This is How the Key Players are Dominating Global European Hemostats Market
Hemostats help in controlling bleeding at the site of wound or performing various open surgeries. The different types of products used include thrombin-based hemostats, combination hemostats, oxidized regenerated cellulose-based hemostats, gelatin-based hemostats, and collagen-based hemostats. Of these, combination hemostats are anticipated to grow at the highest rate in Europe, as they reduce the risk of side-effects post-application.
Overview of This Study:
The study involved four major activities to estimate the current size of the European hemostats market. Exhaustive secondary research was conducted to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing estimates with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
Global Key Players:
Key players operating in the European hemostats market include B. Braun (Germany), Medtronic (Ireland), C. R. Bard (US), Takeda (Japan), and Baxter (US).
Growth Strategies:
The market for hemostats and sealants is anticipated to grow mainly due to the launch of the new products, M&A’s, and favorable reimbursement scenario in Europe. However, the increasing preference for minimally invasive surgeries and the reducing preference for the usage of hemostats while performing surgeries are expected to hinder the growth of this market during the forecast year.
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Projected Revenue Surge:
The European hemostats market is projected to reach USD 89 million by 2024 from USD 63 million in 2019, at a CAGR of 7.0%.
Major Growth Driving Factors:
Growth in this market is mainly driven by the favorable reimbursement scenario for the usage of hemostats in various surgeries. However, the shift towards minimally invasive surgeries over open surgeries is a major restraint for this market.
UK to grow at the highest rate during the forecast period (2019–2024)
The European hemostats market is geographically segmented into Germany, UK, France, Italy, and Spain. While Germany dominated the market in 2019, the UK is expected to register the highest CAGR in the market during the forecast period. Germany holds the largest share amongst all the European countries, owing to its larger patient population and comparatively higher number of surgeries, which will require the usage of hemostats and sealants.
Key questions addressed in the report:
# What are the growth opportunities in the Hemostats market across major countries in Europe in the future?
# What are the key drivers and restraints in the European Hemostats market?
# What are the key brands in the European Hemostats market?
# Which are the key countries in the European Hemostats market?
# What are the most preferred brands amongst end users?
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