Global Hemostasis and Tissue Sealing Agents Market, By Product Type (Topical Hemostats & Adhesives and Tissue Sealing Agents), By Application (Cardiovascular Surgery, Orthopedic Surgery, General Surgery, Neurosurgery, and Others), By End User (Hospitals, Ambulatory Surgical Centers, and Home Care Settings), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 3.39 Billion in 2023 and is expected to exhibit a CAGR of 5.6% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Market players are engaged in getting product approvals from regulatory authorities, and this is expected to drive the global hemostasis and tissue sealing agents market growth. For instance, on November 15, 2023, Ethicon, a Johnson & Johnson MedTech company, announced the approval of ETHIZIA, an adjunctive hemostat solution, which has been clinically proven to achieve sustained hemostasis in difficult-to-control bleeding situations
Global Hemostasis and Tissue Sealing Agents Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems regarding the transportation of raw materials and manufacturing supplies from one place to another.
Researchers from major countries such the U.S., the U.K., Germany, and others are expected to conduct research and development activities regarding hemostats for COVID-19 patients. This is due to the increase in the need and demand for research for the development of hemostats to control bleeding in COVID-19. However, a decline in overall surgeries during the COVID-19 pandemic due to restriction imposed by governments hampered the global hemostasis and tissue sealing agents market growth.
Global Hemostasis and Tissue Sealing Agents Market: Key Developments
In April 2023, Olympus, a medical technology company, announced the launch of EndoClot Adhesive (ECA), EndoClot Polysaccharide Hemostatic Spray (PHS), and EndoClot Submucosal Injection Solution (SIS) in Europe, the Middle East, and Africa (EMEA). EndoClot Plus, Inc. (EPI), a privately-held medical device firm, created this novel portfolio after expanding its distribution deal with Olympus beyond the U.S. to EMEA in December 2022.
In January 2021, Arch Therapeutics, Inc., a developer of novel self-assembling wound care and biosurgical devices, announced that it had entered into a distribution and sales administration agreement with Buffalo Supply, Inc., a company that provides high-quality medical supplies and high-tech medical equipment to the Federal Government, to be the exclusive distributor for products sold to U.S. government facilities around the world.
Browse 26 Market Data Tables and 29 Figures spread through 180 Pages and in-depth TOC on “Global Hemostasis and Tissue Sealing Agents Market”- Forecast to 2030, Global Hemostasis and Tissue Sealing Agents Market, By Product Type (Topical Hemostats & Adhesives and Tissue Sealing Agents), By Application (Cardiovascular Surgery, Orthopedic Surgery, General Surgery, Neurosurgery, and Others), By End User (Hospitals, Ambulatory Surgical Centers, and Home Care Settings), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Key Takeaways of the Global Hemostasis and Tissue Sealing Agents Market:
- The global hemostasis and tissue sealing agents market is expected to exhibit a CAGR of 5.6% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global hemostasis and tissue sealing agents market.
- Among application, the cardiovascular surgery segment is expected to hold a dominant position in the global hemostasis and tissue sealing agents market during the forecast period. This can be attributed to the rising cases of cardiovascular disorders globally. For instance, as per 2021 estimates by the World Health Organization (WHO), cardiovascular diseases remain the leading global cause of death, accounting for over 17.9 million deaths annually. Meanwhile, the incidence of cancer is also on the rise worldwide, with an estimated 19.3 million new cancer cases and 10 million cancer deaths occurring in 2020 alone.
- Among regions, North America is expected to be the dominant region in the global hemostasis and tissue sealing agents market owing to increasing partnerships between market players in the region. For instance, in July 2021, Medcura, Inc., a commercial-stage medical device company, in partnership with ASO, LLC, a major U.S.-based manufacturer and supplier of first aid products, announced the launch of a high-performance, antibacterial hemostatic gel, Rapid-Seal.
- The major players operating in the global hemostasis and tissue sealing agents market are Ethicon (a subsidiary of Johnson & Johnson), Baxter International, CryoLife, B. Braun Melsungen AG, Covidien (now part of Medtronic), Integra LifeSciences, Pfizer, BD, Teleflex and Arch Therapeutics
