According to the report, the global fibrin sealants market was valued over US$ 900 Mn in 2020 and is projected to expand at a CAGR of ~7% from 2021 to 2031. Increase in number of patients with chronic diseases, rise in trauma cases, and surge in geriatric population are anticipated to drive the global fibrin sealants market from 2021 to 2031. North America is expected to account for a significant share of the global fibrin sealants market during the forecast period. Rise in prevalence of cardiovascular, orthopedic, and other chronic diseases is likely to propel the segment. According to the Centers for Disease Control and Prevention, around 18.2 million adults aged 20 and older are diagnosed with CAD in the U.S. each year. The market in Asia Pacific is projected to expand at a high CAGR from 2021 to 2031.
The Wound Healing Institute Australia (WHIA) is an independent, not-for-profit charitable institution concerned with the prevention, treatment, and management of wounds. It offers high-quality education, training, advice, and research in wound prevention and management.
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Cardiovascular and pulmonary diseases are more prevalent among the population. Cardiothoracic surgery has become commonplace in most developed countries in the world. An article published in Nagoya Journal of Medical Science stated that 55,000 cardiovascular surgeries are expected to be performed in Japan by 2035. Aging population leads to an increase in orthopedic patients. Around 6.6 million orthopedic surgeries were performed in the U.S. each year. Hence, increase in the number of surgeries is likely fuel the growth of the global market.
Decreased Surgical Procedures Due to COVID-19 Hindered Global Demand for Fibrin Sealants
The global COVID-19 pandemic has had a significant impact on almost every industry, including the fibrin sealants market. Most of the healthcare industry shifted its focus on fighting the coronavirus outbreak, while various surgeries and diagnostic treatments were postponed, canceled, or performed in a limited amount. Surgeries performed with fibrin sealants, hemostats, or adhesion barriers have declined significantly across the world, thus hampering the growth rate of the fibrin sealants market. Businesses witnessed reduced demand for sealants with a decreasing number of surgeries. Many patients avoided operating in contagious environments fearing severe consequences. The healthcare industry suffered due to limited resources and restrictions on the global trade. Thus, it affected the growth of the fibrin sealants market.
Major market players are currently focusing on developments and innovations in the ways to conduct practices using DTC and remote operations. With the growing number of coronary artery disease across the world, the fibrin sealants market is expected to witness demand post-COVID-19. The number of these cases is anticipated to rise with the growing population and insufficient healthcare in underdeveloped countries. As the pandemic is nearing its end, companies are preparing to expand their business activities and productivity to flatten the demand curve. This might prove propitious for the global fibrin sealants market during the projected period.
North America Most Likely to Dominate Fibrin Sealants Market
There is a surge in awareness about medical treatments. Combined with the rising literacy rate, there has been an increase in the adoption of new efficient surgical products, which is likely to fuel the demand in the global market. Moreover, the involvement of governments and organizations to promote information regarding chronic diseases and treatments will raise the number of patients in the upcoming future. Owing to the increasing aging population in North America, the region is expected to a hold major share of the global fibrin sealants market. The global fibrin sealants market is expected to expand at a CAGR of ~7% from 2021 to 2031.
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Fibrin Sealants Market: Key Segments
- In terms of dosage form, the global fibrin sealants market has been classified into liquid, patch, and powder. The liquid segment held major share of the global fibrin sealants market in 2020.
- Based on indication, the global fibrin sealants market has been categorized into general surgery cardiovascular surgery, wound management, orthopedic surgery, and others
- In terms of end user, the global fibrin sealants market has been divided into hospitals, ambulatory surgical centers, and others. The hospitals segment is anticipated to lead the global fibrin sealants market during the forecast period.
- The market size and forecast for each of these segments have been provided from 2017 to 2031. The CAGR of respective segment has also been provided for the forecast period from 2021 to 2031, considering 2020 as the base year.
Fibrin Sealants Market: Regional Outlook
- In terms of region, the global fibrin sealants market has been segmented into North America (U.S. and Canada), Europe (U.K., Germany, Spain, Italy, France, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa (GCC Countries, South Africa, and Rest of Middle East & Africa)
- The report provides market size and forecast for each region and country/sub-region from 2017 to 2031. Compound annual growth rate (CAGR) of each of these regions and countries have also been provided for the forecast period from 2021 to 2031, considering 2020 as the base year. The fibrin sealants market study also covers the competitive scenario in these regions.
The report provides profiles of leading players operating in the global fibrin sealants market. These include Baxter, Pfizer, Inc., Takeda Pharmaceutical Company, Johnson & Johnson (Ethicon, Inc.), Grifols, S.A., CSL Limited, Vivostat A/S, Stryker, Hemarus, and Asahi Kasei Corporation.
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Global Fibrin Sealants Market: Segmentation
- Fibrin Sealants Market, by Dosage Form
- Fibrin Sealants Market, by Indication
- General Surgery
- Cardiovascular Surgery
- Wound Management
- Orthopedic Surgery
- Fibrin Sealants Market, by End User
- Ambulatory Surgical Centers
- Fibrin Sealants Market, by Region
- North America
- Rest of the Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- North America
- Global Fibrin Sealants Market 2021-2025, Trends And Forecast Report
- Global And United States Fibrin Sealants Market Insights, Forecast To 2026
- Global Fibrin Sealants Market Insights And Forecast To 2026
- Global Fibrin Sealants Market Report, History And Forecast 2014-2025, Breakdown Data By Manufacturers, Key Regions, Types And Application
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