(Australia-NewsWire.Com, February 07, 2018 ) The Asia Pacific Hemostats market size was around USD 600 million in 2017. It is expected to grow at a CAGR of 6.9% to reach USD 840 million by 2022. It captures 20% of the global market. In order to stop bleeding during operating on a patient hemostats are used. Tissue adhesion agents and tissue sealants are used alongside it. These adhesives and sealants can be physical or biological. These products are predicted to soon replace the traditional sutures used for incision closures. It is because they are minimally invasive and reduce the time of surgery along with preventing any post-operation fluid leaks or infections.
Several factors are driving the growth of this market. Some of them are rapid advancements in technology, numerous applications, well-funded R&D, and robust insurance support to manufacturers etc. However, there are some factors which are inhibiting market growth. They are strict regulatory procedures and administrative framework along with low awareness about these products amongst the consumers etc.
The market segmentation is broad. Classification by product type entails Topical hemostats, Tissue Sealants, Cyanoacrylate-based tissue adhesives, and Adhesion prevention products. Topical hemostats have been further segregated into Collagen-based topical hemostats; Oxidized regenerated cellulose-based topical hemostat, Gelatine-based topical hemostat, Thrombin-based topical hemostat, and Combination topical hemostat. In 2016, thrombin based hemostat market sub-category accounted for the largest market share. Its growth rate will remain steady in the forecast period. Gelatine based topical hemostats are growing in demand because they are economical. However, they are available in powder form. Tissue sealants have been further categorized into Fibrin sealants, and Protein-based sealants.
Classification by geography entails India, China, Korea, Japan and others. Asia Pacific is set on a high growth trajectory in the aforementioned forecast period. Booming medical tourism industry, rising disposable income resulting in higher purchasing power, and rising awareness regarding better health infrastructure are the reasons behind this.
Key players in the market include 3M, ADCO Asia Pacific, Inc., Abbott Laboratories. Other players in the market include Advanced Medical Solutions Group, Plc. and Dymax Corporation.
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