At 3.2% CAGR, the South & Central America Flowable Hemostats Market is Projected to be Worth US$ 48.41 Million by 2028, says Business Market Insights
According to Business Market Insights research, the South & Central America flowable hemostats market was valued at US$ 40.12 million in 2022 and is expected to reach US$ 48.41 million by 2028, registering a CAGR of 3.2% from 2022 to 2028. Increasing number of hospitals and surgical centers and rising geriatric population are among the critical factors attributed to the South & Central America flowable hemostats market expansion.
The number of hospitals and surgical centers is increasing rapidly in developed and emerging regions. Such growth accelerates demand for surgical equipment (including medical devices and hemostat products) for lately established surgical centers and hospitals. Furthermore, the growth in the healthcare sector offers lucrative opportunities for the flowable hemostats market. The healthcare industry has been encountering a rapid transformation in recent years. Various countries across the globe have favored advanced technologies in healthcare. With the need for better healthcare facilities, Technology-Enabled Care (TEC) solutions are being referred to in the healthcare systems, especially in emerging economies. Some of the primary factors, such as rising incidences of chronic illnesses, an increase in the aging population, and pediatric care, are helping boost the growth of the healthcare industry. With rising technical procedures, the effectiveness of topical hemostats may help improve clinical outcomes. Thus, the ideal topical hemostats would offer authentic and prompt bleeding control. Such significant growth in the number of hospitals and surgical centers demands high adoption of flowable hemostat products, ultimately offering lucrative growth opportunities for the market's growth during the coming years.
On the contrary, shortage of skilled professionals and poor reimbursement policies hamper the South & Central America flowable hemostats market.
Based on material, the South & Central America flowable hemostats market is bifurcated into bovine gelatin & porcine gelatin. The bovine gelatin segment held 62.8% share of South & Central America flowable hemostats market in 2022, amassing US$ 25.19 million. It is projected to garner US$ 30.75 million by 2028 to expand at 3.4% CAGR during 2022-2028.
In terms product, the South & Central America flowable hemostats market is segmented into combination hemostats, passive hemostats, and active hemostats. The combination hemostats segment held 58.0% share of South & Central America flowable hemostats market in 2022, amassing US$ 23.27 million. It is projected to garner US$ 28.65 million by 2028 to expand at 3.5% CAGR during 2022-2028.
Based on application, the South & Central America flowable hemostats market is categorized into general surgery, cardiac surgery, vascular surgery, orthopedic surgery, neuro and spine surgery, and others. The general surgery segment held 32.5% share of South & Central America flowable hemostats market in 2022, amassing US$ 13.03 million. It is projected to garner US$ 16.68 million by 2028 to expand at 4.2% CAGR during 2022-2028.
Based on end user, the South & Central America flowable hemostats market is segmented into hospitals and clinics, ambulatory surgery centers, and others. The hospitals and clinics segment held 64.7% share of South & Central America flowable hemostats market in 2022, amassing US$ 25.95 million. It is projected to garner US$ 31.07 million by 2028 to expand at 3.0% CAGR during 2022-2028.
By country, the South & Central America flowable hemostats market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 55.3% share of South & Central America flowable hemostats market in 2022. It was assessed at US$ 22.20 million in 2022 and is likely to hit US$ 27.97 million by 2028, exhibiting a CAGR of 3.9% during 2022-2028.
Key players operating in the South & Central America flowable hemostats market Baxter International Inc, Ethicon (Johnson & Johnson), Pfizer Inc, Teleflex Incorporated, 3-D Matrix Medical Technology, and Aegis Lifesciences, among others.
In Dec-19, Johnson & Johnson's Ethicon unit has launched its blood-stopping protein spray, designed to quickly seal off and control excessive bleeding during open surgeries or minimally invasive procedures. According to Ethicon, it's the first fibrin sealant designed to be used without a gas propellant. Delivered in a pre-filled syringe, the spray is designed to rapidly adhere and form a clot over the bleed and has shown clinical success in high-risk patients-such as those with multiple factors including bleeding disorders, diabetes or organ failure, or patients taking blood thinners or antiplatelet therapies.
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