PUBLISHER: Allied Market Research | PRODUCT CODE: 1446892
PUBLISHER: Allied Market Research | PRODUCT CODE: 1446892
The Fibrin Sealants Market was valued for $550.00 million in 2022 and is estimated to reach $1,136.50 million by 2032, exhibiting a CAGR of 7.8% from 2023 to 2032. Fibrin sealants are used in a wide range of surgeries, primarily as hemostatic agents, however, also to assist tissue sealing and wound healing. Fibrin sealants are used during surgeries to avoid surgical complications such as air and fluid leaks. These sealants are available in the form of films, powder, and liquid, and aid by creating a hemostatic layer, which stops blood and air leakage from the targeted area. Fibrin sealants contain fibrinogen and thrombin and differ in their final composition. This affects properties of the resulting fibrin clot and may influence their use in different surgical procedures. Fibrin sealants with high concentrations of fibrinogen tend to produce stronger clots, whereas those containing higher concentrations of thrombin form clots rapidly.
Major factors driving growth of the fibrin sealants market include rise in technological advancements, increase in prevalence rate of chronic diseases, such as heart diseases, cancer, ischemic stroke, aneurysm, and increase in road accidents related surgeries propel high adoption of fibrin sealants. For instance, according to World Health Organization Cardiovascular Diseases (CVDs) are leading cause of death globally, taking an estimated 17.9 million lives each year. It has been estimated in 2020 that around 17.9 million people die each year from CVDs, an estimated 31% of all deaths worldwide. For instance, according to the National Center for Health Statistics, every year, about 805,000 people in the U.S. have a heart attack. This led to increase in number of cardiac surgeries and use of fibrin sealants.
However, unfavorable reimbursements as well as complications such as high costs associated with fibrin sealant products are expected to hamper the market growth. On the contrary, unmet medical demands in developing countries and lucrative opportunities in emerging economies are expected to create immense opportunities for fibrin sealant manufacturers worldwide in the future.
The fibrin sealants market is segmented on the basis of dosage form, application, end user, and region. On the basis of dosage form, the market is classified into liquid, patch, and powder. As per application, it is classified into general surgery, cardiovascular surgery, wound management, orthopedic surgery, urological surgery, ophthalmic surgery, and others.
Depending on end user, it is fragmented into hospitals, ambulatory surgical centers, and clinics. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major players profiled in the report are Baxter International Inc., Becton, Dickinson and Company, Corza Medical, CSL Behring, Grifols, S.A., Hemarus Therapeutics Ltd., Johnson and Johnson, Nordson Corporation (Nordson Medical), Shanghai RAAS Blood Products Co., Ltd., and Vivostat A/S.
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