The global market for hemostats and sealants is predicted to grow at a CAGR of 8.03% between 2019 and 2027. The increasing cases of chronic diseases requiring surgeries are primarily driving the global hemostats and sealants market. The market has been segmented on the basis of its products into topical hemostat and adhesive & tissue sealants. The synthetic skin sealants sub-segment, under the adhesive & tissue sealants category, is flourishing the most in terms of revenues and was valued at $xx million in 2018.
The predicted rise in global geriatric population is expected to drive the growth of hemostasis and tissue sealing market over the forecast period in both the developed economies and emerging economies like that of India and China. The increasing numbers of minimally-invasive cosmetic procedures are expected to propel the number of surgeries in the global healthcare market, which is further expected to propel the market for hemostats and sealants. Nonetheless, the grafting of the sealants in the body can cause serious medical complications, resulting in their increased scrutiny for safety and effectiveness. This can act as a hurdle for the market to overcome.
The global market for hemostats and tissue sealants is geographically segmented into several regions, namely, North America, Asia-Pacific, Europe and the countries from the Rest of the World. North America is expected to capture the largest share of the global hemostasis and tissue sealing agents market mainly because of the increasing cases of cardiovascular disorders, diabetes and cancer in this region. The Asia Pacific market has been projected to grow at a good pace during the forecast period owing to the better medical tourism and surgical procedures. The European market is expected to grow due to the upsurge in its geriatric population, which will result in a higher frequency of surgeries being performed.
Most of the market players operate through segments that can be involved in discovery, development and manufacture of healthcare products. Some of these companies are Advanced Medical Solutions (AMS) Group PLC, Baxter International Inc., B.Braun Melsungen AG, Cohera Medical Inc., C.R. Bard, Inc., Cryolife Inc., CSL Behring, Hyperbranch Medical Technology, Inc. (Acquired by Stryker), Integra Lifesciences Corp., Johnson & Johnson, Medtronic PLC, Pfizer, Inc. and Smith & Nephew PLC.