NEW
YORK, Aug. 1, 2024 /PRNewswire/ -- The global
fibrin sealants market size is estimated to grow by
USD 1.04 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 8.51% during the forecast period. Increasing number of surgical
procedures is driving market growth, with a trend towards strong
clinical trial pipeline. However, high cost of
fibrin sealants poses a challenge. Key market players
include Asahi Kasei Corp., Baxter International Inc., Becton Dickinson and Co., Cryolife Inc., CSL
Ltd., Grifols SA, Johnson and Johnson Services Inc., Pharming Group
NV, Reliance Industries Ltd., Shanghai RAAS Blood Products Co.
Ltd., Stryker Corp., Takeda Pharmaceutical Co. Ltd., Tissuemed
Ltd., and Vivostat AS.
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Fibrin Sealants
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
8.51%
|
Market growth
2024-2028
|
USD 1046.7
million
|
Market
structure
|
Concentrated
|
YoY growth 2022-2023
(%)
|
7.66
|
Regional
analysis
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Performing market
contribution
|
North America at
35%
|
Key
countries
|
US, Canada, Germany,
France, and Japan
|
Key companies
profiled
|
Asahi Kasei Corp.,
Baxter International Inc., Becton Dickinson and Co., Cryolife Inc.,
CSL Ltd., Grifols SA, Johnson and Johnson Services Inc., Pharming
Group NV, Reliance Industries Ltd., Shanghai RAAS Blood Products
Co. Ltd., Stryker Corp., Takeda Pharmaceutical Co. Ltd., Tissuemed
Ltd., and Vivostat AS
|
Market Driver
The fibrin sealant market is poised for growth due to the
substantial number of pipeline products undergoing regulatory
approval in various countries. These upcoming novel fibrin sealants
will broaden the product portfolio and cater to diverse
indications. Concurrently, existing approved fibrin sealants are
undergoing clinical trials for new applications. For instance, a
fibrin sealant approved for hemostasis in cardiovascular surgery is
being tested for dental surgeries. Multiple pharmaceutical
companies are entering this market, leading to increased
competition and demand for fibrin sealants. This market expansion
is expected to fuel the growth of the global fibrin sealant market
during the forecast period.
The Fibrin Sealant Market is experiencing significant growth due
to the increasing prevalence of chronic diseases such as gastric
diseases, heart attack, atherosclerosis, ischemic stroke, aneurysm,
tumors, and cancer. These conditions often require surgical
interventions for treatment, leading to an increase in the use of
fibrin sealants for minimizing complications and reducing high
costs. Key players in the market include Grifols with VISTASEAL, a
plasma protein-based fibrin sealant, and other liquid and powder
forms. Emerging economies present new opportunities due to unmet
medical needs and increasing healthcare expenditure. However,
reimbursement policies and complications associated with fibrin
sealants remain challenges. The market also caters to niche
indications like arrhythmia, sports injuries, road accidents, and
orthopedic and ophthalmic diseases. The National Center for
Biotechnology Information reports on the latest research in fibrin
sealants for liver cirrhosis, kidney failure, heart failure,
cholangiocarcinoma, and hepatic metastatic cancer. Vaccination and
lockdowns have impacted surgical procedures, but the market is
expected to recover as healthcare systems adapt.
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Market Challenges
- Fibrin sealants are valuable tools in controlling bleeding
during surgeries. However, their high cost is a significant barrier
to their widespread adoption. A millimeter of fibrin sealant liquid
costs between USD60 and USD100, while a box of fibrin sealant glue ranges
from USD120 to USD150, and a fibrin sealant patch costs
approximately USD850 to USD1,000. The amount of fibrin sealant needed
depends on the size of the surgical incision, with larger incisions
requiring more, resulting in increased costs. This high cost may
lead end-users to opt for alternative, more affordable hemostat
products, such as absorbable hemostats, which could negatively
impact the market growth for fibrin sealants during the forecast
period.
- The Fibrin Sealant Market faces several challenges, including
reimbursement issues, complications, and high costs. Unmet medical
needs in emerging economies present opportunities for growth.
