TAGS: Sustainability / Natural Adhesives Sealants
Persistence Market Research (PMR) anticipates that the global tissue glue and bio-adhesive sealants market that was valued at USD 1,156.3 Mn in 2015 is anticipated to register a CAGR of 8.0% and is expected to reach USD 2,281.2 Mn by 2024. Increasing cardiovascular and orthopedic procedures worldwide is expected to fuel the global tissue glue and bio-adhesive sealants market revenue growth over the forecast period.
Increasing disposable income coupled with ease of access of new surgical adhesives and sealants amongst end users is a major factor for rise in such procedures globally. A portion of the essential components driving the development of this market are the expanding number of surgical procedures over the globe.
Rising maturing populace, rising number of chronic diseases, and growing concerns for blood loss during surgeries globally is further going to spur market revenue growth over the forecast period.
70% of Revenue Shares from Hospitals
Hospitals segment is expected to account for nearly 70% revenue share of the global tissue glue and bio-adhesive sealants market by 2016 end, and is expected to gain 270 BPS by 2024 over 2016. Hospitals segment is expected to register higher Y-o-Y growth throughout the forecast period in comparison with other segments owing to increasing visits of outpatients to hospitals for various treatments.
Specialty clinics segment is expected to account for nearly 20% revenue share of the global tissue glue and bio-adhesive sealants market by 2016 end and is expected to lose 120 BPS by 2024 over 2016. The demand for new surgical adhesives is increasing among practitioners, which is expected to fuel revenue growth of clinics segment in the global tissue glue and bio-adhesive sealants market over the forecast period.
Increasing number of benefits such as faster wound healing and early discharge of patients is expected to attract more number of surgeons opting for tissue glue for major surgeries in hospitals and specialty clinics
Companies Focusing on Technological Advancements in Tissue Glues
Over the last few years, companies have been focusing on development of newer tissue glue and bio-adhesive sealants to target a range of consumers including infants and young and elder patients. Currently these surgical sealants are known for protecting the fragile, sensitive skin from injuries and help in containing infection transmission and cross-contamination.
New launched products such as TissueGlue skin adhesive (Cryolife), CoSeal (Baxter), and DERMABOND ADVANCED® Topical Skin Adhesive (Ethicon Inc.) are considered to be technological breakthroughs in the global tissue glue and bio-adhesive sealants market owing to their functional distinction from other available products in the market.
Source: Persistence Market Research