By type, the Hemostats market is segmented into thrombin-based hemostats, oxidized regenerated cellulose-based hemostats, combination hemostats, gelatin-based hemostats, and collagen-based hemostats. 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. 

Currently, the lack of skilled surgeons, both in developed and developing economies, is one of the major factors limiting the adoption of these products. For instance, the Association of American Medical Colleges (AAMC) projects a shortage of about 122,000 physicians by 2032 in the US. Of these, a shortage of 12,000 medical specialists and 23,400 surgeons and 39,100 other specialists such as neurologists and radiologists is expected to occur by 2032.

The technology landscape and application areas of hemostats products are changing rapidly, owing to technological advancements in this field. This necessitates physicians and other healthcare providers to acquire the necessary skills to apply advanced hemostats products such as hemostats, bone graft substitutes, surgical sealants, and adhesives effectively. Therefore, surgeons and physicians in hospitals and clinics are reluctant to use advanced surgical products for wound closure. 

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Based on formulation, the hemostats market is segmented into matrix gel hemostats, sheet pad hemostats, sponge hemostats, and powder hemostats. In 2020, the matrix gel hemostats segment accounted for the largest share of the hemostats market. The large share of this segment can be attributed to the advantages associated with these hemostats, such as easy application, biocompatibility, and cost-effectiveness. 

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. The COVID-19 outbreak has significantly impacted the availability of hospital resources worldwide. This has been primarily managed by dramatically reducing inpatient and outpatient services for other diseases and implementing infection prevention and control measures. the number of surgical procedures declined precipitously, with countries worldwide being affected by the pandemic. 

Some of the major players operating in this 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. In 2020, Ethicon (Subsidiary of Johnson Johnson) ( US) held the leading position in the market. The company has a strong geographic presence across the US, Asia, Europe, Middle East and Africa, the Americas. Moreover, the company’s strong brand recognition and comprehensive product portfolio in the Hemostats market is its key strength. Baxter (US) held the second position in the market in 2020.