NEW YORK, January 3, 2017 /PRNewswire/ --
The growing demand for advances and highly effective adhesives continues to influence manufacturers to develop alternative glues and cementing materials. In 2015, the global sales of tissue glue and bio-adhesive sealants have been recorded to exceed US$ 1.1 billion, indicating a promising scope of growth in terms of revenues. According to Persistence Market Research's recent report titled "Tissue Glue and Bio-adhesive Sealants Market 2016-2024" global revenues will reach US$ 2,281.2 million by the end of 2024.
By end-user, hospitals will dominate global revenues, as compared to specialty clinics and ambulatory surgical centers (ASCs). In terms of application, the report has forecasted cardiovascular surgeries to account for the highest revenue share. Surpass one billion dollar mark by 2024.
Ethicon Inc. & Baxter International: Dominant Market Players
Local and regional pharmaceutical manufacturers have been actively participating in the global tissue glue and bio-adhesive sealants market, collectively accounting for 14%-15% market share. Key findings from the research have indicated that Ethicon, Inc., a Johnson & Johnson subsidiary that manufactures wound sealing devices and surgical sutures is the largest player in the global market. With over 40% company share, Ethicon (US) has independently expanded its outright dominance in the global tissue glue and bio-adhesive sealants market. Second in line is US-based medical products manufacturer, Baxter International Inc., which contributes to an estimated 22.6% share of global market revenues. Cryolife, Luna Innovations Incorporated, B. Braun Melsungen AG, C. R. Bard Inc., Tissuemed Ltd., Cohera Medical, Inc., Integra LifeSciences Corporation, DENTSPLY SIRONA Inc. and Chemence Medical, Inc., are some of the leading companies recognized for their partaking in the growth of the global market for tissue glue and bio-adhesive sealants.
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Global Sales Analysis: High Demand for Fibrin Sealants
Product-wise breakdown of global tissue glue and bio-adhesive sealants sales recorded throughout the forecast period have indicated higher demand for fibrin sealants. Global consumption of fibrin sealants in 2016 is estimated to account for nearly US$ 500 million in revenues. Compared to fibrin sealants, the collective revenues generated from sales of protein-based sealants and thrombin-based sealants in the global market are projected to secure over 40% value share by the end of 2024. Meanwhile, sales of collage-based sealants and gelatin-based sealants are predicted to incur a slight dip over the forecast period.
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Regional Analysis of Tissue Glue and Bio-adhesive Sealants Sales
The market size of the global tissue glue and bio-adhesive sealants market spans several key regions that endure distinctive growth throughout the forecast period. North America's tissue glue and bio-adhesive sealants market is estimated to dominate with more than 50% share of global market value. Technological influence and enhanced healthcare infrastructure are attributed to promote the growth of the tissue glue and bio-adhesive sealants market in North America. Meanwhile, qualitative production and an extensive consumer base has rendered Asia Pacific (APAC) as the second most lucrative region in the global tissue glue and bio-adhesive sealants market. Through 2024, the APAC tissue glue and bio-adhesive sealants market is likely to expand at the highest regional CAGR of 8.6%. Other key insights on regional analysis of the global tissue glue and bio-adhesive sealants market, compiled in the report, includes:
- Europe's tissue glue and bio-adhesive sealants sales to incur impedance due to supply chain and distribution issues, and an undulating fluctuation within the region's currency rates
- Tissue glue and bio-adhesive sealants market in the Middle East & Africa (MEA) region will expand at a comparatively lesser CAGR over the forecast period
- Between 2016 and 2017, Latin America is expected to endure an estimated market value increment of over US$ 4 million
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SOURCE Persistence Market Research Pvt. Ltd.