When a blood artery is injured, blood clottingis a crucial process that stops excessive bleeding. Platelets and proteins create a clot over the wound to halt the bleeding. One of the mechanisms that reduce blood loss from injured blood arteries is blood clotting. After surgery or a traumatic injury, hemostats and tissue sealants bind or hold internal and external tissue (skin, blood vessels). Fibrin sealants, collagen-based substances, synthetic agents, and tissue adhesive glues such as hydrogels and glutaraldehyde are a few important categories of hemostats and tissue sealants.
The market worth of hemostats and tissue sealeants in 2020 was USD 6.35 billion and will reach USD 11.27 billion by 2030 at an 8.93% CAGR.
Over 45% of Americans, according to figures from the Centers for Disease Control and Prevention (CDC), have at least one chronic ailment that necessitates immediate medical attention.
Around 2 million people worldwide die from bleeding each year, of whom around 1.5 million do so due to physical trauma. Nearly 60,000 Americans lose their lives to bleeding and blood loss every year.
Key market Driver
The usage of hemostats and tissue sealants in operations is one of the main factors fueling the global market growth for these products. Around the world, about 25 million procedures are carried out each month. Hemostats during surgery reduce blood loss, while surgical sealants help seal suture lines and avoid leaks. Hemostats help establish hemostasis in less time, cause less pain in patients, and do not need to be removed. Applications for hemostats and tissue sealants in minimally invasive operations are growing. In the US and Europe, almost 950,000 laparoscopic operations are carried out annually. Thus, in minimally invasive surgeries and percutaneous interventional procedures, the intraoperative usage of hemostatic agents and tissue sealants has considerably grown. These factors will foster market growth during the projection period.
Restraints
The key factors limiting the market’s overall growth are the greater expense of surgical operations and the absence of reimbursement for hemostats and sealants products. The cost of brain hemorrhage surgery for those without health insurance could reach USD 1,50,000 or more.
Opportunity
Over the past few years, MIS (Minimally Invasive Surgery) has been increasingly popular. Because MIS offers several benefits, including quicker hospital stays and quicker recovery times, it will rule the market in the future, increasing the global hemostats and tissue sealants market share.
Market Segmentation
Product Insights
The topical hemostat segment ruled the overall market in 2021, with the largest share of 66.5%. It is because of its use in combination with traditional treatment supply cost-efficiency, quick & simple absorbability of the hemostatic agent, low tissue reactivity, and non-antigenicity. Mechanical, active, and flowablehemostats are additional subcategories of topical hemostats. By activating these factors, hemostasis entails the completion of the coagulation, fibrinolysis, and platelet aggregation pathways.
End user insights
On the basis of end users, the market is segmented into specialty clinics, hospitals, and ambulatory surgical centers.
The hospital segment significantly held the largest position in the market owing to greater patient preference for hospitals over other healthcare facilities for bleeding treatments.
Regional Analysis
North America considerably led the overall market with the largest market share of 22% in 2021 Due to the rising rates of cancer, diabetes, and cardiovascular diseases. A significant portion of the regional market in North America is made up of adhesives and sealants.
In 2021, Europe had the second-largest market share and will grow at the second-fastest CAGR. The introduction of cutting-edge and ground-breaking products like FLOSEAL, TISEEL, and HEMOPATCH is anticipated to increase demand from European nations. The growing elderly population, which ultimately results in more surgeries, will fuel the regional market. The market in Italy is primarily driven by the rising need for post-surgery healing that is more efficient and speedier.
Key Players
- CoheraMedicalInc
- CryoLifeInc
- Advanced Medical Solutions Group plc
- Baxter
- C.R. BardInc
- Pfizer Inc
- B Braun Medical Inc
- Integra Life Sciences Corporation
- Johnson & Johnson ServicesInc
- Cohesion Technologies Inc
The market worth of hemostats and tissue sealeants in 2020 was USD 6.35 billion and will reach USD 11.27 billion by 2030 at an 8.93% CAGR. Due to a rise in demand driven by increasing surgical volumes, the market will have profitable growth over the coming years. The main factors influencing the market are the rise in the elderly population and the high frequency of chronic diseases.