Fibrin Sealants Market size is estimated to reach $1.1 Billion by 2025, growing at a CAGR of 7.1% during the forecast period 2020-2025. Fibrin Sealants is a biological agent that controls bleeding in those injuries in which cautery and ligation do not provide adequate Hemostasis. It is a mixture of thrombin and fibrinogen that is applied to the affected area to restrain hemorrhage. Rise in the aging population, increase in the number of cardiovascular diseases, growing demand for dental surgeries, increase in the number of ambulatory surgical centers, growing demand for Wound closure products and increase in the number of surgical procedures are the factors that are set to drive the growth of the global market for the forecast period 2020-2025.
Fibrin Sealants Market Segment Analysis - By Application
Based on the Application, Cardiovascular Surgery segment held the largest share in 2019 owing to the factors such as increase in the number of chronic diseases, rise in the investment by the major companies, growing aging population, advancements in technology, growing demand for surgical procedures and increase in the number of patients suffering from cardiovascular disorders across the world.
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Fibrin Sealants Market Segment Analysis - By End User
Based on the End User, Hospitals segment held the largest share in 2019 owing to the factors such as rapid increase in the number of chronic diseases, increase in the fundings by governments, increase in the demand for cardiac surgeries in a hospital-based environment and improvement in the quality of care.
Fibrin Sealants Market Segment Analysis - By Geography
Based on the Geography, North America held the largest share in 2019. The growth in this segment is owing to the factors such as increase in the demand for surgical procedures, rise in the number of chronic diseases, growing aging population and increase in the demand for dental surgeries. Asia-Pacific is estimated to be the fastest growing segment owing to the factors such as growing demand from developing countries like India and China, increase in the healthcare expenditure, growing demand for cardiovascular surgeries and increase in the government funding.
Fibrin Sealants Market Drivers
Growing demand for cardiovascular surgeries and increase in the aging population
The increase in the demand for cardiovascular surgeries owing to rise in the number of chronic diseases is estimated to enhance the growth of Fibrin Sealants Market. Advancements in technology and increase in the aging population are also the factors which enhance the growth of Fibrin Sealants Market.
Increase in the demand for dental surgeries and increase in the number of ambulatory surgery centers
There is a rapid increase in the demand for dental surgeries, particularly in the developed nations. This led to rapid increase in the growth of Fibrin Sealants Market. Increase in the number of ambulatory surgery centers is also estimated to enhance the growth of the Fibrin Sealants Market.
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Fibrin Sealants Market Challenges
Unfavorable reimbursement policies and high cost of fibrin sealants
Unfavorable reimbursement policies is one of the major factors that is estimated to reduce the growth of the Fibrin Sealants Market. High cost of fibrin sealants is also said to reduce the growth of the Fibrin Sealants Market.
Fibrin Sealants Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Fibrin Sealants Market. Key companies of this market are Ethicon LLC, The Medicines Company, Baxter Intenational Inc, LifeBond Ltd, Tissuemed Ltd, Surgical Specialties Corporation, Biegler GmbH, Cohera Medical Inc, Integra LifeSciences Corporation, Johnson and Johnson Services among others.
Acquisitions/Product Launches:
In 2018, Baxter International Inc has launched its new fibrin sealant product, Tisseel Prima syringe at the American Association of Gynecologic Laparoscopists (AAGL) meeting. This product allows surgeons to have a higher level of precision and control during surgery.
In 2019, Ethicon LLC has launched VISTASEAL fibrin sealant to help surgeons manage bleeding during surgery. It contains a combination of fibrinogen and thrombin, clotting proteins found in human plasma.
Key Takeaways
Geographically, North America Fibrin Sealants Market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to the high demand.
Advancements in hemostasis technology and increase in the number of chronic diseases is likely to aid in the market growth of Fibrin Sealants Market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Fibrin Sealants Market report.
The growing demand for dental surgeries and increase in the number of cardiac surgeries are creating higher opportunities for the growth of market for the forecast period 2020-2025.
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