The Global Absorbable Hemostats Market is driven by increasing number of surgeries
Absorbable hemostats are special medical devices or agents used to control bleeding during surgical procedures by accelerating the clotting process of blood. Made from natural materials such as cellulose, collagen, and oxidized regenerated cellulose, absorbable hemostats function by absorbing body fluids and promoting a localized concentration of platelets and coagulation factors required for effective clot formation. They help in decreasing blood loss during complex surgeries and improve visibility of the surgical area, thereby providing surgeons more control during procedures.
The absorbable hemostats market is estimated to be valued at USD 2.87 Bn in 2024 and is expected to reach USD 4.455 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.
Key players operating in the Absorbable Hemostats market include C.R. Bard Inc., Baxter International Inc., Ethicon Inc., B. Braun Melsungen AG, Gelita Medical GmbH, Pfizer Inc., surgical specialty products etc. These players are focusing on developing advanced absorbable hemostats to meet the growing demand from hospitals and ASCs.
The demand for Absorbable Hemostats Market is increasing due to rising number of surgeries globally. As per estimations, over 328 million surgeries are performed annually worldwide. With increasing elderly population suffering from chronic illnesses, surgical procedures are expected to grow exponentially in the coming years.
Absorbable hemostat companies are expanding their global presence through acquisitions and partnerships with foreign players. For instance, C.R. Bard acquired Libra Medical in 2021 to strengthen its portfolio of absorbable hemostat products in international markets. Similarly, Baxter entered a distribution agreement with Glenmark Pharmaceuticals to market its absorbable hemostats in India.
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