Hemostasis Diagnostic Devices And Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Hemostasis Diagnostic Devices And Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • April 2021 •
  • 175 pages •
  • Report ID: 6067937 •
  • Format: PDF
Major players in the hemostasis diagnostic devices and equipment market are C.R. Bard, Baxter International Inc., Pfizer Inc., Johnson & Johnson, and Abbott Laboratories.

The global hemostasis diagnostic devices and equipment market is expected to grow from $1.93 billion in 2020 to $2.99 billion in 2021 at a compound annual growth rate (CAGR) of 54.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4.27 billion in 2025 at a CAGR of 9.3%.

The hemostasis diagnostic devices and equipment market consists of sales of hemostasis diagnostic devices.Hemostasis is a process of slowing and stopping the blood flow to initiate wound healing after a vascular injury.

Hemostasis is the first step of healing a wound, it happens in three main stages, blood coagulation, platelet plug formation and lastly vasoconstriction.There are three types of devices which help speed up the hemostasis process, vascular closure devices (VCD), compression devices, and there are bandages coated with agents which will speed the clotting process.

With the help of hemostasis diagnostic devices, we can predict the cause of bleeding during surgery by identifying any hemostatic defects which patients may have.

Emergence of new and improved technology in the hemostasis diagnostic device and equipment market.
To improve the quality and success rate of operations, new and improved technology such as the collagen vascular hemostasis devices have been implemented.Collagen is the main structural protein found in skin and other connective tissues.

It is widely used in purified form for cosmetic surgical treatments and has now emerged in the hemostasis diagnostic devices market.A patient can face immobility right after a femoral surgery leading to increased discomfort, as a result collagen-based closure device have been implemented.

According to a study conducted by the American Journal of Neuroradiology which they surveyed 698 Angio-Seal closures, using the Angio seal reduced average time before mobilization by close to 15 minutes with no major complications. Angio seal is a type of collagen hemostasis device which reduces the average time of hemostasis and betters the mobilization of the patient.

The increased likelihood of older people being diagnosed with a disease is driving the number of surgeries such as cardio vascular diseases (CVD), using hemostasis devices.Due to the higher incidence of diseases with advancing age, there is an increase in the number of surgeries in elderly patients nowadays.

These hemostasis devices are very efficient in speeding up the natural process of clotting in the blood and can monitor anticoagulation and transfusion therapy guidance in any surgery.

In the year 2018, Baxter international Inc., a leading American healthcare company acquired Mallinckrodt for $153 Million. The acquisition was done for the purchase and addition of hemostasis devices in the product portfolio of Baxter Inc. Mallinckrodt is an Irish–tax registered manufacturer of specialty pharmaceuticals and imaging agents. This acquisition was done to enhance the product portfolio of Baxter Inc. with hemostats, particularly Recothrom and Preveleak. These devices are useful in vascular reconstructions to achieve hemostasis by sealing the leakage mechanically. When the Preveleak hemostat device was implemented the average surgery, time was reduced by 15%.

The use of hemostasis devices in hospitals or clinics requires a very lengthy approval procedure which is restraining the market.Before hemostasis devices can enter the market for commercial use they have to clear the regulations set by the Code of Federal Regulations (title 21).

The process of approval consists firstly identification of the device, secondly classification of the device and finally the date of pre-market approval (PMA) or the notice of completion of prescription drug plan (PDP) is required.It is a very long and time-consuming approval process which discourages new entrants from entering this market.

For example, Cardiva medical Inc. had to wait for a processing period of four months before they received approval to change the existing equipment with a newer and modern one.

According to the American Heart Association report, Americans older than 80 have a high risk of devolving a cardiovascular disease (CVD), around 83% of men and 87.1% of female will be suffering with any form of CVD, therefore, to improve the comfort of the patient and the success rate of surgeries as a result hemostasis device has been implemented widely.