Major players in the surgical sealants and adhesives market are Baxter International Inc. , B. Braun Melsungen AG, Cohera Medical, Inc. , CryoLife Inc. , C. R. Bard Inc. , CSL Limited (CSL Behring), Johnson & Johnson (Ethicon, Inc.
New York, July 16, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Surgical Sealants And Adhesives Global Market Report 2020-30: Covid 19 Growth and Change" - https://www.reportlinker.com/p05932649/?utm_source=GNW
), Sanofi, Ocular Therapeutix Inc., and Sealantis Ltd.
The global surgical sealants and adhesives market is expected to decline from $2.21 billion in 2019 to $1.33 billion in 2020 at a compound annual growth rate (CAGR) of -39.8%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing. The treatment for patients suffering from COVID-19 has taken precedence as a result of which numerous non-essential surgeries have been cancelled or postponed, decreasing the demand for surgical sealants and adhesives. The market is then expected to recover and reach $2.81 billion in 2023 at a CAGR of 28.3%.
The surgical sealants and adhesives market consists of revenue generated from the sales of surgical sealants and adhesives. Surgical sealants and adhesives are materials used to repair injured tissues and prevent air & fluid leakages during or after the surgeries. These are used for minimizing blood losses, replacing staples and sutures for better closure, and strengthening wound area without limiting the tissue movement.
North America was the largest region in the surgical sealants and adhesives market in 2019. Asia Pacific is expected to be the fastest-growing region in the surgical sealants and adhesives market in the forecast period.
In January 2018, Baxter International Inc., a global medical products company committed to advanced surgical innovations, announced the acquisition of two hemostat and sealant products: Recothrom and Preveleak surgical sealant, from Mallinckrodt plc for an amount of $ 153 million. This acquisition is aimed at broadening the surgical product portfolio of Baxter International Inc. With Recothrom, Baxter International Inc is providing additional options for innovative hemostatic products to surgeons to handle different severities of bleeding, whereas Preveleak is an addition to the company’s advanced surgical sealants portfolio. Mallinckrodt Pharmaceuticals is a UK-based manufacturer of specialty pharmaceuticals, imagining agents and generic drugs.
The surgical sealants and adhesives market covered in this report is segmented by product into biological sealants; synthetic sealants; semi-synthetic sealants. It is also segmented by indication into tissue sealing; tissue engineering; hemostasis and by end-use into hospitals; clinics; others.
The advances in surgical procedures are anticipated to hinder the growth of surgical sealants and adhesives market. Minimal invasive surgeries are replacing conventional surgical procedures, eliminating the complications including bleeding and air leakage and therefore, limiting the use of any surgical sealants and adhesives. According to the American Society of Plastic Surgeons (ASPS), in 2018, approximately 18 million people underwent surgical and minimally invasive cosmetic procedures in the USA. Hence, the growing number of minimally invasive surgeries and other substitutes for the conventional surgical processes is predicted to impact the growth of the market over the forthcoming years.
Several companies operating in the market are focusing on product portfolio expansion into untapped geographies. For instance, in January 2020, Terumo Corporation announced the launch of AQUABRID, new surgical sealants in the EMEA market. AQUABRID is specially developed for aortic procedures to stop bleeding during and post surgeries. The company earlier introduced this product in Japan in 2014 under the brand name Hydrofit and is under the process of registration in Eastern Europe, the Middle East and Africa.
The rising number of surgical procedures is predicted to contribute to the growth of surgical sealants and adhesives market. In recent years, the continuous surge in surgical procedures is registered attributing to the growing prevalence of obesity and other lifestyle diseases, increasing incidence of spinal and sports-related injuries, and rising geriatric population. The old-age population is more prone to chronic, heart, and other diseases, thereby undergoing surgical procedures. According to the United Nations Department of Economic and Social Affairs, the number of people over the age of 65 is projected to increase from 703 million in 2019 to 1.5 billion by 2050, globally.
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