expected to contribute extensively towards the growth of the global market. The increasing investments in the research and development activities is projected to bolster global hemostasis products in the next few years.