Companies like Grifols and their VISTASEAL brand, or plasma
protein-based fibrin sealants, face competition from vaccination
and lockdown-related delays in surgical procedures. Orthopedic and
ophthalmic diseases are significant application areas, with liquid
and powder dosage forms used in general, cardiovascular, central
nervous, cosmetic, orthopedic, ophthalmic surgeries, bariatric
procedures, and more. The market includes hospitals, ambulatory
surgical centers, and clinics. Key end users are geriatric
populations with chronic diseases like liver cirrhosis, kidney
failure, heart failure, cholangiocarcinoma, and hepatic metastatic
conditions. Healthcare expenditure and the need for effective
hemostatic agents drive market growth. The patch segment and
application segment are expected to dominate the market.
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Segment Overview
This fibrin sealants market report extensively covers market
segmentation by
- Product
- 1.1 Patches
- 1.2 Liquid
- 1.3 Others
- Geography
- 2.1 North America
- 2.2 Europe
- 2.3 Asia
- 2.4 Rest of World (ROW)
1.1 Patches- In 2023, the fibrin sealants market is
anticipated to expand due to the rising prevalence of conditions
like liver cirrhosis, hepatitis, and cancer that necessitate
surgical interventions. These diseases often result in hepatic
parenchymal bleeding during liver transplantation procedures.
Fibrin sealant patches offer an effective solution by promoting
hemostasis and reducing the risk of hemorrhage. Their ease of use,
room temperature storage, and compatibility with manual pressure
make them a preferred choice for medical professionals. Baxter's
TachoSil, the first fibrin sealant patch, was approved by the US
FDA and utilizes oxidized regenerated cellulose to avoid allergic
responses. Other notable products include Ethicon's EVARREST, which
contains human pooled plasma fibrinogen and thrombin. The
increasing adoption of these patches, owing to their immediate
bleeding control, is driving market growth during the forecast
period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Fibrin Sealant Market refers to the global industry for
hemostatic agents used to promote blood clotting and tissue healing
during surgeries. This market caters to various surgical
specialties, including general surgery, cardiovascular surgery,
central nervous system surgery, cosmetic surgery, orthopedic
surgery, ophthalmic surgeries, and bariatric surgery. Fibrin
sealants are available in different dosage forms, such as
solutions, powders, and patches. The patch segment is expected to
dominate the market due to its ease of use and effectiveness. The
application segment includes both elective and emergency surgeries.
End users include hospitals, ambulatory surgical centers, and
clinics. The geriatric population and patients with conditions like
stroke are major consumers of fibrin sealants due to their
increased susceptibility to bleeding. Reimbursement policies and
complications, such as infection and high costs, are key challenges
in this market. Unmet medical needs and emerging economies offer
significant growth opportunities. Companies like Grifols and their
products, such as VISTASEAL and plasma proteins, are driving
innovation in this field. Vaccination and lockdowns have impacted
the market, but the long-term outlook remains positive.
Market Research Overview
The Fibrin Sealants Market refers to the global trade of
hemostatic agents used to promote blood clotting and tissue healing
during surgical procedures. These sealants find extensive
applications in various sectors, including general surgery,
cardiovascular surgery, central nervous system, cosmetic surgery,
orthopedic surgery, ophthalmic surgeries, bariatric surgery, and
more. The market caters to diverse dosage forms, such as patches
and liquids, and is segmented based on application and end user.
The geriatric population and those suffering from chronic diseases,
gastric diseases, heart attack, atherosclerosis disease, ischemic
stroke, aneurysm, tumors, cancer, myocardial infarction,
arrhythmia, sports injuries, and road accidents, among others, are
primary consumers of fibrin sealants. The dosage forms include
patches and liquid, while the application segments span across
various surgical procedures and disease areas. End users include
hospitals, ambulatory surgical centers, and clinics. Factors
driving the market include the growing prevalence of chronic
diseases, healthcare expenditure, and the need for minimally
invasive surgical procedures. However, complications, high costs,
and unmet medical needs present challenges. Emerging economies
offer significant growth opportunities, with key players like
Grifols and its VISTASEAL and plasma protein-based sealants leading
the market. Vaccination, lockdowns, and surgical procedure
cancellations due to the COVID-19 pandemic have affected market
growth. The market also caters to specific disease areas like liver
cirrhosis, kidney failure, heart failure, cholangiocarcinoma,
hepatic metastatic, and chronic diseases. Reimbursements and
healthcare policies play a crucial role in market dynamics.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio