The hemostasis & tissue sealing agents market is likely to grow at a healthy 8.6% CAGR between 2018- 2023, according to the recent analysis by Market Research Future (MRFR). Hemostasis & tissue sealing agents, simply put, are materials utilized to restrict bleeding or hemorrhage resulting from injuries or at the time of surgical procedures.
Various factors are propelling the global hemostasis and tissue sealing agents market growth. According to the new MRFR report, such factors include a rising number of pulmonary, cardiovascular, vascular, and gastrointestinal surgeries, demand for minimally invasive surgeries, increasing FDA approvals for various hemostatic products, growing geriatric population, and prevalence of chronic conditions. Additional factors adding market growth include its ability to prevent loss of blood and growing demand by patients for faster recovery.
On the contrary, lack of reimbursement for such products and advances in minimally invasive procedures are factors that may limit the global hemostasis and tissue sealing agents market growth during the forecast period. Besides, the grave impact of the ongoing COVID-19 pandemic is also impacting the market growth.
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Key Players
Leading players profiled in the global hemostasis and tissue sealing agents market report include Advanced Medical Solutions Group Plc, MIL Laboratories Pvt. Ltd,. B. Braun Melsungen AG, Medtronic plc, Pfizer, Inc, Cohera Medical, Inc., Dickinson & Company, Becton, Integra Lifesciences Corporation, Ethicon LLC, Baxter International, Inc, Cryolife, Inc., and Johnson & Johnson. Industry players have incorporated several strategies to create a foothold in the market, such as mergers and acquisitions, strategic alliances, extensive research and development activities, joint ventures, collaborations, product launch, and contracts.
Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global hemostasis and tissue sealing agents market based on end user and product.
- By Product, the hemostasis and tissue sealing agents market is segmented into adhesive & tissue sealant, and topical hemostats. The topical hemostats segment is again segmented into flowable, mechanical (polysaccharide-based hemostats, gelatin-based hemostats, cellulose based hemostats, and collagen-based hemostats. Adhesive & tissue sealant is again segmented into adhesion barrier, natural, and synthetic. Of these, the topical hemostats segment is predicted to lead the market over the forecast period for these agents’ quick absorbability, non-antigenicity, minimal tissue reactivity, and cost-efficiency. Similarly, adhesive & sealants too, play a pivotal role in limiting blood loss during different surgical processes and needs minimal invasion.
- By End user, the hemostasis and tissue sealing agents market is segmented into ambulatory centers, hospitals, and others. Of these, hospitals will spearhead the market over the forecast period for the rising number of patients visiting emergency departments coupled with the increasing number of surgeries conducted at multi-specialty hospitals.
Regional Analysis
By region, the hemostasis & tissue sealing agents market report covers the growth opportunities and recent trends across the Americas, Europe, the Asia Pacific, & the Middle East and Africa (MEA). Among these, the Americas will spearhead the market over the forecast period. The presence of leading product manufacturers, rising number of surgical procedures, and high budgets by the public, private, and government organizations for clinical research & development, and rising prevalence of chronic diseases like cancer and diabetes are adding to the global hemostasis and tissue sealing agents market growth in the region.
In Europe, the hemostasis & tissue sealing agents market is predicted to hold the second-largest share over the forecast period. Rising incidences of surgical procedures, swift approval of technologically advanced & novel products in the healthcare system, and aggressive marketing of new surgical products to surgeons are adding to the global hemostasis and tissue sealing agents market growth in the region.
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In the APAC region the hemostasis & tissue sealing agents is predicted to grow at a fast pace during the forecast period. Rising healthcare expenditure in developing countries, increasing medial tourism for the surgical procedure, huge potential patient pool, and favorable government policies are adding to the global hemostasis and tissue sealing agents market growth in the region.
In the MEA, the hemostasis & tissue sealing agents market is predicted to have the smallest share over the forecast period. The maximum market share will be held by the Middle East for the rising initiatives by the government for the healthcare industry.
