The global market for internal tissue sealants is poised for remarkable growth, as per the latest market analysis. The market is expected to grow at a strong CAGR of XX% over the projected period, with a size estimate of USD XX billion in 2021. The demand for surgical services is rising, surgical operations are increasing globally, and there is increased interest in decreasing surgical wounds. These are some of the major causes influencing this expansion.
There are an estimated 235 million major surgical procedures performed annually worldwide, according to the World Health Organization (WHO), which has raised concerns about wound infections, tissue damage, and significant bleeding. Individuals with diabetes also require extra caution due to their higher risk of complications before and after surgery. Moreover, the market is expected to receive an additional boost from the escalating number of injuries caused by ATV, moped, minibike, skateboard, scooter, and hoverboard accidents, resulting in a greater demand for surgical sealants and adhesives.
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Healthcare in developing countries is undergoing rapid transformations, driven by expanding populations and increased demand for medical equipment. Rising healthcare spending in nations like China and India is anticipated during the projection period, with emerging economies projected to account for one-third of all global health expenditures by 2022. As income levels rise, people tend to spend more on medical care, contributing to the growth of the medical equipment market.
In response to the escalating number of surgeries, intensive research and development efforts are underway to expand the use of internal tissue sealants and adhesives. These advanced medical products are increasingly preferred over conventional sutures and staples due to their superior ability to close wounds with minimal blood loss and reduce post-surgery discomfort. Additionally, the COVID-19 pandemic impacted surgical procedures, leading to a decline in the purchase of internal tissue sealants and adhesives in surgical centers. However, as the world gradually returns to normalcy, the market is expected to witness a resurgence.
Key Drivers of Market Growth:
- Rise in Caesarean Instances: With the rate of population growth at an unprecedented level, the number of C-section procedures is on the rise, presenting an 8% growth opportunity in the market. Surgical sealants are crucial during C-sections to prevent bleeding and infections.
- Increasing Incidence of Fatal Traffic Accidents: Fatal traffic accidents necessitate immediate medical attention and surgery, with sealants and adhesives playing a vital role in stopping blood loss.
Market Restraints:
- Environmental Concerns: The manufacturing of adhesives and sealants involves the use of chemicals that release harmful gases, leading to stricter regulations and environmental concerns.
Segment Overview:
Fibrin-based Sealant Dominates the Market: Fibrin sealants, which recreate the final stage of the blood coagulation cascade, are expected to lead the market due to their ability to reduce bleeding and improve patient outcomes.
The largest market share belongs to hospitals.: Hospitals are expected to rule the market because of their versatility in managing surgical circumstances and emergency services.
Regional Landscape:
North America Leads the Market: North America, led by the United States, is expected to have the largest market share due to improved surgical device regulations and growing awareness of the importance of such treatments in case of accidents and chronic diseases.
Asia Pacific Shows Significant Growth: The adoption of cutting-edge medical procedures and government backing for the construction of healthcare infrastructure are predicted to propel the Asia Pacific region's growth during the forecast period.
Key Players:
Leading players in the global internal tissue sealants market include Ethicon (Johnson & Johnson), Baxter International Inc., Integra Lifesciences Holdings Corporation, Pfizer Inc., Tissuemed Ltd., Sanofi S.A., Braun Melsungen Ag, Cryolife Inc., C.R. Bard, Inc., and Cohera Medical, Inc.
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