The latest market report published by Credence Research, Inc. “Hemostasis and Tissue Sealing Agents Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global hemostasis and tissue sealing agents market was valued at US$ 3,321.9 Mn in 2017 and expected to reach US$ 6,837.6 Mn by 2026, expanding at a CAGR of 8.2% from 2018 to 2026.
The global market for hemostasis and tissue sealing agents will see a CAGR of 8.2% over the forecast period from 2018 to 2026. Technological innovations in the properties of tissue sealing agents and a multitude of surgical procedures performed every year are key factors driving the growth of this market. Joint ventures between research organizations and market players and partnerships with hospitals are primary developments in the global market for haemostasis and tissue sealing agents. Market players are also observed to increase their R&D activities in order to develop natural products such as fibrin sealants and increase the bioavailability of products. Mergers and acquisitions are also a primary trend observed in this industry.
Intensively, industry players are currently seeking ways to expand the use of topical wetlands with mechanical and active versions. Potential scope for investment in innovation in the field of natural tissue sealants is also available. This segment will see the fastest growth in the market during the forecast period from 2018 to 2026. When understanding of the advantages of tissue sealants grows, the demand for these products has grown in surgeons. Some of the main advantages associated with tissue sealants include ease of use, improved vision, decreased need for transfusion, better use in patients with coagulation disorders, reduced exudate and so on.
The need for tissue sealants is therefore high in procedures performed in geriatric patients where the risk of surgical site complications is significantly higher. The use of tissue sealing agents in neurological, gynecological, respiratory, colorectal, cardiovascular and urological surgeries will further improve the market position of this product. The category of tissue sealants in this report is further classified as fibrin sealant (natural) and synthetic sealant forms. Between these, the market growth of the fibrin sealant type is expected to be the fastest during the forecast period.
Considering the competitive landscape, the global hemostasis and tissue sealing agents market will witness tight competition in the coming years. Consolidation is a key advancement observed in this market on the grounds of widespread mergers, collaboration, acquisitions and joint agreements being undertaken by the market players. Swift commercialization of novel products is also a key characteristic of this industry. Some of the key players engaged in the global hemostasis and tissue sealing agents market are Baxter, Johnson & Johnson, CryoLife, Inc., Advanced Medical Solutions Group plc, Cohera Medical, Inc., Integra LifeSciences Corporation, Pfizer, Inc., C R Bard Inc., Cohesion Technologies, Inc., Zimmer Biomet, and B Braun Medical Inc.
Key Market Movements:
Growing prevalence of chronic diseases and demand for corrective surgeries increasing preference for hemostats and sealants in surgical procedures
The rapid development of the Asia Pacific healthcare infrastructure and burgeoning medical tourism industry
Growing preference of technologically advanced sealing agents in Europe as against surgical sutures, unless imperative
Intensive marketing strategies in North America and Europe
Rapid penetration of major players in the emerging Asia Pacific, and Latin America markets