According to the study, the global fibrin glue market is likely to grow significantly during the forecast period, mainly due to increasing number of surgical procedures and burn cases, and rising healthcare expenditure. According to the data provided by the World Bank, 30,537 surgeries were performed per 100,000 population, in 2012, in the U.S. Similarly, in 2015, number of surgical procedures performed in Australia were 28,907 per 100,000 population. Fibrin glue is used in various types of surgeries. Fibrin glue is also used in burn cases during plastic surgeries and surgery of the burned body parts. According to WHO, approximately 265,000 deaths every year are caused by burns. Additionally, increasing prevalence of chronic diseases and low chances of complications associated with these products and rise in the number of road accidents also contributes to the growth of the overall market. However, increasing minimally invasive procedures and stringent regulatory requirements are some of the key factors restraining the growth of global fibrin glue market.
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Asia pacific is expected to witness the fastest growth during the forecast period. The growth in the region is mainly attributable to aging population, rising incidence of burns cases and increasing per capita income. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the number of people aged 65 years and above constituted approximately 11.4% of population in 2013, and the count is estimated to reach approximately 20% of the population, by 2050. Demand for fibrin glue products is also increasing due to rising number of burn cases and road accidents.
Cosmetic surgeries involve the restoration, reconstruction or alteration of the human body. These surgeries are witnessing popularity due to increasing consumer awareness and technological advancements in surgical procedures. Fibrin glue is used for these procedures to hold the tissues together. Due to increasing awareness about cosmetic procedures and increasing appearance consciousness, these procedures are gaining more popularity, thus causing a positive impact on the growth of the global fibrin glue market.
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Key player in the fibrin glue market are extensively working on indication expansion of the existing fibrin glue products to leverage full potential of their products in various indications.
Some of the key players operating in the global fibrin glue market include Vivostat A/S, Kaketsuken, Johnson & Johnson, Baxter International Inc., CSL Behring, Zimmer Biomet Holdings, Inc., Takeda Pharmaceutical Company Limited, Mallinckrodt Plc, Shanghai RAAS Blood Products Co. Ltd. and Hualan Biological Engineering Inc.
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