HEMOSTATIC SPRAY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Hemostatic Spray Market Size and Trends

Global Hemostatic Spray Market size is expected to reach US$ 4.69 Bn by 2030, from US$ 2.51 Bn in 2023, at a CAGR of 9.3% during the forecast period.

Hemostatic spray is a topical agent that helps promote hemostasis by facilitating clot formation. It contains active hemostatic ingredients such as thrombin, fibrinogen, or collagen that interact with blood components to form an adhesive matrix over wound. Hemostatic sprays are majorly used in surgical procedures to control bleeding in cases of impaired coagulation. They offer advantages such as ease of application, targeted delivery, and reduced blood loss.  Rising number of surgical procedures and increasing adoption of hemostatic agents are key factors driving the market growth of the global hemostatic spray market.

Global Hemostatic Spray Market Trends:

• Increasing adoption of inorganic growth strategies such as acquisition: Increasing adoption of inorganic growth strategies such as acquisition by the key market players is expected to drive the market growth over the forecast period. For instance, in July 2021, Baxter International Inc., a medical products company, announced acquisition of certain assets related to PerClot Polysaccharide Hemostatic System from CryoLife, Inc., a global medical device company.
• Increasing use of plant-based polysaccharides: The growing adoption of plant-based polysaccharides like chitosan as key components in hemostatic spray formulations is a significant trend. Chitosan demonstrates wound-healing, antimicrobial and hemostatic properties. Its cationic nature allows rapid electrostatic interactions with blood components for stable clot formation. Spray products using chitosan demonstrate higher biocompatibility, thus making them safer as compared to animal-derived agents. Manufacturers are increasingly utilizing plant polysaccharides due to their sustainability, affordability, and efficacy advantages.
• Technology advancement: Technological innovations in hemostatic agents are transforming trauma care and are significantly contributing to the expansion of the hemostatic spray market. New formulations that can quickly stop life-threatening hemorrhages at the site of injury have greatly improved clinical outcomes for casualties on the battlefield and in emergency rooms. For instance, on March 22, 2023, BC3 Technologies, a medical device company, announced it received U.S. Food and Drug Administration (FDA) 510(k) clearance for its seal hemostatic wound spray, an aerosolized chitosan for the rapid management of serious arterial bleeding. When sprayed on a bleeding wound, seal quickly forms a strong barrier that helps stop bleeding within seconds and without pain.
• Growing investments in research and development: The hemostatic spray market is witnessing increasing research and development (R&D) investments by companies to develop novel products and thereby enhance existing Efforts are underway to improve spray consistency, increase shelf-life of formulations, and achieve stronger adhesion. Nanotechnology and bioengineering are being leveraged to create superior biocompatible agents. Companies are collaborating with academia and research institutes to accelerate product development through extensive trials. The growing R&D investments are resulting in new product launches, thereby expanding the market scope.