Persistence Market Research (PMR) indicates that the global market will witness a steady growth owing to factors such as challenges before adhesive prevention, changing nature of clinical needs and higher caseload across the globe.
New York, NY -- (SBWIRE) -- 01/12/2017 -- The global surgical hemostats, internal tissue sealants and adhesion barriers market is set to cross US$ 5 Billion by 2024, expanding at a CAGR of over 8% during the next eight years. North America will continue to lead the market, accounting for almost 47% share of the global market over the assessment period.
Persistence Market Research (PMR) indicates that the global market will witness a steady growth owing to factors such as challenges before adhesive prevention, changing nature of clinical needs and higher caseload across the globe. In addition, key players operating in the global market are actively focusing on strategic collaborations in order to extend their product reach across narrower distribution channels. This, in turn, is anticipated to support the growth of market over the next couple of years. However, this steep increase in overall surgical procedures will not necessarily cover-up for the complications associated with adhesion and internal tissue sealants surgeries, as advanced minimally invasive surgical procedures have higher efficiency with reduced size and severity of surgical wounds.
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As per PMR's report, the existence of handful established brands that are running globally and uneven structure of the market is expected to present lucrative market opportunities for local players over the forecast period.
On the basis of product type, the hemostats product segment is estimated to reach a market valuation of US$ 2.2 Billion by the closing end of the assessment period. In terms of value, the segment is estimated to increase 1.9x over 2024 despite recording a relatively low CAGR.
Whereas, demand for synthetic polymer based internal tissue sealants is expected to gain traction in the near future. This is primarily due to increased product offerings for tissue sealants by manufacturers leading to market exclusivity. Moreover, increasing focus on developing advanced surgical sealants and adhesion barriers owing to the inadequacy of hemostatic products such as oxidized regenerated cellulose based and gelatin based hemostats that are eventually reaching limitation. Demand for adhesion barriers surgeries is also poised to grow at a handsome pace, reflecting a CAGR of 9.2% between 2016 and 2024.
Based on end user, hospitals is anticipated to be the leading segment, expanding at over 9% CAGR over the assessment period. The segment will be benefited by the increasing availability of low cost procedures associated with the use of hemostats in various cases.
Based on regional prospects, North America will retain the major share of the global market over 2024 followed by Europe. In addition, the market in North America is expected to create an incremental opportunity of closely to US$ 1,642 Million during 2016 to 2026. Europe being the second largest market is set to rake in US$ 1.2 Billion in revenues over 2024, with the UK, Germany and France occupying the top three spots of the market in the region. A sharp rise in the number of cardiovascular surgeries in countries such as China, Australia and Japan is expected to present lucrative market opportunities in the Asia Pacific region during the projected period. Moreover, rapid launch of new products and service extension of existing products in both APAC and Europe is a major factor expected to drive the growth prospects of the market in these regions.
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Key player operating in the global market for surgical hemostats, internal tissue sealants and adhesion barriers market include Baxter international Inc., Tissuemed Ltd., C.R. Bard Inc. (Davol Inc.), B. Braun Melsungen AG (Asculap), Ethicon Inc. (Johnson & Johnson), Cryolife Inc., Cohera Medical, Inc., Integra LifeSciences Holdings Corporation, Pfizer Inc., Sanofi, and CSL Behring (CSL Ltd.). Most of these companies are actively focusing on completing strategic mergers and acquisitions to achieve higher product penetration.
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