Hemostasis And Tissue Sealing Agents Market Size is expected to show notable traction between 2022 to 2028 on account of the rising preference for multi-usage and ready-to-use products. The rapidly expanding geriatric population and the escalating burden of chronic conditions have amplified the number of surgeries worldwide.
The thriving need for critical care and the increasing number of FDA approvals for numerous hemostatic products will bolster the hemostasis and tissue sealing agents market development. However, the imposition of stringent regulatory environment norms and the higher prices of the products may negatively impact the industry expansion.
Hemostatic agents and tissue sealing agents are employed in a vast number of surgical disciplines. While hemostatic agents help in stopping the bleeding either mechanically or by increasing the coagulation cascade, tissue sealants are mainly products that bind to and close the defects in tissues.
Based on products, the hemostasis and tissue sealing agents market share from the topical hemostats segment is expected to rise with increasing usage in the setting of surgery or trauma as it assists in maintaining hemostasis. On account of their minimal tissue reactivity, non-antigenicity, affordability, as well as easy and rapid absorbability of hemostatic agents, these products work well with conventional treatment. The growing demand for gelatin sponges, fibrin sealants, collagens, and active thrombin preparations to locally stop blood flow will further aid the hemostasis and tissue sealing agents market expansion.
With respect to application, the adoption of hemostatic agents and tissue sealing agents in minimally invasive surgeries will expand with the surging need for quicker recovery time and shorter hospital stays. Several chemical hemostats and tamponading agents are increasingly used by surgeons for approaching more difficult procedures through minimally invasive techniques. The limitations of conventional procedures, in terms of fewer medical restrictions and risks of treatment, are also adding positive impetus to the segment growth. The influx of new technologies for hemostasis is a promising driver for the hemostasis and tissue sealing agents market progression.
Regionally, North America will record higher consumption of hemostasis & tissue sealing agents through 2028 due to the thriving demand for adhesives and sealants. The region witnesses a higher prevalence of diabetes, cardiovascular disorders, and cancer. The increasing instances of sports-related injuries have given rise to higher healthcare expenditure. The strong presence of some major market players along with skilled professionals has steered the rapid influx of new tissue sealing compounds and products. The growing need to cater to various bleeding conditions along with higher technological advancements are other factors influencing the regional market growth.
Leading players in the hemostasis & tissue sealing agents industry include Johnson & Johnson, Baxter International, Inc., Braun Melsungen AG (B. Braun Holding GmbH & Co. KG), Becton, Dickinson & Company, Pfizer, Inc., Cohera Medical, Inc., Medtronic plc., Ethicon LLC, MIL Laboratories Pvt. Ltd., and Cryolife, Inc.
Strategic marketing collaborations, including acquisitions and partnerships, besides new product developments, capacity expansions, and investments are some key initiatives adopted by these firms for consolidating their market position while attaining competitive advantages.
For instance, in July 2021, Baxter International Inc. disclosed that its Baxter Healthcare Corporation subsidiary had acquired certain assets of CryoLife’s PerClot Polysaccharide Hemostatic System for up to $60.8 million, inclusive of $25 million paid up front. The transaction complemented and augmented the firm’s leading portfolio in hospitals, such as in the operating room.
The coronavirus pandemic enormously influenced the global economy as it laid several roadblocks to numerous industries worldwide. The industry for hemostasis and tissue sealing agents considerably expanded with the growing emphasis on deranged hemostasis in COVID-19 patients with scales tipped towards a prothrombotic state. The rising cases of hemostatic abnormalities in the affected individuals and their impact on prognosis also positively influenced the market growth.
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