According to a new report published by Allied Market Research, titled, “Fibrin Sealants Market," The fibrin sealants market size was valued at $550.00 million in 2022, and is estimated to reach $1.1 billion by 2032, growing at a CAGR of 7.8% from 2023 to 2032.
Fibrin sealants are used during surgical procedures to reinforce surgical wounds, repair injured tissues, or even replace common suturing techniques. These products can be used as adjuncts to prevent air and liquid leakages. They can be developed naturally or synthetically, and are used to generate three-dimensional networks, which bind to the target tissues and act as sealants, hemostats, or adhesives. Fibrin sealants are the most effective tissue adhesives currently available, and they are biocompatible and biodegradable. A patch fibrin sealant exhibits characteristics that allow in-situ polymerization to cause adherence of tissue-to-tissue or tissue-to-non-tissue surfaces. Patch fibrin sealants are meant to hold two sides of bleeding tissues together and support wound healing until the bleeding does not stop.
Fibrin sealants are used as a barrier for leaking fluids such as blood, urine, or air. Sealants may be used to patch a puncture in the lung. Moreover, sealant devices may be applied to tissue wounds as hemostatic agents to control bleeding. Fibrin sealants are supplemented with factor XIII and this increases the tensile strength and stability of clots and improves hemostasis.
Growth of the Fibrin Sealants Market share is majorly driven by a surge in the geriatric population, the surge in the prevalence of chronic diseases, and an increase in awareness toward the benefits of using fibrin sealants and adhesives. Furthermore, the increase in the number of surgical procedures performed globally and the adoption of technologically advanced products fuel the growth of this market. For instance, according to the World Population Prospects, the global population is projected to grow from 7.7 billion in 2019 to 8.5 billion in 2030 (10% increase), and further to 9.7 billion in 2050 (26%).
Furthermore, a rise in R&D investments, an increase in fibrin sealants-assisted clinical research studies, a significant rise in capital income in developed countries, and a rise in key strategies adopted by key players strengthen demand for fibrin sealants in the market.
For instance, in December 2019, Grifols collaborated with Ethicon, a Johnson and Johnson medical device company for commercializing and distributing VISTASEAL in the U.S. This type of collaboration propels the growth of the fibrin sealants market size.
However, unfavorable reimbursement scenarios, the availability of alternate products, and the high cost of fibrin sealants restrain the market growth. On the contrary, the surge in healthcare investments in the public as well as private sectors, increase in patient population, and unmet medical demands in developing economies are anticipated to open new avenues for the expansion of the fibrin sealants market during the fibrin sealants market forecast.
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 forecast period.
By dosage form, the liquid segment is expected to witness the highest CAGR during the forecast period, owing to an increase in heart bypass surgery, neurosurgery, dental surgery, and gastric surgery. In addition, the rising demand for liquid fibrin sealants for reducing loss, and technological advancements in the field of liquid fibrin sealants drive the growth of the liquid fibrin sealants segment during the recast period.
On the basis of application, the other surgeries segment is expected to witness the highest CAGR during the forecast period, owing to the rise in dental, plastic & reconstructive, and thoracic surgeries.
On the basis of end-user, the clinics' segment is expected to witness the highest CAGR during the forecast period, owing to an increase in discounted rates for patients and an increase in the number of surgeries that are performed in clinics. The rise in healthcare expenditure also boosts the growth of the clinics' segment in the fibrin sealants market share.
Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to a surge in geriatric populations that are more prone to diseases, and rise in awareness regarding fibrin sealants assisted surgeries, unmet medical demands, initiatives by government & non-governmental organizations (NGOs) to promote awareness regarding fibrin sealants and increase in public-private investments in the healthcare sector.
Key Findings of the Study
- On the basis of dosage form, the patch segment held the largest share in the fibrin sealants market trends in 2022.
- By application, the others segment held the largest share in the fibrin sealants market analysis in 2022.
- On the basis of end-user, the hospitals' segment held the largest market share in 2022 in the Fibrin Sealants industry.
- On the basis of region, North America held the largest market share in 2022 in the Fibrin Sealants industry