Fibrin Sealants Market: Introduction
According to the report, the global fibrin sealants market was valued over US$ 900 Mn in 2020 and is projected to expand at a CAGR of ~7% from 2021 to 2031. Increase in number of patients with chronic diseases, rise in trauma cases, and surge in geriatric population are anticipated to drive the global fibrin sealants market from 2021 to 2031. North America is expected to account for a significant share of the global fibrin sealants market during the forecast period. Rise in prevalence of cardiovascular, orthopedic, and other chronic diseases is likely to propel the segment. According to the Centers for Disease Control and Prevention, around 18.2 million adults aged 20 and older are diagnosed with CAD in the U.S. each year. The market in Asia Pacific is projected to expand at a high CAGR from 2021 to 2031.
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Increase in Number of Surgeries to Propel Global Market
Surge in awareness and rise in literacy rates have driven the rate of adoption of advanced products. This is anticipated to propel the global market. Moreover, governments and private sector organizations are engaged in spreading awareness about chronic diseases. This increases the number of surgeries. Baptist Health is engaged in improving health and spreading awareness about wound care in many U.S. states, including Kentucky and southern Indiana, through various educational programs, screenings, and events. According to the Harrington Hospital, around 50 million inpatient and outpatient surgical procedures and over 100 million surgeries are performed in the U.S. per year.
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The Wound Healing Institute Australia (WHIA) is an independent, not-for-profit charitable institution concerned with the prevention, treatment, and management of wounds. It offers high-quality education, training, advice, and research in wound prevention and management.
Cardiovascular and pulmonary diseases are more prevalent among the population. Cardiothoracic surgery has become commonplace in most developed countries in the world. An article published in Nagoya Journal of Medical Science stated that 55,000 cardiovascular surgeries are expected to be performed in Japan by 2035. Aging population leads to an increase in orthopedic patients. Around 6.6 million orthopedic surgeries were performed in the U.S. each year. Hence, increase in the number of surgeries is likely fuel the growth of the global market.
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High Preference for Liquid Dosage Form
In terms of dosage form, the global fibrin sealants market has been classified into liquid, patch, and powder. The liquid segment is projected to dominate the global fibrin sealants market from 2021 to 2031. High usage of liquid fibrin sealants and involvement of local players in development of fibrin sealant products are anticipated to drive the segment during the forecast period. For instance, Hualan Biological Engineering, Inc. manufactures and sells Surgical Lyophilized Fibrin Sealant in China.
Increase in Cardiovascular Surgery to Drive Global Market
Based on indication, the global fibrin sealants market has been categorized into general surgery cardiovascular surgery, wound management, orthopedic surgery, and others. The cardiovascular surgery segment is expected to expand at a higher CAGR during the forecast period.
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Hospitals Key End Users of Fibrin Sealants
In terms of end user, the global fibrin sealants market has been divided into hospitals, ambulatory surgical centers, and others. The hospitals segment is likely to account for a significant share of the global fibrin sealants market by 2031. Rise in the rate of hospitalization for chronic diseases is projected to drive the segment during the forecast period.
Competition Landscape
The report provides profiles of leading players operating in the global fibrin sealants market. These include Baxter, Pfizer, Inc., Takeda Pharmaceutical Company, Johnson & Johnson (Ethicon, Inc.), Grifols, S.A., CSL Limited, Vivostat A/S, Stryker, Hemarus, and Asahi Kasei Corporation.
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