TORONTO, April 17, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, revenue growth in the surgical hemostat, internal tissue sealant and adhesion barrier market will accelerate in the United States through 2021. The market remains underpenetrated, offering the chance for innovative products and new indications.
These products will be increasingly incorporated into surgical procedures as favorable clinical data emerges to support their use and provides encouraging evidence for new applications. As competitors market these positive attributes, physician awareness of the benefits of surgical hemostats, internal tissue sealants and adhesion barriers will grow, spurring strong sales.
"Companies in this market are focused on gaining approval for new indications," said MRG Senior Analyst Mashkur Reza. "Although off-label use of these products in certain indications exists, the approval of additional indications by the Food and Drug Administration (FDA) will drive more widespread use across a broader number of applications."
While the rising popularity of combination surgical hemostats and the growing interest in fibrin products' multifunctional properties will boost sales of those products, the internal tissue sealant and adhesion barrier markets will be the fastest growing through 2021. The growing adoption of premium-priced, synthetic-based sealants will be a significant driving factor behind rapidly expanding internal tissue sealant revenues. Additionally, strong growth in the adhesion barrier segment will be fueled by the highly anticipated launch of gel-based adhesion barriers in 2015 because these products offer superior handling characteristics and can be used in minimally invasive procedures.
Large companies, such as Ethicon and Baxter, remain major competitors in the market for surgical hemostats, internal tissue sealants and adhesion barriers. In addition to developing new products and gaining approval for new indications, these leading companies have been successful in leveraging their broad product portfolios and well-recognized brand names.
Free Webinar: Breaking the Seal: Growing Overlaps in the US Market for Surgical Hemostats, Internal Tissue Sealants, and Adhesion Barriers
MRG analyst Mashkur Reza discusses how the introduction of new multi-indication products will lead to a more dynamic market.
April 18, 2013
11 a.m. U.S. Eastern Time
Millennium Research Group's US Markets for Surgical Hemostats, Internal Tissue Sealants, and Adhesion Barriers 2013 report includes unit, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for surgical hemostats, fibrin products, internal tissue sealant and adhesion barriers in the US.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group