PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1514875
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1514875
Global Human Fibrinogen Concentrate Market is valued at approximately USD 910 million in 2023 and is anticipated to grow with a healthy growth rate of more than 10.76% over the forecast period 2024-2032. Human fibrinogen is extensively used in various surgical specialties, including cardiovascular, urological, pulmonary, wound management, orthopedic, ophthalmic, neurosurgery, plastic, and reconstructive, and dental surgeries, to reduce blood loss. It plays a crucial role in sealing tissues during surgery, reducing perioperative and postoperative complications by minimizing fluid and air leakage and preventing fistula formation. The unique physiological action of human fibrinogen results in a fibrin clot that the body's natural wound healing process fully degrades.
The Global Human Fibrinogen Concentrate Market is further propelled by rise in the elderly population prone to chronic diseases, and the increase in conditions such as heart attacks, strokes, tumors, and blockages in blood vessels, which lead to more surgeries, are significantly driving the market. Additionally, the rise in sports injuries and road accidents further boosts the demand for human fibrinogen products. Sports injuries and road accidents often result in severe trauma, such as fractures, lacerations, and internal injuries. These injuries frequently require surgical interventions to repair damaged tissues and organs. Human fibrinogen products, such as fibrin sealants or fibrin glues, are crucial in these surgeries for hemostasis and tissue sealing. However, stringent regulatory requirements for product approval and the high cost associated with fibrinogen concentrate therapy is going to impede the overall demand for the market during the forecast period 2024-2032.
Key regions considered for the Global Human Fibrinogen Concentrate Market study include North America, Europe, Asia Pacific, Latin America, and Rest of the World. In 2023, North America was the dominating among regional market in terms of revenue owing to factors such as high prevalence of chronic heart diseases, the presence of key players, robust healthcare infrastructure, and substantial healthcare expenditure across the region. The stringent regulatory framework in North America ensures the safety and efficacy of medical products, including fibrinogen concentrate. Compliance with these regulations enhances confidence among healthcare providers and patients regarding the use of these therapies in clinical settings. Furthermore, the market in Asia Pacific is anticipated to develop at the fastest rate over the forecast period 2024-2032.