Surgical Patches Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020–2030
The surgical patch is coated with coagulation factors such as human thrombin and human fibrinogen and is composed of an equine collagen sponge. It is a sealing patch that exhibits absorption properties along with potential hemostatic activity. The surgical patch is sterile making it safer to use by reducing the risk of infections. The solid thrombin and fibrinogen dissolves on coming in contact with the physiological fluid, when the patch is applied on the wound tissue. The fibrinogen in turn is converted to fibrin monomers by thrombin, which is polymerized to form a fibrin clot at the surface of the wound. This causes the patch to promote tissue healing by adhering to the wound surface. Traditional methods like sutures, cotton gauze or electrocautery may not provide the same benefits that the surgical patches provide which makes it more convenient and easy to use. Therefore, the surgical patches market is expected to grow significantly during the forecast period.
The Covid-19 may have led to a significant slowing down in the production and manufacturing of various companies in the initial months after its breakout, which may have slowed the market. However, the gradual reopening of the economies around the world is expected to have a positive impact on the Surgical Patches Market.
Surgical Patches Market: Drivers and Restraints
The rise in prevalence of cardiovascular diseases majorly, in both developed and developing countries which is leading to a rise in the number of cardiovascular surgeries is expected to drive the growth of the market. In addition, the increase in geriatric population is also expected to drive the growth of the surgical patches market. In 2018, 125 million people were aged 80 years or older and according to WHO’s estimates there will be 434 million people in this age group worldwide by 2050. Furthermore, advancements in healthcare facilities and rising disposable income is also expected to propel the growth of the surgical patches market during the forecast period. Additionally, the benefits offered by the surgical patches such as lower infection rate, ease of use, minimum structure line bleeding and high biocompatibility is also expected to contribute significant growth towards the surgical patches market.
However, insufficiency of skilled professionals and the complications associated with surgical patches may hamper the growth of the surgical patches market during the forecast period.
Surgical Patches Market: Segmentation
Tentatively, the global surgical patches market has been segmented on the basis of product type, application and end user.
Based on product type, the global surgical patches market is segmented as:
Based on application, the global surgical patches market is segmented as:
Based on end user, the global surgical patches market is segmented into:
Surgical Patches Market: Overview
Biologic surgical patches are expected to have a larger market share in comparison to synthetic surgical patches as it offers more benefits such as reduced risk of infections. Cardiovascular surgery is expected to have the largest revenue share in the application segment and will continue to dominate the market during the forecast period as well. This is due to rising cardiovascular diseases often leading to surgeries. According to CDC’s 2020 estimates, one person dies in every 36 seconds in the U.S from cardiovascular disease. The hospitals will contribute maximum revenue in the surgical patches market followed by ambulatory care services.
Surgical Patches Market: Region-Wise Outlook
Geographically, the Surgical Patches Market is segmented into seven regions viz. Europe, South Asia, East Asia, Oceania, Latin America, North America and Middle East & Africa.
The North America is expected to hold the largest market share in the global surgical patches market with U.S. being the major contributor of revenue. The developed healthcare infrastructure and the rising prevalence of cardiovascular diseases in North America is expected to boost the growth of the surgical patches market.
South Asia and East Asia is anticipated to experience maximum growth in the surgical patches market. This is attributed towards the rise in geriatric population in this region. Additionally, the increasing awareness regarding healthcare procedures and rising government initiatives is also expected to drive the growth of the market in this region.
Surgical Patches Market: Key players
Some of the players identified in the surgical patches market includes Johnson & Johnson, Baxter International Inc., Terumo Corporation, Becton, Dickinson and Company, B. Braun Melsungen AG, CryoLife, Admedus, W. L. Gore & Associates, Inc. and LeMaitre Vascular, Inc.
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