Market Trends of Global Tissue Sealants Industry
This section covers the major market trends shaping the Tissue Sealants Market according to our research experts:
Fibrin Sealants is Expected to Witness Growth Over the Forecast Period.
Fibrin sealants reconstruct the final phase of the blood coagulation cascade through the reaction of thrombin and fibrinogen at the wound spot to produce a cross-linked fibrin clot that stops bleeding. These products are generally indicated as an adjunct to hemostasis when control of bleeding by standard surgical techniques is ineffective or impractical. In orthopedic procedures, elective or urgent, bleeding is to be seriously considered, since usually both bones and soft tissues are injured or cut, so adapted hemostatic means have to be used.
According to the Organization for Economic Co-operation and Development, September 2022 update, coronary artery bypass graft surgical procedures conducted in Canada, France and Germany was 17,149, 16,389, and 38,859 respectively in 2020. The high prevalence of such cardiac surgeries is anticipated to boost the segment growth.
The advancements in technology and increasing product approvals, along with partnerships and acquisitions by key players are helping in the market growth. For instance, in February 2021, Takeda Pharmaceutical Company Limited sold TachoSil Fibrin Sealant Patch to Corza Health, Inc. Also, in January 2020 Terumo Corporation launched a new surgical sealant AQUABRID in Europe, the Middle East, and Africa Market. AQUABRID is a sealant specially developed for aortic surgeries. It reacts with blood and creates an elastic layer that adheres tightly to the tissue. Such developments are projected to augment the segments growth during the forecast period.
North America is Expected to Dominate the Tissue Sealants Market Over the Forecast Period
North America is expected to dominate the market owing to factors such as the increase in the number of bone and sports injuries and rise in the number of hip and knee replacement surgeries, the growing geriatric population, the strong presence of industry players in the region, better healthcare infrastructure, awareness among people and healthcare industry stakeholders about available technologies, and the high concentration of market players in the region.
According to the Organization for Economic Co-operation and Development, September 2022 update, the total knee replacement surgery conducted was 54,918, and total hip replacement surgeries were 54,991 in Canada in 2020. The high burden of knee replacement surgeries and hip replacement surgeries is projected to boost the growth of tissue sealants in the region.
In addition, as per the Centers for Disease Control and Prevention 2021 report, each year, millions of older people (65 and older) fall in the United States. One out of five falls causes a serious injury such as broken bones. Each year, 3 million senior citizens are treated in emergency departments for fall injuries. It highlights that geriatric people are more prone to injury and hence this age group is more likely to need tissue sealants for treatment procedures.
Furthermore, as per the Statistics Canada, 2021 census, in Canada, there are around 7,021,430 people aged 65 years or above in 2021, out of which 3,224,680 are males and 3,796,750 are female. Such a large geriatric population in the country boost the possibility of high utility of tissue sealants in the region and thus boosts the growth of the market.
Therefore, owing to the above-mentioned factors, the growth of the studied market is anticipated in the North America Region.
