Fibrin Sealants Market Research, 2032
The global fibrin sealants market size was valued at $550 million in 2022, and is projected to reach $1.1 billion by 2032, growing at a CAGR of 7.8% from 2023 to 2032. Fibrin sealant is a hemostatic agent. rise in general surgery, cardiovascular surgery, central nervous system surgery, cosmetic surgery, orthopedic surgery, and ophthalmic surgeries is also boosting the growth of fibrin sealants market share. For instance, data published by the American Society for Metabolic and Bariatric surgery in the U.S. itself, an estimated 278,000 bariatric surgeries were performed in the 2019.
- On the basis of dosage form, the patch segment held the largest share in the fibrin sealants market in 2022.
- By application, the others segment held the largest share in the fibrin sealants market in 2022.
- On the basis of end user, the hospitals segment held the largest market share in 2022.
- On the basis of region, North America held the largest market share in 2022.
Fibrin sealants are currently used in several surgical specialties, including cardiovascular surgery, urological surgery, pulmonary surgery, wound management, orthopedic surgery, ophthalmic surgery, neurosurgery, plastic and reconstructive surgery, and dental surgery to reduce blood loss.Fibrin sealant is used for sealing of tissue during surgery. Fibrin sealants help in reducing blood loss and to stop blood flow during surgeries and in wound management. Fibrin sealants mimic the final steps of the physiological coagulation cascade to form a fibrin clot. The use of fibrin sealants can also reduce perioperative and postoperative complications by reducing fluid leakage, air leakage, and by preventing fistulae formation. Fibrin sealants have a unique physiologic action, and the resulting fibrin clot is fully degraded by the body's natural wound healing process.
The fibrin sealants market share has witnessed growth, owing to increase in geriatric population that are prone to chronic diseases, and rise in prevalence of diseases such as gastric diseases, heart attack, atherosclerosis disease, ischemic stroke, aneurysm, tumors, blood clot in brain, cancer, myocardial infarction, arrythmia, increases in blockages of blood vessel in heart, brain, kidney and liver is led to increase in number surgeries. The rise in sports injuries and road accidents is also increases the demand of fibrin sealants product. Hence, such all the factors boost the growth of fibrin sealants market size.
For instance, according to health hearty 2020 report, the incident rate of heart attacks per 10,000 people is around 190 in people who are over 85 years of age, around 117 for those between 75-84 years of age. According to the National Center for Health Statistics, every year, more than 795,000 people in the U.S. have a stroke.
However, unfavorable reimbursements as well as complications such as high costs associated with fibrin sealant products are expected to hamper the market growth. On the contrary, unmet medical demands in developing countries and lucrative opportunities in emerging economies are expected to create immense opportunities for fibrin sealant manufacturers worldwide in the future.
In addition, technological advancements; launch of various products, strategies among key players such as acquisition, collaboration, and agreement drive the growth of the fibrin sealants industry. For instance, in June 2019, Grifols to launch plasma protein based VISTASEAL, a fibrin sealant used to control surgical bleeding. VISTASEAL mimics the clot formation process and forms a rapid, adherent, and durable clot regardless of the patient’s coagulation profile. VISTASEAL enables faster preparation than any other fibrin sealant on the market
In addition, consumers focused only on highly essential products such as food & beverages. However, with relaxation in lockdowns and decline in COVID-19 cases, companies have re-started their processes to meet the demand for products. Currently as the COVID-19 vaccination is increasing globally, majority of the hospitals have resumed surgical procedures and backlog of postponed surgeries are being cleared. Thus, increase in the demand for fibrin sealants is expected for these rescheduled surgeries for orthopedic disease, CVD, ophthalmic disease, and others. Thus, such trends are expected to bring stabilization in the market, and subsequently witness pre-pandemic growth rate during the fibrin sealants market forecast period.
The fibrin sealants industry is segmented on the basis of dosage form, application, end user, and region. On the basis of dosage form, the market is classified into liquid, patch, powder. On the basis of application, the market is classified into general surgery, cardiovascular surgery, wound management, orthopedic surgery, urological surgeries, ophthalmic surgeries, and others. Depending on end user, it is fragmented into are hospitals, ambulatory surgical centers and clinics.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
By Dosage Forms
On the basis of dosage form, the patch segment generated maximum revenue in 2022, owing to high adoption of patch for reducing blood loss, wound management, and increase in technological advancements in fibrin sealant patches. In addition, rise in cardiac surgery, increase in geriatric population, surge in awareness regarding fibrin sealant patches, lesser post-operative complications, as well as rise in incidences of gastrointestinal tract surgery propels the market growth.
