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(Medical-NewsWire.com, December 17, 2019 ) Hemostasis & Tissue Sealing Agents Market
The global hemostasis & tissue sealing agents market is expected to grow at a CAGR of 8.3 % in the forecast period (2019-2026).
Hemostasis is a process that stops bleeding by keeping the blood within the damaged blood vessel. Hemostatic agents are used to achieving hemostasis by reducing during surgical operations. These agents help in rapid hemostasis, have shorter operation time, decreases healing time. Hemostatic agents achieve hemostasis through different mechanisms, which includes concentrating coagulation factors, adhesion to the tissues.
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Market Dynamics
The global hemostasis & tissue sealing agents market is primarily driven by the rising number of surgeries and increasing demand for minimally invasive surgeries.
In multiple conditions of surgeries such as cardiovascular and endoscopic procedures, hemostatic agents are preferred over wound closure methods owing to the quick recovery and the difficult to work in sensitive organs. Also, there have been many cases of traumas, deaths due to hemorrhage conditions, and the ensuing excessive bleeding.
For instance, According to the U.S. National Library of Medicine, 3792 clinical studies related to hemorrhage conditions are conducted worldwide. Out of these studies, 1,326 studies are noted to be done in the North America region, and the U.S. alone has 1,104 studies, while Europe is noted to conduct 1,194 studies.
However, lack of proper reimbursements for these products will restrain the growth of hemostasis and tissue sealing agents.
Market Segmentation Analysis
Urology is expected to hold the highest share in the therapeutic area segment owing to the increasing outpatient surgeries. A variety of hemostatic and tissue sealants are available for performing urologic surgeries.
According to the U.S. National Library of Medicine, 26% of urology procedures were being performed as outpatients in 1987, and this increased to 51% by 2017.
Fibrin is expected to have the largest share in the class segment of the global hemostasis & tissue sealing agents market owing to the multiple areas of applications and great cost efficiency.
For example, Fibrin glue products are approved by the U.S. FDA in 1998 to help in reinforcement of colonic anastomoses, splenic trauma, and cardiothoracic surgery. The product offers topical hemostasis, sealant properties, and promote tissue approximation. In the presence of thrombin, fibrinogen is converted to fibrin, which further stabilizes the clot.
Geographical Share
North America holds the major share for hemostasis & tissue sealing agents market owing to the high prevalence of chronic diseases that require surgeries.
According to the Centers for Disease Control and Prevention (CDC), In the U.S., 6 out of 10 Adults have a chronic disease, of which 4 in 10 Adults have two or more diseases.
Europe also holds significant share owing to the growing preference of technologically advanced sealing agents in the region.
For example, on 29th November 2018, the scientists of Lobachevsky University launched a unique hemostatic agent called Tectum that is used in emergency and military medicine.
On 3rd April 2017, Baxter International has launched FLOSEAL Full Sterile Preparation (FSP), an improved design of FLOSEAL hemostatic Matrix which was only available in Europe, but they have been supplied worldwide from 2019.
Competitive Trends
The strategies used by key players include mergers and acquisitions, partnerships, and product launches to expand and stand out as strong competitors in the market. New product launches along with an increased focus on R&D are other ways the leading players improve their market presence. The key players in the hemostasis & tissue sealing agents market are Pfizer Inc., Johnson & Johnson, Cohera Medical, Medafor, Zimmer Biomet, King Pharmaceuticals Inc., ZymoGenetics, Baxter Healthcare Corporation, CryoLife, Integra LifeSciences Corporation, and B. Braun.
On 31st January 2019, Advanced Medical solutions group Plc, an advanced wound care specialist company acquired Sealantis Limited, a developer of an alginate-based tissue adhesive technology platform, for 25 USD Millions.
On 9th April 2019, Baxter International, a global leader in advancing surgical innovation, received the U.S. Food and Drug Administration (FDA) approval for faster preparation of its leading hemostatic product, Floseal Hemostatic Matrix. This next generation of Floseal has 20 percent fewer components and steps to prepare, making it a faster and convenient for usage.
On 8th January 2018, Baxter International has entered into an agreement with Mallinckrodt plc to acquire two hemostat and sealant products. The products are RECOTHROM Thrombin topical, recombinant thrombin, and PREVELEAK Surgical Sealant, which is used in vascular reconstruction.
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