Hemostasis and Tissue Sealing Agents Market to Experience Significant Growth Due to Aggressive Marketing Strategies

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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Global Hemostasis and Tissue Sealing Agents Market to be propelled by Rising Demand for Minimally Invasive Procedures

The increasing demand for minimally invasive procedures in the medical and healthcare industry has given rise to the global hemostasis and tissue sealing agents market. According to a report recently published by Transparency Market research (TMR), a market intelligence and research firm, the worldwide market stood at US$3.0 billion in 2013 and is projected to expand at a CAGR of 8.0% between 2014 and 2020 to reach a value of US$5.2 billion by the end of 2020.

Investing in developing economies has emerged as the latest trend among the players in the global hemostasis and tissue sealing agents market. This trend is expected to provide a decent platform for market participants to yield high revenue in the coming years.

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

Here is a snapshot of the latest market movements and future projections for the global market for hemostasis and tissue sealing agents.

• The market for topical hemostats is the incumbent leader in the worldwide hemostasis and tissue sealing agents market. Analysts project the market to develop at a CAGR of more than 6% over the period from 2014 to 2020. The rising uptake of topical hemostats such as active and mechanical hemostats in a broad array of surgical procedures is the key reason behind this growth.

• The rise in the preference for active hemostat products among surgeons as well as patients, due to their effectiveness in controlling excessive bleeding, has fueled the active hemostat market and helped it develop at the highest CAGR among the topical hemostats market segments.

• In 2013, the market for adhesive and tissue sealing agents held almost 40% of the overall hemostasis and tissue sealing agents market. Among the key segments of the adhesive and tissue sealing agents market, the natural tissue sealants segment has occupied the largest portion of the overall adhesive and tissue sealing agent market, owing to the easy availability of natural tissue sealants such as Floseal, TachoSil, Tisseel, and others in the market.

• In 2013, the hemostasis and tissue sealing agents market in North America held the leading position among all the regional markets with a share of around 36% in the overall market. The rising number of surgical procedures where patients need to stay under observation for a longer period and the increasing usage of hemostat products by several end users has fueled the market development in North America.

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• The market for hemostasis and tissue sealing agents in Europe occupied the second position in 2013, owing to the continuous rise in the geriatric population base, accelerating the demand of hemostasis and tissue sealing agents significantly.

• The hemostasis and tissue sealing agents market in Asia Pacific is likely to report the fastest growth in the near future, owing to the increase in the investment from major market players in this region.

The major companies operating in the global hemostasis and tissue sealing agents market are Advanced Medical Solutions Group, Pfizer, Integra LifeSciences Corp., Johnson & Johnson, C.R. Bard, CryoLife, Cohera Medical, and Baxter.