On the basis of application, the others segment generated maximum revenue in 2022, owing to rise in number of dental surgeries, cosmetic surgery and pulmonary diseases. The growth of others segment is also associated with increase in lung cancer and stroke, which is led to increase in pulmonary surgery and boost the growth of others segment. For instance, according to the Southwestern Medical Center, about 795,000 people in the U.S. suffer from a stroke every year. Furthermore, according to the National Center for Biotechnology Information (NCBI), strokes occur more commonly in women than in men, especially in the elderly population (aged 55 to 65).
By End User
On the basis of end user, the hospitals segment was the highest revenue contributor to the market in 2022, owing to increase in patient admission, presence of advanced diagnostic products, and well-trained nursing staff. . According to the WHO, between 2015 and 2050, proportion of the world's population is expected to nearly double from 12% to 22%, and by 2050, 80% of older people are expected to be from China and India. Thus, rise in geriatric population being more susceptible toward developing liver cirrhosis, kidney failure, heart failure, cancer, cholangiocarcinoma, & hepatic metastatic cancer, chronic disease, is anticipated to drive the demand for fibrin sealants.
Based on region, North America dominated the fibrin sealants market growth in 2022, owing to rise in number of chronic heart disease cases, presence of key players advancement in healthcare in the region, robust healthcare infrastructure, presence of key players, and rise in healthcare expenditure. For instance, according to a report published by the Population Reference Bureau, number of Americans aged 65 and older is projected to nearly double from 52 million in 2019 to 95 million by 2060, and the 65-and-older age group’s share of the total population will rise from 16% to 23%. Furthermore, aging of the U.S. population will result in significant growth in demand for surgical services, which will subsequently boost adoption of fibrin sealants.
Some of the major companies that operate in the global fibrin sealants market are Baxter International Inc., Becton, Dickinson and Company, Corza Medical, CSL Behring, Grifols, S.A., Hemarus Therapeutics Ltd, Johnson and Johnso, Nordson Corporation (Nordson Medical), Shanghai RAAS Blood Products Co., Ltd., and Vivostat A/S.
Recent Developments in Fibrin Sealants Market
- In February 2022, Corza had entered into a long- term agreement with Takeda Pharmaceutical Company, under which Takeda will manufacture and supply TachoSil products to Corza.
- In June 2019, Grifols to launch plasma protein based VISTASEAL, a fibrin sealant used to control surgical bleeding.
- In December 2019, Grifols collaborated with Ethicon, a Johnson and Johnson medical device company for commercializing and distributing VISTASEAL in the U.S.
Key Benefits for Stakeholders
- The study provides an in-depth Fibrin Sealants Market analysis, current trends, and future estimations to elucidate the imminent investment pockets.
- It presents a quantitative analysis of the market from 2022 to 2032 to enable stakeholders to capitalize on the prevailing market Fibrin Sealants Market Opportunity.
- Extensive analysis of the market based on procedures and services assists to understand the Fibrin Sealants Market trends in the industry.
- Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.
Fibrin Sealants Market Report Highlights
Market Size By 2032
USD 1.1 billion
CAGR of 7.8%
2022 - 2032
By Dosage Forms
By End User
Key Market Players
Vivostat A/S, Baxter International Inc., Becton, Dickinson and Company, CSL Behring, Corza Medical, Shanghai Raas Blood Products Co. Ltd, Johnson and Johnson, Nordson Corporation (Nordson Medical), Hemarus Therapeutics Ltd., Grifols, S.A.
According to the analysts, the use of fibrin sealants has a positive effect on surgical outcomes, such as improved time to hemostasis, reduced blood loss, and reduced complications.
The fibrin sealants market has gained interest of the healthcare industry, owing to rise in number of chronic heart diseases, dental diseases, post-operative complication, increase in geriatric population, high incidences of chronic diseases across the globe, and increase in number of surgical procedures being conducted. This further leads to high adoption of fibrin sealants for wide range of surgeries which is expected to significantly boost the growth of the fibrin sealants market. In addition, increase in road accidents lead to increase in number of surgeries and high adoption of fibrin sealants. However, high cost of fibrin sealant product restricts the growth of the market. On the contrary, unmet medical demands in developing countries are expected to provide remunerative opportunities for market expansion.
North America is expected to witness highest growth, in terms of revenue, owing to increase in cases of cancer surgeries of different organs, robust healthcare infrastructure, presence of key players, and rise in healthcare expenditure. However, Asia-Pacific is anticipated to witness notable growth, owing to rise in geriatric population, unmet medical demands, initiatives by government & non-governmental organization (NGO) to promote awareness regarding use of fibrin sealants in surgeries, and increase in public–private investments in the healthcare sector.