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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%, according to research and consulting firm GlobalData.
The company's latest report 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.
Mr Shashank Settipalli, GlobalData's Analyst covering Medical Devices, explains: "Emerging markets, particularly large ones such as India and China, have significant untapped potential in expanding the worldwide surgical devices market. As incomes and living standards in these nations continue to rise, a greater segment of the world's population demands better healthcare.
"This 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.