Hemostasis and Tissue Sealing Agents Market Size

Hemostasis & Tissue Sealing Agents Market Analysis

The hemostasis and tissue sealing agents market is expected to register a CAGR of 8.5% over the forecast period.

• The COVID-19 pandemic had a substantial effect on the hemostasis and tissue sealing agents market. The market expanded together with the rising significance of imbalanced hemostasis in COVID-19 patients in favor of a prothrombotic state, and their impact on prognosis also had a beneficial impact on market growth. Patients with COVID-19 were predicted to experience a critical illness, hemorrhage, mortality, and thrombosis by an elevated D-dimer level at the time of hospital admission. According to a research article published in PubMed in November 2021, hemostasis could be a risk factor for COVID-19 mortality and disease severity. As a result, the market expanded favorably both before and after COVID-19.
• Factors such as the increasing number of surgical procedures as well as the rising number of road accidents are expected to significantly contribute to the growth of the hemostasis and tissue sealing agents market. For instance, according to a study published in the International Journal of Surgery in September 2020, 310 million major surgeries are carried out annually worldwide, with 40 to 50 million taking place in the United States and 20 million in Europe. Such factors are likely to boost the usage of hemostasis and tissue-sealing agents, thereby contributing to the studied market growth.
• Moreover, the increasing prevalence of chronic blood disorders is also driving the market's growth. As per the 2022 update by the International Society on Thrombosis and Hemostasis, every year, there are approximately 10 million cases of venous thromboembolism worldwide. As per the same source, in Europe, there are 544,000 Deep Vein Thrombosis (DVT) related deaths every year. According to the Disorders of the Blood 2022 report by PhRMA published in May 2022, more than 3.2 million Americans are living with a bleeding disorder yearly. Therefore, an increase in the number of patients with blood disorders, along with the growing need to cater to various bleeding conditions, is likely to fuel the market for hemostasis and tissue-sealing agents.
• The rise in the number of surgical procedures and the prevalence of chronic diseases (such as blood disorders) are significant factors driving the growth of the market studied. However, strict regulations on the approval of these agents coupled with the high costs of these agents are expected to hinder the growth of the market over the next five years.