Fibrin sealants Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

Description

Fibrin sealants Market Size is valued at USD 628.2 million in 2021 and is poised to grow at a significant CAGR of 7.2% over 2022–2028. Surgical bleeding is a very common phenomenon observed during complex surgeries, which can lead to the death of patients. Fibrin Sealants are used as supportive treatment in surgery to promote hemostasis, cartilage repair surgeries, or wound healing. It is a mixture of separately packaged human fibrinogen and human thrombin. The key driver of the fibrin sealant market is the increasing prevalence of invasive surgeries and traumatic injuries including cardiovascular surgery, thoracic surgery, neurosurgery, plastic & reconstructive surgery, and dental surgery. For instance, according to the latest data from the National Center for Health Statistics, 48 million surgical inpatient procedures were performed in the United States in 2009 itself. Also, the rising prevalence of blood-related disorders like hemophilia is expected to boost the fibrin sealants market growth. According to CDC, Hemophilia occurs in about 1 of every 5,000 male births. Based on a recent study that used data collected on patients receiving care in federally funded hemophilia treatment centers during the period 2012-2018, about 20,000 as many as 33,000 males in the United States are living with the disorder. Along with the prevalence of surgeries, increasing geriatric population, rising healthcare expenditure, attractive medical reimbursement policies implemented by government authorities, and government initiatives are expected to maintain the fibrin sealants market trend. Irrespective of attractive growth in the market, the high cost of fibrin sealants, and stringent regulatory requirements are the major restraints of the fibrin sealants market growth. Improved healthcare in developing countries is a suitable opportunity for the rapid growth of the global fibrin sealants market due to rising government initiatives, increasing number of hospitals, an increase in the number of surgeries, and rising healthcare awareness. The global fibrin sealants market is divided into North America, Europe, Asia Specific, Latin America, and MEA countries. North America held the major fibrin sealants market share in the year 2021 and is expected to dominate the market further in the forecasted years.

Recent Market Developments:

In Dec 2019, Ethicon, part of Johnson & Johnson Medical Devices Companies, launched VISTASEAL Fibrin Sealant to help surgeons to control bleeding during surgical operations.

In Dec 2019, Johnson & Johnson’s Ethicon unit launched its blood-stopping protein spray, designed to quickly seal off and control excessive bleeding during open surgeries or minimally invasive procedures.

In Sept 2020, Corza Health signed an agreement to acquire Takeda Pharmaceutical’s TachoSil Fibrin Sealant Patch for about $414.3 million