Middle East and Africa Hemostats Market, By Product Type (Thrombin Based, Combination, Oxidized Regenerated Cellulose Based, Gelatin Based, Collagen Based Hemostat), By Indication (Wound Closure, Surgery), By End-User (Hospitals, Clinics, Ambulatory Centers, Community Healthcare, Others), By Geography (Middle East and Africa) – Industry Trends and Forecast to 2024Middle East and Africa Hemostats Market is expected to reach USD 134.3 million by 2024 from USD 103.7 million in 2016, at a CAGR of 3.2% in the forecast period 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
The major factors driving the growth of this market are the increasing number of surgeries, increasing healthcare expenditure, technological advancements, chronic condition and aging population. These factors increase the demand of various hemostats agents. On the other hand weak reimbursement and reluctance of surgeons towards acceptance of new products may hinder the growth of the market.
Market Segmentation: Middle East and Africa (MEA) Hemostats Market
The Middle East and Africa hemostats market is segmented on the basis of product type, application, distribution channel, and end user. The Middle East and Africa hemostats market is segmented into 5 major product types, namely thrombin based hemostats, combination agents, oxidized regenerated cellulose based hemostats, gelatin based hemostats and collagen based hemostats. In 2017, the thrombin based hemostats segment is expected to dominate the market with a share of 40.8% and combination agents is expected to grow with the highest CAGR during the forecast period from 2017 to 2024.
- On the basis of application, the market is segmented into surgery and wound closure.
- On the basis of distribution channel, the market is segmented into direct tender and retail.
- On the basis of end users, the market is classified into hospitals, community healthcare, ambulatory centres and clinics. In 2017, the hospital segment is expected to dominate the market and is expected to continue this trend till 2024.
Key Drivers: Middle East and Africa (MEA) Hemostats Market
Some of the major factors driving the market for hemostats market are increasing number of surgeries, technological advancement, increasing healthcare expenditure and infrastructure. These factors are increasing the demand for different hemostatic agents.
- Reluctance of surgeons towards new products may hinder the growth of this market.
- The weak reimbursement scenario will hamper the growth of the market for new and innovative therapies or hemostats products, causing companies to withdraw from the market thus increasing the hospital costs putting all burdens onto the patient for treatment.
Key Points: Middle East and Africa (MEA) Hemostats Market
Ethicon US LLC (U.S.) is dominating the hemostats market followed by Pfizer and Gelita Medical, along with others such as C.R. Bard, Baxter, Vascular Solutions, Inc., B. Braun Melsungen AG, Cura Medical, Axio Biosolutions Private Limited., Anika Therapeutics, Inc., Arch Therapeutics Inc., Aegis Lifesciences, CryoLife, Inc., Hemostasis, LLC, MedTrade Products Limited, Integra LifeSciences Corporation, Altalayar Medical, Stryker, Mallinckrodt, and Starch Medical among other companies.
- Combination agents market is growing with the highest CAGR.
- Thrombin based hemostats is driving the market with the highest market share.
- Surgery is dominating the application segment in the hemostats market.