Hemostats And Tissue Sealants Market to grow at a CAGR of 11.79% during 2024-2028
The Hemostats And Tissue Sealants Market is expected to grow at a CAGR of 11.79% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3355.8 million. Several market vendors are strategically investing in research and development (R&D) to introduce innovative hemostats and tissue sealants, as well as expanding the reach of their existing product offerings. For instance, Baxter International has launched a line of next-generation hemostats and sealants, along with advanced delivery systems, and is pursuing additional indications for its tissue sealants. Meanwhile, 3-D Matrix Medical Technology is concentrating its R&D efforts on the development of a synthetic hemostatic material, PuraStat, which is the first hemostatic agent indicated to minimize delayed bleeding following gastrointestinal endoscopic submucosal dissection (ESD) procedures in the colon. These strategic moves underscore the competitive landscape of the hemostats and tissue sealants market.
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Technavio analysts predict that the Hemostats subsegment will lead the Product segment during 2024 and 2028 In the medical field, hemostats are essential devices used to expedite hemostasis, or the cessation of blood flow, in non-cauterized and non-saturable bleeding. These devices are classified into three primary categories: mechanical hemostats, active hemostats, and flowable hemostats. Mechanical hemostats, such as GELFOAM Sterile Sponge by Pfizer Inc. and SURGICEL Original Absorbable Hemostat from Johnson & Johnson Services Inc., function by swelling upon application and forming a mechanical barrier to obstruct blood flow. These hemostats are typically composed of materials like gelatin, collagen, cellulose, and polysaccharides, and do not incorporate active biologic agents such as thrombin.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish high use of hemostats and tissue sealants in surgeries
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The global market for Hemostats and Tissue Sealants is witnessing significant growth due to the increasing number of specialty clinics focusing on minimally invasive surgeries and advanced medical procedures. This market includes a range of products such as natural and synthetic tissue sealants, adhesion barrier products, mechanical hemostats, topical hemostats, and fibrin sealant products. Key players in this market include Terumo, Johnson & Johnson's Ethicon, and other global players with a strong healthcare professional base. European approval and global presence are crucial factors driving market growth. Hemostats and tissue sealants find applications in various medical conditions, including coagulation system disorders like Immune Thrombocytopenia and Hemophilia, general surgery, energy-based devices, staples, sutures, and product substitutes. However, regulations and adverse reactions pose challenges to market growth. Adhesives, hemostats, and other related products are used in neurological diseases, burns, urological disorders, ophthalmic injuries, spinal injuries, hernia fixation, cardiovascular diseases, cancer, diabetes, wounds, and slow-healing injuries in critical care. Lack of reimbursements and product substitutes are potential market restraints. Some of the significant applications of hemostats and tissue sealants are in minimally invasive surgeries, energy-based devices, and critical care, where quick and effective hemostasis is essential. The market is expected to grow further due to the increasing prevalence of chronic diseases and the need for advanced medical solutions.
The global healthcare supplies market encompasses businesses and innovations within the medical consumables sector, contributing to the diagnosis and treatment of various diseases. According to Technavio, the market size is determined by the collective revenue generated by manufacturers of medical supplies, including syringes, drapes, gloves, and gowns. Factors driving market growth include the increasing elderly population: by 2050, approximately one-quarter of the US population and Europe's population by 2030 are projected to be aged 60 or above. This demographic shift signifies a significant demand for healthcare supplies, particularly hemostats and tissue sealants, essential for managing age-related health conditions.
The Hemostats And Tissue Sealants Market is experiencing significant growth, fueled by the high use of hemostats and tissue sealants in surgeries. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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