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.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.
TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.
TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
The reports offer answers to the top 7 questions that revolve around the growth of the market
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report