Hemostasis is the study of a wide range of topical hemostats, tissue sealants, and flowable matrix products which help surgeons control bleeding during surgeries. These products play a crucial role in the management of bleeding in the damaged blood vessels during surgical procedures. Flowable hemostats are used along with adjunctive hemostats when conventional methods for obtaining hemostasis (i.e. topical and tissue sealing hemostats) fail. Flowable hemostats (combination of topical hemostats) contain porcine or bovine gelatin matrix and offer thick but flowable consistency. These are commonly used in spine surgery as well as cardiovascular surgery for anastomotic sealing. Ethicon US, LLC.’s Surgiflo, and Baxter Healthcare’s Floseal are the leading flowable hemostatic agents available in the flowable hemostats market. Surgiflo contains porcine gelatin and can be mixed with thrombin, while FloSeal has bovine gelatin matrix and human pooled plasma thrombin. A study published in the Journal of Medical Economics in January 2015 concluded that usage of Surgiflo was associated with hospital cost savings, and that these savings increased with the length of surgery. Moreover, in 2014, a large observational database study of Floseal in cardiac and spine surgery patients showed the reduction in risk of transfusion and shorter surgery time. Flowable hemostats have superior performance as well as ability to reduce hospital costs and surgery time. Hence, the flowable hemostats market is projected to witness substantial growth during the forecast period.
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Increasing preference among surgeons for the use of flowable hemostats is a key factor propelling the growth of the flowable hemostats market. Factors such as low preparation time, rapid hemostasis, direct applicability on the bleeding site, and applicability in various surgical procedures boost the flowable hemostats market. However, high price of flowable hemostats as compared to that of tissue sealants and topical hemostats is anticipated to restrain the growth of the flowable hemostats market during the study period. Other factors such as growth in aging population and rising number surgical procedures performed further drive the growth of the hemostasis products globally. According to the World Health Organization (WHO), the size of population aged 65 years and above is expected to increase from 605 million to 2 billion by 2050. The geriatric population is susceptible to various surgical interventions, which in turn, is expected to stimulate the demand for hemostat and tissue sealing agents during the forecast period.
Depending on geography, the global flowable hemostats market can be segmented into five key regions, Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America and Europe are expected to continue to dominate the global flowable hemostats market due to high number of surgeries performed and rise in adoption of flowable hemostats in clinical practices in these regions. Asia Pacific is another lucrative flowable hemostats market, and owing to its vast population and well-established health care infrastructure, the demand for the product is projected to rise at an above-average rate during the forecast period.
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The global flowable hemostats market is highly consolidated, with a few players accounting for major share of the total market revenue. Key players operating in the global flowable hemostats market include Baxter International Inc. and Ethicon Inc. (Johnson and Johnson Company). Ethicon Inc., LLC.’s Surgiflo and Baxter Healthcare’s Floseal are the leading flowable hemostatic agents in the market.