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HEALTHCARE & PHARMACEUTICAL

Fibrin Sealants Market Analysis by Type (Liquid, Patch, and Powder); by Application (General Surgery, Cardiovascular Surgery, Thoracic Surgery, Orthopedic Surgery, Transplant Surgery, Neurosurgery, Dental Surgery, Wound Management, and Others); by Technology (Autologous Donation, Viral Inactivation, Recombinant Production, and Others); and by End-User (Hospitals, Ambulatory Surgical Centers, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Asahi Kasei Corporation has acquired Bionova Scientific, LLC, a provider of contract process development and GMP-compliant contract manufacturing services to the biopharmaceutical industry.

  • Grifols S.A. launched VISTASEAL a plasma-protein-based bleeding-control solutions. Using Ethicon's airless spray device technology, this medication combines fibrinogen and thrombin, two plasma proteins.

Global Fibrin Sealants Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~6%

Base Year Market Size (2022)

~ USD 885 Million

Forecast Year Market Size (2033)

~ USD 1780 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)

Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)

                                                                                  

The global fibrin sealants market is estimated to garner a revenue of 1780 million USD by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market is expected to generate a revenue of 834 million USD in the year 2023. The growth of the market is primarily attributed to the growing prevalence of several kind of surgeries, growing occurrence of blood disorders, and traumatic injuries across the globe. As per the figures provided by the World Health Organization (WHO), each year, 3.16 million individuals die as a consequence of unintentional injuries, while 1.25 million individuals die as a consequence of violence-related injuries on a worldwide level.

fibrin sealants market overview image

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Fibrin sealants (FS) are protein-based medical adhesives that aid in wound closure and healing. Though the bovine and porcine sources are also available, fibrin sealants are generally extracted from human blood. The fibrin sealant molecule's adhesive characteristics allow it to quickly form a clot at the site of the incision, preventing bleeding and sealing it. Fibrin sealant has also been proven to speed up epithelial cell migration, which promote faster rates of tissue regeneration. For instance, in a clinical study it was observed that, the use of fibrin sealant in combination with photo-biomodulation therapy has shown promising outcomes in the repair of peripheral nerve injuries, as well as being efficient in the neurorrhaphy process and providing a higher quality of axonal regeneration to the interior of the distal stump.

Global Fibrin Sealants Market: Growth Drivers and Challenges

Growth Drivers

  • Worldwide Growing Count of Surgical Procedures - A wide range of medical disorders are diagnosed, or treated via surgical procedures. Surgery is a vital component of healthcare. Currently, number of health disorders require a prompt treatment that mostly require a surgical procedure. Thus, the growing number of surgical procedures is fueling up the Fibrin sealants market. According to the World Health Organization statistics, millions of people undergo surgical treatment each year, with surgical intrusions accounting for approximately 13% of global total disability-adjusted life years (DALYs).

  • Upsurge in Hemophilia Cases – Hemophilia is a genetic bleeding ailment which causes the blood to clot improperly. This may result in both spontaneous bleeding and bleeding after injury or surgery. As per the Centers for Disease Control and Prevention, the overall number of males living in the United States with hemophilia is approximated to be between 30,000 and 33,000.

  • Spiking Numbers of Orthopedic Surgeries – The main focus of orthopedic surgery, or orthopedics, is the care of the musculoskeletal system. That includes the skin as well as the bones, joints, ligaments, tendons, muscles, and nerves. For instance, in 2021, around 6.5 million orthopedic procedures were conducted in the United States.

  • Worldwide Increase in Geriatric Population - According to the figures released by the World Health Organization (WHO), the global population of people aged 60 and up is expected to increase from 1 billion in 2020 to 1.4 billion by 2030. The world's population of people aged 60 and over is predicted to double to 2.1 billion by 2050.

  • Increase in Global Healthcare Expenditure – Growing expenditure on global health by nations is bound to increase the revenue and size of the healthcare industry. According to the World Bank data, worldwide healthcare expenditures increased by 9.83% in 2019.

Challenges

  • Associated Limitations of Fibrin Sealants in Minimally Invasive Surgeries
  • Disruption and Delays Caused by Supply Chains – Logistical issues created by supply chain disruptions can cause imbalances and shortages in the market. This can severely impact the demand and sales of fibrin sealants.
  • Stringent Government Policies for Approval of Sealants

The global fibrin sealants market is segmented and analyzed for demand and supply by application into general surgery, cardiovascular surgery, thoracic surgery, orthopedic surgery, transplant surgery, neurosurgery, dental surgery, wound management, and others. Amongst these, the cardiovascular surgery segment is predicted to significantly grow over the forecast period on the back of massively increasing count of cardiovascular diseases, and massive upsurge in cardiovascular surgeries to treat patients. According to the data released by the World Health Organization, in 2019, an estimated 17.9 million people died from cardiovascular diseases, accounting for 32% of all global deaths.

Global Fibrin Sealants Market Regional Synopsis

The North America fibrin sealants market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. backed by the significantly increasing healthcare expenditure, growing occurrence of cardiovascular diseases, and growing count of surgical procedures in the region. According to a press release from the Centers for Medicare & Medicaid Services, health care expenditure in the United States is projected to expand by 5.1% between 2021 and 2030 and to reach around USD 6.8 trillion by 2030.

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Market Segmentation

Our in-depth analysis of the global fibrin sealants market includes the following segments:

        By Type

  • Liquid
  • Patch
  • Powder

         By Application

  • General Surgery
  • Cardiovascular Surgery
  • Thoracic Surgery
  • Orthopedic Surgery
  • Transplant Surgery
  • Neurosurgery
  • Dental Surgery
  • Wound Management
  • Others

         By Technology

  • Autologous Donation
  • Viral Inactivation
  • Recombinant Production
  • Others

 

         By End-User

  • Hospitals
  • Ambulatory Surgical Centers
  • Others

Top Featured Companies Dominating the Global Fibrin Sealants Market

  • CSL Limited

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Baxter International, Inc.
  • Pfizer Inc.
  • Asahi Kasei Corporation
  • Vivostat A/S
  • Octapharma AG
  • Takeda Pharmaceutical Company Limited
  • Grifols S.A.
  • Stryker Corporation
  • Hemarus Therapeutics Limited

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