Number of pages: 100 | Report Format: PDF | Published date: December 08, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
Report Attribute |
Details |
Market size value in 2021 |
US$ 2.20 billion |
Revenue forecast in 2030 |
US$ 5.27 billion |
Growth Rate |
CAGR of 10.2% from 2022 to 2030 |
Base year for estimation |
2021 |
Forecast period |
2022-2030 |
Segments covered |
Type, Application, End User, and Region |
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study conducted by Growth+ Reports, the global surgical sealants market was pegged at US$ 2.20 billion in 2021. The market is expected to witness a CAGR of 10.2% from 2022 to 2030.
Market Fundamentals
Sealants are materials that are primarily utilized by surgeons to heal tissue that has been injured or surgically damaged. Blood vessels, internal organs, and skin are some examples of damaged tissues. Sealants can be applied internally or externally to create a barrier of protection or to confine liquids. Sealants can be used to heal suture wounds in tissues or to cover holes in hollow organs. The sealant base components include synthetic and biologically produced substances such as cyanoacrylates, gelatin, BSA, poly (ethylene glycol), and fibrin.
[794734]
Market Dynamics
The rise in the incidence rate of disorders such as cardiovascular diseases, cancer, and obesity is increasing the rate of surgeries which is the major factor driving the global surgical sealants market. Moreover, the increase in traumatic surgeries due to rise in the road and workplace accidents is also boosting the growth of the global market. The fast-growing sports industry is leading the rise of sports injuries, and the rise in the number of the comatic procedure is also fueling the global market growth. The rise in the demand for minimally invasive procedures is also increasing the demand for surgical sealants to help in fast recovery of wounds. However, the high cost related to surgical sealants is the major restricting factor of the market. similarly, stringent regulatory approval and a lack of skilled work force are also cramping the growth of the global market.
Market Ecosystem
The global surgical sealants market has been analyzed from four perspectives: type, application, end user, and region
Surgical Sealants Market by Type
[1232434]
Based on type, the global surgical sealants market has been segmented into biological sealants, synthetic and semi-synthetic sealants. Biological sealants dominate the global surgical sealants market with the largest market share in 2021. The biological sealants segment is further sub-segmented into fibrin sealants, collagen-based sealants, and gelatin-based sealants. The large share of the biological sealants is largely attributed to the fact that they are more compatible with the body and are produced from a natural source. Moreover, biological sealants reduce the time required for surgical procedures as they can be used in place of sutures in minimally invasive surgery. Similarly, these sealants can reduce the chances of infection after surgeries which is also increasing the demand for biologic sealants.
Surgical Sealants Market by Application
Based on applications, the global surgical sealants market is divided into general surgery, orthopedic, cardiovascular, central nervous system, ophthalmology, urology, pulmonary, and others. The general surgery segment holds the largest market share of the surgical sealants market in 2021. The large share of the segment can be attributed to the rise in the number of general surgeries such as appendectomy, colon surgery, and hernia surgery and the rise in traumatic surgeries.
Cardiovascular surgeries hold the second-largest share of the market. The large share of the segment can be attributed to the rise in the prevalence of cardiovascular diseases which is increasing the number of cardiovascular surgeries such as open-heart surgery, artificial heart valve surgery, angioplasty, and bypass surgery.
Surgical Sealants Market by End User
Based on end user, the global surgical sealants market is classified into hospitals, ambulatory surgical centers, and others. The hospitals segment leads the surgical sealants market with the largest market share in 2021. The large share of the hospitals segment can be attributed to high patient footfall. Moreover, hospitals are preferred over other end users for major surgeries due to low cost thus boosting the segment growth. Additionally, hospitals have a well-experienced and qualified workforce which is fueling the growth of the segment.
Surgical Sealants Market by Region
Based on region, the global surgical sealants market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. North America dominated the global surgical sealants market, followed by Europe. Asia Pacific is the fastest-growing regional market. North America holds a significant share of the global market due to the presence of well-developed healthcare infrastructure with the rise in the number of surgeries in the region. Moreover, the rise in the geriatric who are more prone to surgeries and the presence of the major companies in the region are also boosting the region's growth. Furthermore, there is a rise in the number of cosmetic surgeries in the region thus propelling the growth of the region.
Competitive Landscape
The prominent players operating in the global surgical sealants market are:
Strategic Developments
In 2021, the global surgical sealants market was valued at US$ 2.20 billion
The rise in the disorders such as cardiovascular diseases, cancer, and obesity is increasing the rate of surgeries, with increased trauma surgeries being the major driving factor of the market. Moreover, the increased sports injuries and rise in R&D are some of the other factors which drive the market growth.
North America has the largest market share in terms of revenue. Asia Pacific has the fastest growth rate, and it can be considered the key growth region due to the rapid market developments.
The fibrin sealants segment holds the largest market share of the global market
The prominent players operating in the global surgical sealants market are Baxter International Inc., Becton Dickinson & Company, CryoLife Inc, Johnson and Johnson Services Inc. (Ethicon Inc.), Integra LifeSciences Corporation, Cardinal Health, Medline Industries Inc., Stryker Corporation, B.Braun Melsungen AG, Tricol Biomedical LLC, Cohera Medical, Mallinckrodt Plc, C.R. Bard Inc. and Advanced Medical Solutions Group Plc.
*Insights on financial performance are subject to the availability of information in the public domain