The growing volume of surgical procedures performed, rising focus on R&D, increasing incidence of sports-related injuries and spinal ailments, and rising focus on effective blood loss management in patients during surgeries. However, side effects and allergic reactions associated with hemostats are expected to hamper the adoption of these products. 

With the WHO officially declaring the outbreak of COVID-19 a pandemic, a mix of established pharmaceutical and biopharmaceutical companies and small startups has stepped forward to develop treatments and vaccines that target the infection caused by the novel coronavirus. 

According to the Heart and Circulatory Disease Statistics 2019 from the British Heart Foundation (UK), there has been a significant increase in the number of cardiac surgical procedures such as angioplasty and aortic valve replacement in the UK over the last decade, and this trend is expected to continue in the coming years.

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The thrombin-based hemostats segment accounted for the largest share in the hemostats market in 2020. The large share of this segment can primarily be attributed to the advantages associated with the use of thrombin-based hemostat. 

The large share of this segment can be attributed to the advantages associated with these hemostats, such as easy application, biocompatibility, and cost-effectiveness. On the other hand, the sponge hemostats segment is expected to witness the highest growth in the market during the forecast period due to the growing acceptance of these formulations by end users. 

The Hemostats market is segmented into five major regional segments, namely, North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In 2020, North America accounted for the largest share of the Hemostats market, followed by Europe.  

The major players in the Hemostats market are C.R. Bard (US), Baxter (US), Teleflex Incorporated (US), Ethicon (Subsidiary of Johnson & Johnson) ( US), Medtronic plc (Ireland), B. Braun Melsungen AG (Germany),  Pfizer (US), etc.