As per the latest research report on global hemostasis tissue sealing agents market by the Transparency Market Research, the industry is poised to expand at a stable growth rate of 8.3 % over the forecast period of 2019 to 2027. It also projects that the global hemostasis tissue sealing agents market will expand and reach the valuation of US$ 10.3 billion at the end of the forecast period i.e. 2027, rising from its recent evaluation of US$ 5.1 billion at the beginning of the forecast period i.e. 2018.
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The key driver aiding in the expansion of the global hemostasis tissue sealing agents market is the increasing demand for minimally invasive surgical procedures. Furthermore, technological advancements in the field of pharmaceutical and biotechnology are also driving the growth in the global hemostasis tissue sealing agents market in recent years.
Rising Geriatric Population Bolsters the Demand in Hemostasis Tissue Sealing Agents Market
Rising global geriatric population has been driving the demand for minimally invasive surgical procedures, which in turn is favoring the growth in the global hemostasis tissue sealing agents market. The rising preference for minimally invasive surgeries is a result of various advantages provided by these type of surgical procedures.
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These advantages include reduction in hospital stay, reduction in post-surgical complications, shorter time required for recovery, and minimal incisions. Products in the global hemostasis tissue sealing agents market, including collagen and gelatin based systemic hemostasis agents are most commonly used in these types of surgical procedures. This is driving the demand for global hemostasis tissue sealing agents market.
However, presence of stringent regulatory standards as well as high cost associated with these products may restrict the growth in the global hemostasis tissue sealing agents market in coming years. Segments in the global hemostasis tissue sealing agents market by product type include topical hemostat (including mechanical hemostats, flow able hemostats, and active hemostats) and adhesive and tissue sealing agents (including natural tissue sealant, adhesion barrier products, and synthetic tissue sealant).
Major regions covered in the business intelligence study on the global hemostasis tissue sealing agents market include North America (including Canada and the United States), Europe (including France, Spain, Italy, Germany, the United Kingdom, and rest of the Europe), Middle East and Africa (including South Africa, Gulf Cooperation Council countries, and rest of the Middle East and Africa), Latin America (including Mexico, Brazil, and rest of the Latin America), and Asia Pacific (including China, India, Japan, Australia and New Zealand, and rest of the Asia Pacific).
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Players in Hemostasis Tissue Sealing Agents Market Launching Technologically Advanced Products
Some of the most prominent and leading players functional within the global hemostasis tissue sealing agents market include Advanced Medical Solutions Group PLC, Cohera Medical, Inc., C. R. Bard, Inc., Integra Life Sciences Corporation, Cohesion Technologies Inc., Baxter, CryoLife, Inc., Johnson & Johnson Services, Inc., Pfizer, Inc., and B. Braun Medical Inc., among others. The competitive landscape of the global hemostasis tissue sealing agents market is highly fragmented, with the presence of a large number of both local as well as international players.
Players and manufacturers in the global hemostasis tissue sealing agents market are engaged in various growth strategies such as gaining regulatory approvals, launching new products, collaborative agreements, mergers and acquisitions, and marketing technologically advanced products to amass a larger share in the global hemostasis tissue sealing agents market.
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For example, Sysmex Corporation introduced Automated Blood Coagulation Analyzer, a new product in hemostasis field in July of 2020. This device is used to enhance the testing workflow efficiency in chemiluminescence enzyme immunoassay. Terumo Corporation introduced AQUAVRID, which is a new surgical sealant product, in January of 2020.
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