According to the report, the global market for hemostasis and tissue sealing agents is estimated to soar to a valuation of US$5.2 bn by the end of 2020, depicting a strong CAGR of 8.0% from 2014 to 2020. North America that accounted for the largest share in 2013 of about 36% in the global hemostasis and tissue sealing agents market. On the other hand, Europe that accounted for second largest share.
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Companies are finding a great scope of expansion in the employment of topical hemostats such as active hemostats and mechanical hemostats as they can be used in a wide range of surgical procedures, including cardiovascular and vascular. According to an article published by the Journal Blood Medicine, active hemostat, known as thrombin, is proved to be effective and supplemental for surgical hemostasis. Moreover, a good scope for companies looking for investment lies in the natural tissue sealant segment, which is projected to gain the dominant market share through the forecast period owing to the commercial presence of various natural tissue sealants in the market such as Tisseel, Floseal, and TachoSil.
“Rapid introduction and adoption of advanced technologies is driving the market. Moreover, growing number of gastrointestinal, cardiovascular, vascular, and pulmonary surgeries have also increased the demand of hemostat products.” states a TMR expert. Due to prominent usage of hemostasis and tissue sealing agents in many of the critical and otherwise hardly penetrating procedures is one of the key contributing factors in boosting the demand of these products in the global market. Other factors, such as the mounting aging population across the globe, which is more susceptible to chronic diseases, will support the advancement of hemostasis and tissue sealing agents market during the predicted time period. However, the usage of off label hemostat products and high price are expected to be the reason to slow down the growth of hemostasis and tissue sealing agents market to a certain extent.
The global market for hemostasis and tissue sealing agents is expected to witness intense competition in the coming years, states Transparency Market Research (TMR) in a research report. One of the leading player in the market, Baxter came up with an innovative sealing hemostat named Hemopatch. The product is popularly used and accepted widely due to its convenience. This has helped the company gain a competitive edge in the Europe market. Pfizer is another significant name in the market, which is expecting to see a rise in its share owing to its acquisition of King Pharmaceuticals, which was once a well-known contributor to the global hemostasis and tissue sealing agents market.
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Tie-ups with hospitals and care centers, well-executed market plans for natural adhesives such as fibrin sealants, research and development in the field of formulation development, and adding bacteriostatic properties to products are some of the key strategies followed by several firms worldwide to reinforce their positions in the market. Big companies are also moving towards mergers and acquisitions that would assure them stability and expansion in the particular region. CryoLife, Inc., Advance Medical Solution Group PLC, and Johnson and Johnson, are some of the established names in the market.
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