According to market research report, "Hemostats Market by Type (Thrombin, Oxidised Regenerated Cellulose, Combination, Gelatin, Collagen), Application (Orthopedic Surgery, General Surgery, Gynecological), Formulation (Sponge, Powder, Matrix & Gel, Sheets & Pads) - Global Forecast to 2027", size is projected to reach USD 3.7 billion by 2027 from USD 2.8 billion in 2022, at a CAGR of 6.1% during the forecast period. Market is driven by factors such as significant increase in the number of cardiac surgical procedures such as angioplasty and aortic valve replacement and significant capital investments for R&D.

Side effects and allergic reactions caused by hemostats is anticipated to restraint the hemostats market growth. Increasing adoption of advanced hemostats in emerging markers will to propel market growth opportunities. However, stringent regulatory framework is anticipated to hinder market development. 

Combination Hemostats in product segment to witness the highest growth rate during the forecast period.

Based on the type, the hemostats is classified into thrombin-based hemostats, oxidized regenerated cellulose-based hemostats, combination hemostats, gelatin-based hemostats, and collagen-based hemostats. The thrombin-based hemostats, segment is expected to hold highest share because of its benefits over bovine and human thrombin-based hemostatic agents. 

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The Matrix & gel hemostats  segment of Diagnostic Devices accounted for the largest share of the Hemostats market in 2020

Based on formulation, the hemostats market is segmented into matrix & gel hemostats, sheet & pad hemostats, sponge hemostats, and powder hemostats. In 2020, the matrix & gel hemostats segment accounted for the largest share of the hemostats market. The large share of this segment can be attributed to the advantages associated with these hemostats, such as easy application, biocompatibility, and cost-effectiveness. On the other hand, the sponge hemostats segment is expected to witness the highest growth in the market during the forecast period due to the growing acceptance of these formulations by end users.

Orthopedic surgery application to dominate the hemostats market during the forecast period.

Based on the application, the hemostats is classified into neurological surgery, cardiovascular surgery, general surgery, orthopedic surgery, thoracic surgery, gynecological surgery, reconstructive surgery, and other surgeries. The orthopedics segment is expected to hold highest share because of rising number of sports injuries such as ligament tears and factures.

US dominates the North American Hemostats Market.

Based on the North America region, the Hemostats Market is divided into US and Canada. US is expected to dominate the Hemostats Market. Growing demand for hemostats during surgeries, strong healthcare infrastructure, and growth in the geriatric population are the key factor driving market growth in the US.

The major players in the Hemostats market are C.R. Bard (US), Baxter (US), Teleflex Incorporated (US), Ethicon (Subsidiary of Johnson & Johnson) ( US), Medtronic plc (Ireland), B. Braun Melsungen AG (Germany),  Pfizer (US), etc.