Surgical Sealants and Adhesives Market Expected to Reach $3,794 Million by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, March 21, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, Surgical sealants and adhesives Market by Product, Indication, Application, and Geography: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global surgical sealants and adhesives market accounted for $1,993 million in 2016, and is expected to reach $3,794 million by 2023 with a CAGR of 9.7% from 2017 to 2023. North America is the highest contributor in the surgical sealants and adhesives market in 2016; however, Asia-Pacific is expected to witness the highest growth rate during the forecast period.
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Adhesives and sealants are used during surgical procedures to reinforce surgical wounds, repair injured tissues, or even replace common suturing techniques. These products can be used as adjuncts to sutures to prevent air and liquid leakages. They can be developed naturally or synthetically, and are used generate three-dimensional networks, which bind to the target tissues and act as sealants, hemostats, or adhesives.
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The major driving factors of surgical sealants and adhesives market are rise in geriatric population, surge in prevalence of chronic diseases, and increase in awareness towards the benefits of using surgical sealants and adhesives. Furthermore, increase in number of surgical procedures globally and adoption of technologically advanced products fuel the growth of this market. However, rise in popularity of minimally invasive surgeries, high cost of these sealants and adhesive agents, and requirement of large amount of clinical data for the launch of new products are expected to hamper the market growth.
Among the product segment, natural sealants and adhesives dominates the market, as these products cause less immunogenic reaction, are available abundantly, and are thus less expensive as compared to synthetic products. However, the synthetic and semisynthetic sealants and adhesives segment registers the highest growth rate, as these products are more durable and flexible in nature.
Among the indication segment, tissue engineering is anticipated to grow at the highest rate, owing to upsurge in demand for tissue regeneration products in case of traumatic & burn injuries and rise in number of cosmetic surgeries.
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Key Findings of the Surgical Sealants and Adhesives Market:
- Cosmetic surgery is projected to grow at the highest rate during the forecast period both in terms of value and volume by 12.2% and 12.7% respectively.
- North America dominated the global surgical sealants and adhesives market in 2016, and is projected to continue its dominance in future.
- China is expected to grow at the highest rate in the Asia-Pacific region during the forecast period.
- Tissue sealing & hemostasis was the largest contributor among the end user segment in 2016.
- Cardiovascular surgery segment generated the highest revenue in 2016, and is expected to continue its dominance in future.
- In terms of volume fibrin based accounted for the largest share in 2016, registering a CAGR of 8.5% during the forecast period.
- Chitosan based dominated the polysaccharide natural surgical sealants and adhesive segment in terms of volume in 2016.
In 2016, North America was the dominant revenue contributor, owing to high prevalence of chronic diseases, increase in disposable income, and surge in number of surgical procedures. However, Asia-Pacific is witnessing the highest CAGR during the analysis period, owing to the presence of high populace countries such as India and China, which in turn increases the prevalence rate of chronic diseases, geriatric population, and the number of cosmetic surgeries being conducted.
The key players operating in the global surgical sealants and adhesives market include Baxter International Inc., B. Braun Melsungen AG, Cohera Medical, Inc., CryoLife Inc., C.R. Bard Inc., CSL Limited (CSL Behring), Johnson & Johnson (Ethicon, Inc.), Ocular Therapeutix Inc., Sanofi, and Sealantis Ltd.
Other prominent players in the value chain include Vivostat A/S, Medtronic plc, Mallinckrodt plc, Cardinal Health, Integra LifeSciences Holdings Corporation, and LifeBond Ltd.
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