Seattle, WA -- (SBWIRE) -- 11/14/2019 -- Hemostasis is a physiological process to prevent and stop bleeding, in order to keep blood within a damaged blood vessel. Hemostasis is characterized by clot formation by activating the natural coagulation cascade. However, in cases of severe injuries and major surgeries, the blood loss is significant where it cannot be stopped via natural healing process. Thus, hemostats and tissue sealing agents is used in such situations by minimizing the blood loss and helps in healing the injury.
Hemostats and tissue sealing agents are increasingly being used, as excessive bleeding during surgical procedures can lead to high risk. Moreover, excessive bleeding can also result in postoperative complications that include prolonged surgical procedures and insufficient blood in the body. According to In-Patient Epidemiology, a statistical survey conducted by Department of Surgery, Division of Acute Care and Trauma Surgery, New York University 2012, blood loss accounts for up to 31% of deaths in victims of trauma and catastrophic accident patients in the U.S. Therefore, prevention of such occurrences is important for positive patient outcomes and success of surgical procedures. Thus, topical hemostats in terms of mechanical hemostats, active hemostats, and Flowable hemostats, that are solutions topically applied directly on the bleeding site as well as natural and synthetic tissue sealants act as adjunct to natural hemostasis procedure and are applied locally to control blood loss.
The global hemostasis & tissue sealing agents market was valued at US$ 3,236.2 million in 2017 and is expected to witness a robust CAGR of 8.1% over the forecast period (2017–2025).
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Market Dynamics- Drivers
Increasing surgical procedures coupled with rising trauma cases to foster global hemostasis & tissue sealing agents market
Factors such as increasing number of surgical procedures and rising number of road accidents are expected to drive growth of the global hemostasis and tissue sealing agents market. For instance, according to Health and Social Care Information Centre (HSCIC), surgery is one of the most important treatments offered by NHS care in the U.K., and accounted for 4.7 million admissions across multiple sectors in 2013-14. The data also suggests that the number of surgical procedures has increased by 27% between 2004 and 2014. According to Centers of Disease Control and Prevention (CDC), around 200,000 deaths were encountered in 2014, due to trauma injuries in the U.S. Furthermore, increasing occurrence of road accidents, which lead to traumatic sport injuries is driving the market growth. According to the World Health Organization 2016, over 50% affected in road traffic accidents were admitted in the hospitals and underwent trauma surgeries. Hemostats are used in trauma surgeries and also in various conventional surgeries such as hernia repair surgery, orthopedic, open heart and cardiovascular surgeries, and neurosurgery that involve significant blood loss, due to larger size incisions made on the body of the patient. According to the annual report of American Joint Replacement Registry (AJRR), 2016, a total of 427,181 procedures were reported for joint replacement surgeries.
Market Dynamics- Restraints
However, lack of favorable reimbursement policies for failure of hemostats in blood loss control as well as increasing cost of surgical procedures is expected to restrain the global hemostasis and tissue sealing agents market over the forecast period.
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Regional Insights
North America to hold dominant position in the global hemostasis & tissue sealing agents, owing to incorporation of newer technologies in new products and extensive research & development for the same
Among regions, North America is expected to hold dominant position in the global hemostasis & tissue sealing agents market during the forecast period. This is owing to rapid development and launch of novel tissue sealing compounds and products by key players in the market in the region. For instance, in March 2018, BodeVet, Inc., a blood-related products company, introduced StablePlate RX Canine as the world's first injectable freeze dried platelet derived product used for the treatment of acute uncontrolled hemorrhage in bleeding patients. In December 2012, Ethicon, Inc., a company offering hemostasis and sealing solutions, received the U.S. FDA approval for EVARREST Fibrin Sealant patch that rapidly and reliably aids in stopping problematic bleeding during surgery.
Moreover, Asia Pacific is expected to register high growth rate over the forecast period, owing to growing number of surgical procedures as a result of increasing medical tourism in emerging economies such as China, Singapore, and India. For instance, according to an article published by OrthoStreams, a privately held orthopedic devices company, orthopedic surgeries in China and other emerging economies are 75% cost effective as compared procedures performed in the U.S. Furthermore, increasing road accidents in the regions, which leads to trauma admissions in emergency departments is expected to drive the market growth in the near future. According to the Ministry of Road Transport and Highways, Government of India, the total number of persons injured in road accidents in 2015 are 500,279. Thus, these factors are expected drive the market growth in the region.
Competitive Landscape
Market players are launching innovative products to sustain their position in the global hemostasis & tissue sealing agents market
Key players in the market are focused on various growth strategies such as new product launches and mergers and acquisitions, in order to enhance their market presence. For instance, in March 2018, Baxter International, Inc. acquired two hemostat products from Mallinckrodt Plc and announced to widen its customer base through launch of RECOTHORM and PREVELEAK hemostat sealant in Japan. Moreover, players are also focusing on offering innovative products, in order to enhance their market share. For instance, in January 2018, Ethicon LLC, a part of Johnson & Johnson Medical Devices Companies, launched SURGICEL powdered absorbable hemostat that assists to combat disruptive bleeding on broad and oozing surfaces.
Key players operating the global hemostasis & tissue sealing agents market include Cryolife, Inc. Baxter International, Inc., Ethicon LLC, Integra Lifesciences Corporation, Becton, Dickinson & Company, Cohera Medical, Inc., Pfizer, Inc., Medtronic plc, B. Braun Melsungen AG, MIL Laboratories Pvt. Ltd, Advanced Medical Solutions Group Plc, and others.
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