The market witnessed a healthy growth rate during the last decade and is expected to grow at a compound annual growth rate (CAGR) of 9.6% between 2016 and 2021 to reach 2.96 billion by 2021, according to a new market research report from Markets and Markets.
The growth in this market is reportedly attributed to factors such as increasing need to manage blood loss in patients, growing rate of surgeries being performed annually, greater uptake of technologically advanced products, and increasing FDA and CE Mark approvals. Moreover, factors like rising geriatric population, increasing prevalence and incidence of chronic disorders, as well as increasing trauma and accident cases, are driving the adoption of these sealants and adhesives.
In 2016, North America is expected to account for the largest share of the market. The largest share of this regional segment is driven by rising healthcare expenditure, the presence of many large and well-equipped hospitals, greater uptake of technologically advanced medical products, increasing FDA approvals for surgical sealants, and the presence of major market players in this region. However, the market in the Asia-Pacific region is expected to grow at the highest CAGR, owing to growing per-capita income, increasing medical tourism, the presence of less stringent regulations, and growing demand for quality healthcare. In addition, increasing investments by major players in this region is propelling the market further.
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