Decline In The Surgical Sealants And Adhesives Market At -39.8% CAGR Caused Due To COVID-19

Decline In The Surgical Sealants And Adhesives Market At -39.8% CAGR Caused Due To COVID-19

“Global Surgical Sealants And Adhesives Market, Forecast Market Size, 2019 – 2023, $ Billion”
The Business Research Company’s Global Surgical Sealants And Adhesives Market Research And Market Trends, Global Report 2020-30: Covid 19 Growth And Change, Segments Covered: 1) By Product: Biological Sealants, Synthetic Sealants, Semi-Synthetic Sealants 2) By Indication: Tissue Sealing, Tissue Engineering, Hemostasis 3) By End Use: Hospitals, Clinics, Others, Companies Covered: Baxter International Inc., B. Braun Melsungen AG, Cohera Medical, Inc., CryoLife Inc., C.R. Bard Inc.

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, thus decreasing the demand for surgical sealants and adhesives. The global surgical sealants and adhesives market size is then expected to recover and reach $2.81 billion in 2023 at a CAGR of 28.3%.

The rising number of surgical procedures is predicted to contribute to the growth of the surgical sealants and adhesives market. In recent years, the continuous surge in surgical procedures has been 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, and they have to undergo 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.

The surgical sealants and adhesives market consists of revenues 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 surgeries. These are used for minimizing blood losses, replacing staples and sutures for better closure, and strengthening wound area without limiting the tissue movement.

The global surgical sealants and adhesives market is segmented by product into biological sealants, synthetic sealants, and semi-synthetic sealants. By indication, the market is segmented into tissue sealing, tissue engineering, and hemostasis. By end use, the market is segmented into hospitals, clinics, and others.

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.), Sanofi, Ocular Therapeutix Inc., and Sealantis Ltd. Companies in the market are investing in mergers and acquisitions to strengthen their businesses. For example, 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.

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.

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