Fibrin Glue Market Outlook
The fibrin glue market is predicted to exhibit a CAGR 10.9% from 2017 to 2023 (forecast period). The market is growing because of the surging number of surgical procedures and increasing prevalence of burn cases around the world. The rising healthcare expenditure of several countries. on account of the increasing occurrence rate of chronic diseases and soaring costs of patient care and medical treatment. growing preference of patients for surgeries to treat various diseases are fueling the growth of market.
The mushrooming number of surgeries is a major market growth driver. As per the data released by the World Bank, in the U.S., 30,537 surgeries were performed per 100,000 people in 2012. Likewise, in Australia, 28,907 surgical procedures were performed per 100,000 people in 2015. As fibrin glue is extensively used in different types of surgeries. The increasing occurrence rate of surgeries is driving the expansion of the market. Moreover, fibrin glue is also heavily used during plastic surgeries and the operation of burned body parts, owing to which, the increasing incidence of these cases is supporting the growth of the market.
Fibrin Glue Market Size
As per the World Health Organization (WHO), around 265,000 deaths are caused due to burns every year. In addition, the growing prevalence of road accidents is also propelling the progress of the market across the globe. Another major driver of the fibrin glue market is the soaring healthcare expenditure of many countries. Furthermore, many governments are actively focusing on supporting the development of pharmacies and hospitals, on account of the growing burden of chronic illnesses.
The fibrin glue market is divided, on the basis of application, into orthopaedic surgery, general surgery, vascular surgery. cardiac surgery, neurosurgery, burn bleeding, pulmonary surgery, plastic surgery, wound management. lacerations of liver and spleen, and others. Among these categories, the cardiac surgery category held the largest share in the market in 2016. During cardiac surgeries, fibrin-based sealants are heavily used for hemostasis. tissue observance to prevent the loss of blood which is one of the major issues healthcare practitioners face while performing these surgeries.
Globally, North America has dominated the fibrin glue market in the past, with the U.S. contributing higher revenue to the regional market than Canada. The expansion of the North American market is credited to the soaring prevalence of cardiovascular diseases in the region. In addition, the regional market is also being driven by the growing number of surgical procedures. Including plastic surgeries, an increasing incidence of road accidents and burn cases and a ballooning population of geriatric people.
Whereas, Asia-Pacific is expected to become the fastest-growing region in the market during the forecast period. As per the market research firm, P&S Intelligence, the market is being propelled by the surging population of geriatric people and rising occurrence rate of burn cases. As per the report of the United Nations Economics and Social Commission for Asia and the Pacific (UNESCAP), the population of people aged 65 years and above accounted for around 11.4% of the regional population in 2013. It is estimated that this count will reach nearly 20% of the population. by 2050, thereby causing a sharp rise in the demand for fibrin glue products.
Fibrin Glue Market Development
The global fibrin glue market is projected to attain a sufficient CAGR in the coming years. There are several factors that are responsible for the market’s rapid growth, such as the growing number of surgical procedures, rising burn cases. increasing healthcare expenditure. In addition, an aging population, rising incidence of road accidents, low chances of complications associated with these products, and an advancing prevalence of chronic diseases are driving the consumption of such materials in the healthcare sector.
In the past, in the fibrin glue market, based on application, cardiac surgery held the largest share. To avoid the loss of blood. Fibrin-based sealants are used for tissue adherence and hemostasis during cardiac surgeries. The volume of which is rising with the surging CVD incidence. Other categories in the segment are general surgery, pulmonary surgery, vascular surgery. lacerations of the liver and spleen, neurosurgery, orthopedic surgery, burn bleeding, wound management, plastic surgery, and others.
Fibrin Glue Market Growth
The worldwide fibrin glue market stands to benefit greatly from the improving healthcare ecosystem in emerging economies. Because of the increase in the government spending, growth in the number of hospitals. rise in the number of operational procedures, and greater healthcare awareness, the healthcare business in developing nations is undergoing significant changes. Additionally, the already advanced healthcare sector in developed countries presents lucrative opportunities for the growth of the market.
Patients suffering from different diseases are increasingly opting for surgeries for better and faster treatment. Which is leading to a rise in the use of fibrin glues. As the incidence of numerous health problems and chronic diseases rises. So does the number of operations conducted across the world. Thereby driving the fibrin glue market advance. For instance, over 40% of the school-going children and adolescents in the U.S. have at least one chronic health condition, says the CDC.
Fibrin Glue Market Demand Forecast
The government spending on healthcare is expanding in emerging economies, such as Brazil, China, Mexico, and India. Furthermore, greater healthcare knowledge and surging burden of chronic disease in developing nations have boosted the number of operations. As a result, the usage of fibrin glue has increased, creating substantial development potential for market players across the world. Compared to sutures, the usage of fibrin glue to achieve hemostasis is painless and causes less scarring, which is why this product is becoming popular among people, especially the elderly and those conscious of their appearance.
To provide more-advanced solutions for hemostasis in surgical settings, major players in the global fibrin glue market are partnering and acquiring other players’ product portfolios. RECOTHROM Thrombin Topical (recombinant), RAPLIXA (human fibrin sealant), and PreveLeak Surgical Sealant are among the leading players in the industry. Some other major companies include Hualan Biological Engineering Inc., Shanghai RAAS Blood Products Co. Ltd., Mallinckrodt Plc, Takeda Pharmaceutical Company Limited, Zimmer Biomet Holdings, Inc., CSL Behring, Baxter International Inc., Johnson & Johnson, Kaketsuken, and Vivostat A/S.
Hence, due to the government investment in the health sector, the market has tremendous advancement potential.
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings
The research offers historical market size of the global fibrin glue market for the period 2013 – 2016 . Market forecast for the period 2017 – 2023.
APPLICATION
- Cardiac surgery
- General Surgery
- Vascular surgery
- Pulmonary surgery
- Neurosurgery
- Lacerations of liver and spleen
- Burn bleeding
- Orthopaedic surgery
- Plastic surgery
- Wound management
- Others
GEOGRAPHY
- North America
- By Application
- By Country – The U.S. and Canada
- Europe
- By Application
- By Country – Germany, France, the U.K., Italy, Spain and Rest of Europe
- Asia-Pacific
- By Application
- By Country – Japan China, India and Rest of Asia-Pacific
- Latin America
- By Application
- By Country – Brazil, Mexico and Rest of Latin America
- Middle East & Africa (MEA)
- By Application
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