LONDON, July 21, 2016 /PRNewswire/ -- The global hemostasis and tissue sealing agents market is expected to reach USD 7.4 billion by 2022, according to a new report by Grand View Research Inc. The global hemostasis and tissue sealing agents market has gained popularity over time due to its ability in preventing blood loss. Rapid growth of minimal invasive technology and rising demand for faster recovery by patients is expected to promote market growth over the forecast period.
According to the CDC, approximately 150 million of American population is currently suffering with at least one chronic condition, which leads to surgeries and even mortality at times. An estimate over the rising incidence was made by the CDC, which concluded that over 48% of the entire American population is expected to suffer by chronic condition.
The demand for wound management is expected to rise with increasing chronic disease incidence over the next seven years. The Public Health Agency of Canada in its report stated that the chronic disease occurrence rate is anticipated to increase by 14% annually and four out of five cases are of high risk requiring immediate treatment and surgeries.
Further key findings from the report suggest:
The hemostats market is expected to grow at a CAGR of over9.0% over the forecast period owing to, the rise in global volume of surgeries and increased applicability across a variety of surgeries. The products avoid occurrence of hypovolemic shock, thrombocytopenia, blood transfusions, and increase in post-operative complications.
Flowable hemostats are a combination of active and mechanical agents. They function by blocking blood flow and also convert fibrinogen into fibrin for the coagulation process to commence. This segment is expected to grow at a lucrative CAGR of over 10.0% from 2015 to 2022.
North America is estimated to be the largest market for the hemostasis and tissue sealing agents over the forecast period and is expected to account for over 30.0% share by 2022.
Asia Pacific is identified as a lucrative market due to a rapid growth in the surgery volume brought about by the introduction of medical tourism. It is anticipated to account for over 27.0% of the overall market share by 2022. The Europe hemostasis and tissue sealing agents market is expected to be driven by the rise in geriatric population base, which is expected to ultimately lead to a surge in procedure volume.
Some key players of this market include Johnson & Johnson, CryoLife Inc, Pfizer, C R Bard, B Braun, Covidien, and Smith & Nephew.
Market participants are involved in technological advancements in order to ensure sustainability and improve regional presence.
For instance, in March 2015, Ethicon announced higher efficiency of EVARREST fibrin sealant patch as compared to its substitute, TachoSil patch (Baxter). Further study would be conducted at the St. Vincent Heart Centre of Indiana to understand added advantages that the product can offer.
In August 2015, Integra Life Sciences announced a new application of the Integra Dermal Regeneration Template in chronic diabetes-based foot ulcers. The product is expected to be used for treating these ulcers post its approval by the FDA in 2016.
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