On account of numerous manufacturers competing with each other for greater profits, the global market for hemostasis and tissue sealing agents has been dubbed as fragmented. Most of the top-notch players in the market are concentrated in Europe and North America. Some such players are Johnson & Johnson Services, Inc., Ethicon, Inc., Baxter, CryoLife, Inc., Pfizer, Inc., and C.R. Bard, Inc. (Davol, Inc.).
Among them, Johnson & Johnson led the market in 2013 with a 21.5% share in the global revenue by dint of a wide array of product offerings, massive geographical outreach, and astute marketing strategies. Pfizer, Inc. came in second on account of mergers and acquisitions, which helped ramp up its market share. Besides that, the company’s product offerings boosted its growth in the global hemostasis and tissue sealing agents market.
On account of the highly competitive nature of the global hemostasis and tissue sealing agents market, the bargaining power of buyers, which include mainly clinics, hospitals, and other healthcare facilities, is high. Most of the dominant companies compete with each other on the basis of price, thereby driving them down. Expanding at a healthy pace, the global hemostasis and tissue sealing agents market is expected to reach a value of US$5.235 bn by 2020.
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Rising Disposable Income makes Asia Pacific Most Attractive Market
Product-wise, the global hemostasis and tissue sealing agents market can be segmented broadly into two categories – topical hemostats and adhesive and tissue sealing agents. Of the two, topical hemostats held a dominant market share in 2015 vis-à-vis revenue, which stood at at US$2.05 bn. In the coming years too, it is expected to hold on to its leading position. This is mainly because topical hemostats steal a march over similar wound closure medical devices through more effective control of bleeding, especially during surgical procedures. Further, they bring down chances of post-operative complications and cost less. The market for adhesive tissue sealing agents, which act as a protective barrier to prevent leakage of fluid from the surgical site, is predicted to grow at a healthy pace too.
Geographically, North America has dominated the market for so long with maximum share. It is expected to maintain its position in the coming years and increase its share marginally to 36.3% in 2020. Europe follows next and Asia Pacific holds the third position. As far as market attractiveness is concerned, TMR predicts that Asia Pacific is likely to emerge as the frontrunner in the near future on account of reduced operating cost in the region, liberal regulatory environment, and rising disposable income of the people. This is already drawing investments from big ticket companies in the region.
Innovation in Product Offerings a Key Growth Driver
The growth in the global hemostatis and tissue sealing agents market has been brought about in part by the growing preference for minimally-invasive surgical procedures and a burgeoning elderly population that requires surgeries more than people of any other age group. The biggest thrust to the market, however, has been provided by the introduction and fast approval of novel hemostat and sealant products. “The introduction of fibrin sealant products, for example, has expanded the application areas in drug delivery mechanism and adhesion prevention,” informs the lead analyst of the TMR report.
Countering the market growth of hemostat and tissue sealant products are steep expenditure involved in developing the products and strict regulatory approvals. “Ethical concerns regarding the use of animal-derived components such as gelatin and collagen and human-derived components such as albumin and fibrin also restrict the uptake of these products,” points out the analyst.
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