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Hemostasis and Tissue Sealing Agents Market: Aging Population Increases the Number of Surgeries needing Hemostat Products Boost Market Growth
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It accounted for over one third of the overall market share back in 2013. The growth of the regional market is primarily attributed to the growing number of inpatient surgeries coupled with rising use of hemostat products by surgeons and physicians.
Europe is expected to follow the growth rate of North America hemostasis tissue sealing agents market. In recent years, there has been significant rise in the geriatric population in the region. Rise in geriatric population has a direct impact on the market growth as it increases the possibilities of surgeries or medical checkups that involves use of hemostat products.
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Asia Pacific Region to Expand More Due to Favorable Regulatory Conditions
However, over the course of the given forecast period of 2014 to 2020, maximum growth potential is shown by the Asia Pacific region. The growth of the region is primarily driven by the presence of emerging economies such as India and China. These economies are spending increasingly over the development of their respective healthcare infrastructure. This has led to several business opportunities for the manufacturers of hemostasis tissue sealing agents. In addition to this, several other governments are offering favorable regulatory condition. This has encouraged several leading players to invest in the region and expand their bases here. This has also helped in driving the growth of the hemostasis tissue sealing agents in Asia Pacific.
Such stellar regional growth of the global hemostasis tissue sealing agents market is thus expected to help it reach an overall valuation of US$5.2 bn by the end of 2020. The growth of the hemostasis tissue sealing agents market is expected to achieved with CAGR of 8% over the course of the given forecast period of 2014 to 2020.
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There are other driving factors that are also contributing to the development of the market. One important factor is of growing prevalence of gastrointestinal, vascular, cardiovascular, and pulmonary surgeries across the globe. These surgeries compulsorily require hemostat products and thus their demand has been on the rise.
Market Leader to Invest More in Research and Development Activities
The vendor landscape of the global hemostasis tissue sealing agents is fairly fragmented due to presence of several notable players. This is also the reason behind the intense competition in the market that is expected to grow in the coming years. The leading companies in the hemostasis tissue sealing agents market are now focusing on technological advancements and innovations to edge out their rivals and bolster their product portfolio. In addition to this, these players are also investing heavily activities of research and development to stay ahead of their rivals.
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Interestingly, some key players are more focused on strategies such as mergers, acquisitions, and joint ventures in order to enhance their market share. Such moves are only expected to help the growth of the global hemostasis tissue sealing agents market. Some of the prominent names in the hemostasis tissue sealing agents market include names such as CryoLife Inc., Pfizer Inc., Johnson and Johnson, Advance Medical Solution Group Plc., Baxter, and LifeSciences Corporation among others.
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