The global biosurgery market, which covers hemostats, tissue sealants, tissue adhesives, and surgical adhesion barriers, is set to rise from $6 billion in 2015 to $7.6 billion by 2022, representing a steady compound annual growth rate of 3.6 percent, according to the research and consulting firm GlobalData.
The company’s latest report, “MediPoint: Biosurgery – Global Analysis and Market Forecast,” states that drivers of this growth, which will occur across 15 major markets, include aging populations in many countries, rising disease rates that necessitate a greater number of surgical interventions, and improving healthcare infrastructures in emerging countries that allow for more advanced therapies to be adopted.
“Emerging markets, particularly large ones such as India and China, have significant untapped potential in expanding the worldwide surgical devices market,” Shashank Settipalli, GlobalData’s analyst covering medical devices, reported. “As incomes and living standards in these nations continue to rise, a greater segment of the world’s population demands better healthcare.
Settipalli added that the trend entails greater volumes of procedures being performed in nearly every specialty because more people can afford surgeries that were previously prohibitively expensive, increasing the need for surgical tools and accessories.
Another driver is the need to curtail the impact of excessive blood loss, which is second only to head injury as the leading cause of death in trauma cases. In this way, devices such as hemostats, surgical sealant, and tissue adhesives can play an indispensable role in the operative phase of trauma management, and will become more widely used as need increases, according to the research.
“As well as increased use of this kind of equipment, higher-cost materials will also see greater uptake.,” Settipalli said. “Fibrin biosurgery products, for example, have become adept hemostats, internal surgical sealants, and external tissue adhesives, and their uptake will drive the overall biosurgery market.
“Clinicians have known about fibrin’s capability as an effective hemostat and sealant for over a century, but major regulatory authorities, such as the FDA, have approved market entry relatively recently, the analyst added. “As the number of clinical trials demonstrating fibrin’s effectiveness in a wider variety of fields expands, regulatory approval increases for greater indication coverage and companies gain access to a larger base of customers.”