Number of pages: 100 | Report Format: PDF | Published date: October 11, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
Report Attribute |
Details |
Market size value in 2021 |
US$ 1.79 billion |
Revenue forecast in 2030 |
US$ 4.65 billion |
Growth Rate |
CAGR of 11.20% from 2022 to 2030 |
Base year for estimation |
2021 |
Forecast period |
2022-2030 |
Segments covered |
Type, application, end user, and region. |
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global fibrin sealants market was pegged at US$ 1.79 billion in 2021 and is expected to witness a CAGR of 11.20% during the forecast period from 2022 to 2030.
Market Fundamentals
A fibrin sealant is a complex plasma-derived substance rapidly employed as a biodegradable tissue adhesive or sealant in several surgical procedures to prevent or control bleeding or improve air and fluid-tightness. It is a two-part substance made up of fibrinogen and thrombin. In the presence of trace quantities of calcium and factor XIII, thrombin transforms fibrinogen into insoluble fibrin, the agent's ultimate stable state. Fibrin sealants are employed in various surgical procedures, including cardiovascular surgery, thoracic surgery, neurosurgery, plastic and reconstructive surgery, and dental surgery. The major advantage of fibrin sealants is that they have the potential to minimize surgical blood loss and the requirement for transfusions during surgical procedures.
[7657565]
Market Dynamics
Primary drivers propelling the market growth are rising healthcare spending and an increase in surgical operations. Improving healthcare in emerging nations offers enormous prospects for the global fibrin sealants market. Furthermore, the rising frequency of chronic diseases, an increased aging population undergoing frequent surgical procedures, and an increase in traffic accidents all contribute to the market expansion.
However, the high preference for minimally invasive treatments and stringent regulatory norms may limit the global market for fibrin sealants.
Market Ecosystem
The global fibrin sealants market has been analyzed from four perspectives: type, application, end user, and region.
Fibrin Sealants Market by Type
[745353]
The global fibrin sealants market is classified into three categories liquid, patches, and powder. The liquid category dominates the market. Improved effects of the liquid segment over patches are responsible for the growth. Furthermore, the liquid-type sealants' quick action and excellent stability are expected to boost segment growth further. On the other hand, the patches segment dominates the market as patches are easily paired with physical pressure to stop bleeding and may increase effectiveness. Furthermore, their usability has increased because they can be stored at room temperature and come in ready-to-use containers.
Fibrin Sealants Market by Application
Based on the applications, the global market is grouped into orthopedic surgery, cardiovascular surgery, transplant surgery, general surgery, and others. Cardiac surgery accounted for the highest proportion of the global fibrin sealants market. Fibrin-based sealants are utilized during cardiac operations for hemostasis and tissue adhesion to reduce blood loss, one of the essential issues faced during cardiac surgery. Additionally, a growing number of cardiovascular treatments and surgeries, including open-heart surgery, cardiac valve procedures, and heart transplant procedures, will likely contribute to market growth over the forecast period.
Fibrin Sealants Market by End-user
According to end-user, the market is classified into hospitals, clinics, and others. The hospital segment has dominated the market. The growth is attributed to the high number of hospital patients suffering from neurological disorders. Additionally, the hospital segment is anticipated to lead in the forecast period due to the increased adoption of advanced technological products. Furthermore, hospitals prefer more as they can provide proper care and guidance to patients about diseases.
Fibrin Sealants Market by Region
Regionally, the global fibrin sealants market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. The increase in the number of surgical procedures is the major factor influencing the dominance of North America in the market. Europe is the second-largest market for fibrin sealants after the United States. Due to the significant growth in the elderly population, Germany has dominated the European tissue sealants sector. The Asia Pacific region is also likely to expand significantly in the worldwide fibrin sealants market over the forecast period. India and China are expected to play a vital role in boosting the Asia Pacific fibrin sealants market. The Asia Pacific fibrin sealants market is projected to be boosted by India and China.
Competitive Landscape
Some prominent players operating in the Fibrin Sealants market are
Primary drivers propelling the market growth are rising healthcare spending and an increase in surgical operations. Improving healthcare in emerging nations offers enormous prospects for the global fibrin sealants market. Furthermore, the rising frequency of chronic diseases, an increased aging population undergoing frequent surgical procedures, and an increase in traffic accidents all contribute to the market expansion.
Some prominent players operating in the fibrin sealants market are CSL Limited, Baxter International Inc., Takeda Pharmaceuticals Company Limited, Johnson & Johnson Services, Inc., Stryker Corporation, Pfizer Inc., Grifols, S.A., Vivostat A/S, Asahi Kasei Corporation, and Hemarus Therapeutics Ltd., among others.
The high preference for minimally invasive treatments and stringent regulatory norms may limit the global market for fibrin sealants.
A fibrin sealant is a complex plasma-derived substance rapidly employed as a biodegradable tissue adhesive or sealant in several surgical procedures to prevent or control bleeding or improve air and fluid tightness.
The global Fibrin Sealants market was pegged at US$ 1.79 billion in 2021 and is expected to witness a CAGR of 11.20% during the forecast period from 2022 to 2030.
*Insights on financial performance are subject to the availability of information in the public domain