The global fibrin sealants market size is anticipated to reach USD 1,156.6 million by 2026, displaying a CAGR of 6.6% during the forecast period. Rising prevalence of cardiovascular diseases (CVDs) worldwide is likely to play a vital role in driving the growth of this market in the coming years. According to estimates released by the World Health Organization (WHO), CVDs have become the number one cause of death globally, responsible for the death of over 17 million people around the world. These diseases are causing high mortality even in developed countries. For instance, the American College of Cardiology states that CVDs killed close to 840,768 Americans in 2016. CVDs are chronic in nature and eventually require invasive surgeries. Fibrin sealants are critical components in surgeries, especially those of the heart, as they are the most effective and efficient tissue adhesives available in the market. Thus, as the incidence of heart surgeries rises, the demand for fibrin glues will grow, as per the fibrin sealants market analysis.
The new Fortune Business Insights™ report, titled “Fibrin Sealants Market Size, Share & Industry Analysis, By Type (Liquid, and Patches) By Application (Orthopedic Surgery, Cardiovascular surgery, General Surgery, Transplant Surgery, and Others) By End User (Hospitals, Specialty Clinics, and Others) and Regional Forecast, 2019-2026”, states that the value of the market stood at USD 701.4 million in 2018. The report further shares the following information:
- Comprehensive analysis of the upcoming trends and prospects in the market;
- 360-degree evaluation of the factors driving and restraining market growth;
- Detailed research into the regional and competitive landscape influencing the market; and
- Careful study of the market segments.
Growing Usage of Hemostats in Operative Procedures to Feed Market Growth
One of the top fibrin sealants market trends is the high demand and utilization of hemostats for surgeries. Hemostats, or clamps, are devices used in surgical procedures to control bleeding. They are widely employed in complex procedures, such as during cardiac surgeries, where utmost care needs to be taken. The demand for these devices is further bolstered by the fact that the number of heart surgeries in the world is escalating. A survey conducted by the American Hospital Association found that in 2014 approximately 17.2 million patients had to undergo invasive cardiac surgery in the US. Furthermore, increasing demand for these materials has prompted market players to innovate and launch new products. For example, Baxter unveiled its new Tisseel Prima Syringe, an ergonomic device that is fully assembled and much more convenient to use than its older variant, in November 2018.
Europe to Lead the Pack; North America to Exhibit Steady Growth
Europe is projected to lead the fibrin sealants market share among regions as the region generated a revenue of USD 276.3 million in 2018. The main factors propelling the market in the region include availability of advanced products and presence of cutting-edge healthcare research institutions. In North America, the market is expected to be driven by rising preference for minimally invasive surgeries along with increasing incidence of cardiac conditions in the region. Rising healthcare expenditure and evolving healthcare infrastructure, mainly in India and China, will be the key factors fueling the market in the region.
Introduction of Innovation Solutions to Spur Competition
Key players market are taking several efforts to establish and consolidate their position in this market, the fibrin glue market forecast says. The go-to strategy for companies is frequent launch of new products and collaborating with other competitors in the market.
- June 2019: The Spanish pharmaceutical giant, Grifols, announced that it has received 510 (k) approval from the US FDA to market the fibrin glue, Vistaseal, in the US. Grifols developed the sealant and will market it with its partner, Ethicon, under their 10-year collaboration agreement signed in 2017.
- December 2019: New Jersey-based Johnson & Johnson’s subsidiary, Ethicon, launched its fibrin sealant, Vistaseal, for controlling bleeding during surgeries. The offering is unique because it is the first-of-its-kind sealant that is designed to be sprayed without gas for minimally invasive procedures.
Prominent Players Profiled in the Fibrin Sealants Market Report:
- Vivostat A/S
- Johnson & Johnson Services, Inc.
- CSL Limited
- Takeda Pharmaceutical Company Limited
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Technological Advancements in Fibrin Sealants Market
- New Product Launches by Key Players
- Key Industry Developments: Mergers, Acquisitions & Partnerships
- Overview of Regulatory Scenario – Key Countries
- Prevalence of Major Surgical Procedures for Key Countries
- Trends of Usage of Fibrin Sealants
- Global Fibrin Sealants Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Market Analysis, Insights and Forecast – By Application
- Orthopedic Surgery
- Cardiovascular Surgery
- General Surgery
- Transplant Surgery
- Market Analysis, Insights and Forecast – By End-user
- Specialty Clinics
- Market Analysis, Insights and Forecast – By Country
- North America
- Asia Pacific
- Rest of the World
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