Worldwide hemostasis & tissue sealing agents market is projected to grow at a CAGR of 7.8 percent to accumulate around US $6,632.9 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2026.
The worldwide hemostasis & tissue sealing agents market has witnessed favorable growth in the recent years, given the augmented demand for minimal invasive surgeries, paired with consistent rise in the number of geriatric patients suffering from chronic conditions. Novel hemostats & tissue sealants introduced into the market are increasingly being preferred as these products help eliminate any risks or issues pertaining to tissue contamination.
Other significant factors that have a positive impact on the adoption of the hemostats and tissue sealants are injuries caused due to sports activities, greater emphasis on taking efficient measures for management of blood loss during surgeries, and various spinal conditions. The worldwide hemostats & tissue sealing agents market is likely to encounter lucrative growth opportunities, thanks to the significantly growing number of hospitals & surgical centers in the markets of developing economies, cites the report.
The latest report examines various market dynamics, drivers, and existing as well as upcoming market trends of the global hemostasis & tissue sealing agents market. The report further elaborates the market challenges & opportunities that influence the scope of commercialization of this business sphere over the forecast period. In addition, the report involves a profound scrutiny of Porter’s five forces that include the bargaining power of supplier, degree of competition, bargaining power of buyer, threat of substitute, and threat of new entrant.
Speaking of the product bifurcation, the global hemostasis & tissue sealing agents market is segmented into topical hemostats, mechanical hemostats, active hemostats, flowable hemostats, adhesives and tissue sealing agents, adhesion barrier products, natural tissue sealants, and synthetic tissue sealants. Reportedly, the topical hemostats segment had bagged the highest market share in the year 2017, in terms of revenue. The end-user landscape of this market is fragmented into hospitals, ambulatory surgical centers, and home care settings.
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Based on the regional analysis included in the report, the global hemostasis & tissue sealing agents market is classified into Europe, North America, Asia Pacific, Middle East & Africa, and Latin America. According to the recent findings of the report, the North America market, amidst all other potential regional markets, captured the leading position, and is anticipated to maintain its stance throughout the predicted timeline. On the other hand, the Asia Pacific market is showing signs of growth at the highest rate. The briskly improving healthcare infrastructure, growing medical tourism, and the increasing ageing population in countries like India and China would support regional growth.
The report also cites that the Food & Drug Administration has now certified fibrin sealants as high level hemostats for surgical applications. These products are generally utilized in MI (Myocardial Infarction) surgeries and most commonly in cases of patients experiencing clotting disorders.
Expounding the competitive spectrum, the renowned companies in the global hemostasis & tissue sealing agents market are B. Braun Melsungen AG, BD Bard, Ethicon, Advanced Medical Solutions Group Plc, GELITA MEDICAL GmbH, Smith & Nephew Plc, Medtronic, CryoLife Inc., Baxter International Inc., Stryker Corporation, and Pfizer Inc. among others.