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In 2018, the local hemostatic market in Korea is estimated to have reached US$*** Million based on initial supply price and US$*** Million based on end user (medical institution) purchase price.

Korean hemostatic market is expected to grow at an average annual rate of ***% over the next five years since 2019. In 2023, the market is expected to reach US$*** Million based on the initial supply price and US$*** Million based on the final purchase price of medical institution users.

In 2018, about US$ *** million (***%) out of US$*** Million was paid and reimbursed from National Health Insurance Service (NHIS) health insurance benefits, whereas it is estimated that the remaining US$*** million (***%) was paid by patients themselves. This is because NHIS does not pay whole price of local hemostats used per surgery where the remains should be paid by patient as out-of-pocket.

In 2018, the total reimbursement of local hemostats was US$*** million. The surgical hemostats pharmaceuticals reimbursement was US$12.9 million (***%), surgical hemostats medical device was US$*** million(***%), post vascular intervention surgeries medical device reimbursement was about US$*** billion (***%). In 2018, health insurance benefits reimbursed for local hemostats grew ***% to US$*** from previous year. In 2016, the reimbursement grew from US$*** million to an annual average of ***% for two years.

In 2019, the local hemostat market is expected to grow ***% from 2018, reaching around US$*** million based on initial supply price and US$*** million based on medical institution purchase prices. Of these, the health insurance reimbursement size is estimated US$*** million.

According to the reimbursement size of surgical hemostats by department category in 2018, neurosurgery department were US$*** million, which consisted highest portion of ***% of the total reimbursement for local hemostat of US$*** million, followed by general surgery US$*** million(***%), thoracic surgery US$*** million(***%).

According to the reimbursement size of surgical hemostats by end user category in 2018, teritary hospital were US$*** million, which consisted highest portion of ***% of the total reimbursement for local hemostat of US$*** million, followed by general hospital US$***million(***%), hospital US$*** million(***%).

In 2018, *** manufacturers / importers registered about *** products in the health insurance. In local hemostatic market, 11 major suppliers are Baxter, Hyundai Pharmaceutical, GC Pharma, Johnson& Johnson Medical, DalimTissen, Hanmi Healthcare, Samyang Biopharm, Bard Korea, Curesys, Nano Pharm, and SK Plasma. (Based on listed product code in`Therapeutic products Reimbursement/Non-Reimbursement List and Maximum Cap Price Table')

Among the top three suppliers (Baxter, Hyundai Pharmaceutical, and GC Pharma), their total market share was ***% of the total, and it is estimated that the remaining *** suppliers accounted for ***% of the market. In the local hemostatic market, each of the top three companies, Baxter's (Floseal, Tiseal and HemoPatch) account for ***%, Hyundai's (Tachosil) ***%, and GC's (Greenplast) ***%.

Product ingredients can be classified into oxidized regenerated cellulose (ORC), gelatin, collagen, mixed ingredients and materials, and others. Accordingly, each hemostat suppliers distribute various products consisting different product forms and ingredients according to the needs of customers with differentiating sales and marketing strategies.

In the 1990s, AviteneTM and SURGICEL products paved the way for the foundation of local hemostatic drug products market. Since 2017, the number of suppliers and product diversification continues as the national health insurance system has expanded the reimbursement criteria for local hemostatic approved as medical devices. The local hemostat market has been continuously grown due to health insurance coverage expansion policies and it is expected that this direction is expected to continue.

Korean hemostat market is expected to grow at an annual average of ***% over the next five years, driven by the increase in aging population, the number of surgery, the number of endoscopic surgery, the number of robotic surgery, the number of cancer patients, the trauma center, and the number of foreign patients. On the other hand, the health insurance pricing decision method based on the mechanism of action, shape, size, etc. of the product, is expected to suppress the distribution of hemostats with various materials and effects. In addition, local hemostatic agents are divided into Diagnostic Related Group (DRG) and new Diagnostic Related Group (nDRG) materials. Therefore, the government's policy in relation to expanding and applying DRG and nDRG will act as a restrain factor for the use of hemosts and its market growth.

The product preference has accumulated over a long period of time since the use of the hemosts, thus, it is difficult to expect a abrupt change in a short period of time. However, in order to provide quality medical services, there still remains high interest, potential demands, and unmet needs for hemostats with proven effectiveness and safety. Therefore, there are still opportunities for growth in new products that fulfills user friendliness, improve preparation time, cost, and effectiveness.