According to a report by Grand View Research, Inc., global hemostasis and tissue sealing market is projected to value USD 7.4 billion by 2022. Rising need for advanced products offering quick recovery from post-surgical wounds and injuries is anticipated to propel product demand in the forthcoming years. Such products are likely to cease bleeding caused by surgical procedures and injuries. In addition, they are expected to prevent occurrence of blood transfusions, hypovolemic shock, thrombocytopenia, and post-operative complications.
Rise in surgeries owing to increasing number of geriatric population can augment market growth. Rising cases of chronic diseases leading to surgical procedures are anticipated to propel growth of market in the coming years. Increasing use of hemostasis devices and sealants to cease bleeding and hemorrhage over conventional products can fuel market growth. Growing adoption of hemostatic solutions for minimally invasive surgeries for urology can augment growth of market during the forecast period (2012 to 2022).
Lack of reimbursement policies for hemostats and issue sealing agents can hinder growth of market to some extent. In addition, increasing cost of surgical procedures and required surgical equipment can further restrict market growth during the forecast period.
Browse Research Report on Hemostasis and Tissue Sealing Agents Market:
The hemostasis and tissue sealing market can be segregated on the basis of product and region. Based on product, the market can be bifurcated into topical hemostats and adhesives & tissue sealants. Topical hemostats can be segmented further into active, mechanical, and flow-able hemostats. They can be used along with traditional treatment to offer quick, cost-efficient, and easy absorbability of hemostat agent, non-antigenicity, and minimal tissue reactivity. Hemostasis plays a major role in fibrinolysis, coagulation, and platelet aggregation pathways through activation of these factors. Hemostats can consist of hemostatic agents and method of delivery involves devices such as prefilled syringes or ready-to-use applicators.
On the contrary, adhesives and sealants are expected to play significant role in managing blood loss during surgeries. They can bind and seal the damaged tissues. Binding can create a barrier over the surgical wound and injured part and boost coagulation. Minimal invasion, less post-surgical infections, prevention of discharge of other body fluids, and faster procedure rate are factors expected to propel demand for adhesives and sealants over sutures. They can be segmented further into natural, synthetic, and adhesion barrier products based on sealants.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In 2014, North America dominated the market and accounted for largest market share owing to high prevalence of diabetes, cardiovascular diseases, and cancer within this region. It can be accountable for over 30% market share by 2022. Increasing use of adhesives and sealants in surgeries and other medical applications to minimize post-surgery complications and expedite healing process can fuel market growth in the region during the forecast period.
Europe followed North America in terms of market share during 2014. It is expected to grow at CAGR of 8% during the forecast period. Launch of innovative and advanced hemostat products such as TISEEL, FLOSEAL, and HEMOPATCH can influence market growth in the region. In addition, increasing number of surgeries owing to expanding geriatric population base can bolster market growth in this region.
In Asia Pacific, the market is anticipated to witness significant growth during the forecast period owing to increased surgical procedures and medical tourism. It is likely to gain market share of 25% by 2022 owing to cost effective environment and supportive policies. India, Japan, and China are expected to be major revenue generators in this region owing to availability of advanced treatments, developed healthcare infrastructure, and a large patient pool. In addition, Singapore, Malaysia, and other Asian countries are likely to expand in the coming years owing to improvement in healthcare services and booming medical tourism.
Some of the leading companies offering hemostasis and tissue sealing products are Pfizer Inc.; B. Braun Medical Inc.; CryoLife, Inc.; C. R. Bard, Inc. , and Advanced Medical Solutions Group plc. Most companies are expected to adopt strategies such as incorporation of bacteriostatic properties and R&D in the field of formulation development to maintain their market presence. In addition, companies can also indulge in mergers and acquisitions to ensure sustainability and regional expansion.
View press release of this research report by Grand View Research:
www.grandviewresearch.com/press-release/global-hemostasis-tissue-sealing-agents-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and healthcare.
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