Rise in surgery and trauma cases to burgeon the hemostasis products market
The process that aids in stopping the bleeding and thus holding the blood within the damaged vessel is known as hemostasis. It is basically the initial step of healing a wound. The process consists of coagulation; blood alters to a gel from the liquid. Hemostasis products are utilized to prevent hemorrhage and cease bleeding caused by surgical procedures and injuries. These products differ on the basis of their composition, cost, ease of application, immunogenicity, mechanism of action, and adherence to tissue.
The major factors contributing to the growth of the hemostasis products market include the noteworthy increase in the trauma patients and a variety of surgeries, the rise in frequency of Hemophilia B and A globally, and the growing usage of recombinant products. Further, the swift rate of introducing biodegradable and cost-effective products in the worldwide market is also positively influencing the growth of the market.
In the last few years, the market has witnessed a significant growth owing to the extensive R&D activities taking place in the domain of hemostasis technology, which makes the production of highly dependable hemostasis products for utilization in emergency circumstances. Moreover, the widespread research activities have also led to the development of numerous innovative products, which, in turn, has fueled the growth of the hemostasis products market.
However, stringent authorization policies followed by the international and national approval organizations have led to an anxious competitive atmosphere for the manufacturers of hemostasis product. The cost-intensive and lengthy approval processes coupled with the various differences in regulatory policies across diverse regions/countries are also daunting the manufacturers from producing a rising digit of product array in the market, which is expected to hinder the growth of the hemostasis products globally in the coming period.
The other reason that can influence the growth of the market negatively is the expiry of the patent in the worldwide market of few of the most well-known hemostasis product brands, which hampers the overall productivity of the market. The expiry of the patent in the healthcare industry is customarily followed by the production of cheaper and alternative biosimilars, which in taking into consideration the worldwide market for hemostasis products is anticipated to have a considerable influence on the future revenue of the market.