Hemostasis and Tissue Sealing Agents Market Estimated to Record Highest CAGR by 2024
Transparency Market Research (TMR)has published a new report titled, ‘Hemostasis and Tissue Sealing Agents Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global Hemostasis and Tissue Sealing Agents market was valued at US$ 5.1 Bn in 2018 and is projected to expand at a CAGR of 8.3% from 2019 to 2027.
- Hemostats are surgical tools that can be used to control bleeding during surgery. Topical hemostat and tissue sealant products are rapidly replacing the conventional sutures for wound and incision closure.
- Hemostasis and sealing agents are widely used in health care settings, as these offer several advantages such as minimal incision, reduced operating time, reduced post-operative infection risks and others.
- North America dominated the global hemostasis and tissue sealing agents market in 2018 and the trend is anticipated to continue during the forecast period. Highly structured health care industry, increased demand for hemostasis and tissue sealing agents and new product launch are expected to drive the market in North America.
- Asia Pacific is likely to be a highly lucrative market for hemostasis and tissue sealing agents and it is expected to expand at a high CAGR during the forecast period
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Rise in Demand for Minimally Invasive Procedures and Technological Advancement to Drive Market
- Introduction of novel hemostat and sealant products is driving demand globally. For instance, introduction of fibrin sealant products has expanded the application areas in drug delivery mechanism and adhesion prevention. Moreover, periodic launch of new products and regulatory approvals of new hemostat products fuels the growth of the market. For instance, in December 2019, Ethicon (Johnson and Johnson) launched VISTASEAL fibrin sealant (Human) to help surgeons manage bleeding during surgery.
- The preference for minimally invasive surgeries has increased significantly in the past few years. Minimally invasive surgeries have advantages such as shorter hospital stay, minimal incision, fewer post-surgical complications and shorter recovery time.
- Such factors are anticipated to drive demand for hemostat and sealant products, which in turn would provide opportunities for companies operating in the global hemostat and sealant products market
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Topical Hemostat Segment to Dominate Market
- Based on type, the global hemostasis and tissue sealing agents market has been divided into topical hemostat and adhesive and tissue sealing agents. The topical hemostat segment dominated the global hemostasis and tissue sealing agents market in 2018 and the trend is projected to continue during the forecast period. Topical hemostats play an important role to control bleeding in surgical procedures when ligatures or conventional procedures are ineffective or impractical. These products diffuse the surface bleeding, bone bleeding, venous bleeding, and reduce the post-operative complications during surgical procedures. Topical hemostats can be used in both intra-operative and post-operative procedures to arrest bleeding. Such factors are helps to drive the growth this segment during forecasted period.
- The topical hemostat segment further sub-segmented into mechanical hemostats, active hemostats and flowable hemostats. Mechanical hemostats includes collagen based topical hemostats, ORC based topical hemostats, gelatin based topical hemostats and polysaccharide based topical hemostats.
- Adhesive and tissue sealing agents segment divided into natural tissue sealant, synthetic tissue sealant and adhesion barrier products. Out of this natural tissue sealant segment dominate the global hemostasis and tissue sealing agents market in 2018. Natural tissue sealants consist of biological components such as cryoprecipitate and fibrin that stimulate the body’s natural clotting process. Such factor is likely to drive the growth of this segment.
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North America to Dominate Global Market
- In terms of region, the global hemostasis and tissue sealing agents market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global hemostasis and tissue sealing agents market in 2018, followed by Europe.
- North America accounted for major share of the global hemostasis and tissue sealing agents market in 2018. This is attributable to rising number of inpatient and outpatient surgical procedures in this region and prevalence of cardiovascular disorders, diabetes, and cancer within the region. Such factors are helps to increase the demand for hemostat products, thereby driving market growth.
- The hemostasis and tissue sealing agents market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This can be attributed to growing economies such as China, Japan, India, South Korea, and Singapore, and continuous rise in health care expenditure. In addition, increasing penetration by market players such as Ethicon, Inc., Integra LifeSciences Corporation, and CryoLife, Inc. in these geographies supports the growth of this market.
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- The global hemostasis and tissue sealing agents market is fragmented in terms of number of players. Key players in the global market include Advanced Medical Solutions Group plc, Baxter, Cohera Medical, Inc., CryoLife, Inc., C.R. Bard, Inc., Johnson & Johnson Services, Inc., Integra LifeSciences Corporation, Pfizer, Inc., Cohesion Technologies Inc., B Braun Medical Inc. and other prominent players.
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