The hemostasis and tissue sealing agents market was about USD 3.4 billion in 2014. Hemostats & sealants are healthcare instruments that stop hemorrhages & bleeding. These conditions may arise from surgical practices & wounds. The market is predicted to experience profits from 2015 to 2022 (forecast period). This would result from increasing surgery volumes globally.
Major companies adopt strategies to increase their shares. This also propels market revenues. Similarly, geriatric population & chronic diseases promote market sales. These devices offer several benefits & are patient-friendly. This factor is also projected to assist the hemostasis and tissue sealing agents market.
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Diabetes, hernia fixation, eye & spinal injuries, burns, and urological disorders are some of the chronic conditions needing hemostats & sealants. Urological surgeries involving minimal invasiveness specifically utilize hemostatic solutions, furthering the market. Maximum demand for these products stems from general surgeries & cardiac illnesses.
Wide usage of these devices in cardiac diseases is credited to improved medical results. The hemostasis and tissue sealing agents market is bifurcated into products and regions. Products include tissue sealants and topical hemostats. Topical hemostats are divided into active, mechanical, and flowable. Sealants & adhesives take care of blood loss during surgical practices.
The regional segments comprise North America, Asia Pacific, Europe, and rest of the world. North America occupied the biggest share due to cancer, diabetes, and cardiac incidences in the region. Other regional drivers consist of product launches, aggressive sales of these devices, and use of these products in medical procedures. Asia Pacific should be lucrative owing to its surgical practices & healthcare tourism. It is likely to gain more than 25% share by the end of the forecast period.
Europe would be propelled by regional surgeries & elderly population. Some of the primary companies affiliated with the global hemostasis and tissue sealing agents market encompass CryoLife, Advance Medical Solutions Group, C.R. Bard, and B. Braun. Strategic measures adopted by these players comprise integration of bacteriostatic features, research in formulation expansion, and connections with medical centers & hospitals.
Another key strategy followed by them includes mergers & acquisitions to ensure market presence and sustainability.
Information Source: Grand View Research