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Hemostasis and Tissue Sealing Agents Market to Reach US$5.2 bn by 2020 due to High Preference for Minimally Invasive Procedures

Press Release   •   May 19, 2016 05:32 EDT

Transparency Market Research has published a new report on the global hemostasis and tissue sealing agents market. As per the report, the global hemostasis and tissue sealing agents market stood at US$3.0 bn in 2013 and is expected to reach US$5.2 bn by 2020. The report, titled ‘Hemostasis and Tissue Sealing Agents Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020,’ states that the global market is expected to expand at an 8.0% CAGR from 2014 to 2020 owing to factors such as technological improvements and the growing aging population.

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Hemostasis and tissue sealing agents play a vital role in simplifying wound sealing procedures during surgeries. Primarily, the global hemostasis and tissue sealing agents market is driven by the introduction of new products. For example, in May 2014, the Sylys Surgical Sealant was introduced by Cohera Medical, Inc.; it can be used in gastrointestinal surgery. In January 2014, Baxter received the U.S. FDA approval for the TISSEEL fibrin sealant that is used for various surgeries. The constant introduction of new products and the increasing adoption of technological innovations are expected to propel the global hemostasis and tissue sealing agents market in the years to come.

The increasing number of vascular, cardiovascular, pulmonary, and gastrointestinal surgeries has also increased the demand for hemostasis and tissue sealing agents. Factors such as the risk of complications of hemostasis and tissue sealing agents and strict regulatory requirements are expected to hamper the growth of the global hemostasis and tissue sealing agents market in the near future. However, the increasing investment in hemostasis and tissue sealing agents for developing agents is expected to benefit the global market in the near future.

Leading players are concentrating on introducing new innovative products in the global market. Some of the prominent companies operating in the global hemostasis and tissue sealing agents market are CryoLife, Inc., Advance Medical Solution Group plc, Pfizer, Inc., Johnson and Johnson, Baxter, and Integra LifeSciences Corporation.

The global hemostasis and tissue sealing agents market is segmented on the basis of product type and geography. Based on geography, the global market for hemostasis and tissue sealing agents is divided into North America, Asia Pacific, Europe, and Rest of the World. In 2013, North America dominated the global hemostasis and tissue sealing agents market owing to the rising number of pulmonary and cardiovascular surgeries. The Europe hemostasis and tissue sealing agents market is expected to expand at a 7.0% CAGR from 2014 to 2020 due to the introduction of products such as HEMOPATCH, TISEEL, and FLOSEAL.

Based on product type, the global hemostasis and tissue sealing agents market is segmented into topical hemostats and adhesive and tissue sealing agents. The adhesive and tissue sealing agents segment is predicted emerge as the dominant contributor in the global market throughout the forecast period. Improved research and development activities towards drug discovery are expected to propel the adhesive and tissue sealing segment.

Full Research Report on Global Hemostasis and Tissue Sealing Agents Market:
http://www.transparencymarketresearch.com/hemostasis-tissue-sealing-agents-market.html