Fibrin Sealants Market Trends

Growth Drivers

• Worldwide Growing Count of Surgical Procedures - A wide range of medical disorders are diagnosed, or treated via surgical procedures. Currently, a number of health disorders require prompt treatment that mostly include a surgical procedure. Thus, the growing number of surgical procedures is fueling up the global fibrin sealants market. According to 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 that causes the blood to clot improperly. This may result in both spontaneous bleeding and bleeding after injury or surgery. Therefore, it is anticipated to boost the market’s growth over the forecast period. 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 to care of the musculoskeletal system, which includes the skin as well as the bones, joints, ligaments, tendons, muscles, and nerves, and it is predicted to drive the growth of the global fibrin sealants market. Therefore, spiking number of orthopedic surgeries, including keyhole orthopedic surgery is anticipated to boost the market’s growth. 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 World Bank data, worldwide healthcare expenditures increased by 9.83% in 2019.

Challenges

• Associated Limitations of Fibrin Sealants in Minimally Invasive Surgeries- The market for fibrin sealants may see some difficulty during the forecast period owing to restrictions on the use of fibrin sealants in laparoscopic and minimally invasive surgeries. Additionally, the high expenses linked to treatment methods and the tight guidelines for product approvals may hinder sales development.
• 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 for and sales of fibrin sealants.
• Stringent Government Policies for Approval of Sealants