"Designing Growth Strategies is in our DNA"
The global fibrin sealants market size was USD 701.4 million in 2018 and is projected to reach USD 1,156.6 million by 2026, exhibiting a CAGR of 6.6% during the forecast period.
Surgical bleeding is a common complication observed during surgeries, but excessive bleeding during surgical procedures can lead to increased chances of morbidity and mortality. Fibrin sealant is additionally used in hemostasis processes in order to control bleeding during and after surgical procedure, which is one of the leading fibrin sealants market trends. Fibrin sealant comprises of fibrinogen and thrombin which plays a vital role in hemostasis process during severe bleeding. According to the classification by the National Institutes of Health, fibrin sealants can be classified as individual human plasma liquid, bovine collagen and bovine thrombin, human pooled plasma and equine collagen patch, human pooled plasma liquid and human pooled plasma, and oxidized regenerated cellulose patch.
Higher utilization of hemostatic devices in surgical procedures due to better procedural efficiency and reduction in mortality risk is anticipated to accelerate the growth of this market during the forecast period. An extensively increasing prevalence of cardiovasuclar conditions across the globe and increasing number of cardiovascular surgeries, coupled with increasing demand for advanced hemostatic devices are anticipated to fuel the adoption of tissue sealent devices by 2026. For instance, according to a study conducted by the American Heart Association (AHA), in 2016, an estimated 15.5 million people in the U.S. had coronary heart disease. Besides this, limitation of fibrin sealant in minimally invasive surgeries and laparoscopic surgeries is expected to reduce the adoption of fibrin sealants, resulting in a decline in the fibrin sealants market growth during forecast period.
Request a sample to learn more about this report.
The fibrin sealant patch is a two-component hemostatic patch, which contains fibrinogen and thrombin derived from human plasma embedded in flexible composite patch either made of collagen or cellulose. Since the fibrin sealant patch brings both human fibrinogen and thrombin to the bleeding site, it does not rely on patient blood having adequate levels of fibrinogen to achieve hemostasis.
“Increasing Adoption of Hemostats in Surgical Procedures to Boost the Market”
Increasing number of complex surgeries such as cardiac surgeries across the globe owing to rising prevalence of cardiac diseases in developing countries will contribute to rising adoption of hemostats during the forecast period. According to the America Hospital Association survey (2014), an estimated 17.2 million ambulatory hospital visits or inpatient stays required invasive, therapeutic surgery in the United States. Certain advantages associated with application of fibrin sealants such as improved patient outcomes, minimal complications, and reduced chances of mortality are projected to accelerate the fibrin sealants market demand during forecast period. Additionally, superiority of fibrin sealants over limitations of conventional methods such as cautery or sutures may lead to increased adoption of fibrin sealants in near future.
Furthermore, new product launches and technological advancements in fibrin sealants industry are anticipated to offer lucrative growth opportunities for minimally invasive surgeries, which will eventually boost the growth of the market by 2026. For instance, in November 2018, Baxter introduced New Tisseel Prima Syringe at 2018 American Association of Gynecologic Laparoscopists Meeting. Baxter’s trusted Tisseel fibrin sealant now features the new Prima syringe, which is a next-generation ergonomic syringe that comes fully assembled and is eight times easier to push than the previous Tisseel syringe.
“Attractive Medical Reimbursement Policies to Increase the Adoption of Fibrin Sealants”
Favorable medical reimbursement policies implemented by government authorities is expected to offer significant opportunities for the growth of this market during the forecast period. Strict implementation of reimbursement policies in developed countries is likely to encourage the utilization of hemostats in high bleeding surgical procedures, which will eventually drive the fibrin glue market revenue till 2026.
To know how our report can help streamline your business, Speak to Analyst
“Superiority and Enhanced Efficiency of Fibrin Patches is Anticipated to Exhibit Fastest CAGR”
On the basis of type, the market can be segmented into liquid and patches. In terms of revenue, the liquid segment is estimated to dominate the fibrin glue market owing to enhanced procedural outcomes over other patches. Moreover, qualities of liquid solutions such as fast action and higher rational stability are projected to further drive this segment. One of the major advantages of fibrin sealant patch is that it can achieve hemostasis within 3-4 minutes of application.
“Rising Number of Cardiac Surgeries Combined with Higher Adoption to Bolster Growth of This Segment”
On the basis of applications, the market can be segmented into orthopedic surgery, cardiovascular surgery, general surgery, transplant surgery, and others. In terms of revenue, the cardiovascular surgery segment is estimated to dominate the market. Orthopedic surgery and cardiovascular surgery segments are projected to witness higher CAGR as a consequence of higher adoption in the global market, as stated in the fibrin sealants market report. The accelerating rate of cardiac and orthopedic surgical procedures is expected to offer higher chances for increased adoption of fibrin sealants across the globe.
“Increasing Number of Surgical Procedures in Hospitals to Aid Growth of This Segment”
On the basis of end user, the market is segmented into hospitals, specialty clinics, and others. The hospitals segment is estimated to dominate the fibrin glue market share throughout the forecast period. Increasing number of CABG (coronary artery bypass grafting) and other cardiovascular surgeries in hospitals are projected to drive the hospitals segment during the forecast period. For instance, according to a research conducted by the Agency for Healthcare Research and Quality, the volume of percutaneous transluminal coronary angioplasty procedures increased by an estimated 20.0% during 2001-2011 in U.S. hospitals.
Combined with this is the gradual shift of patient preference from inpatient visits to outpatient visits, which is anticipated to offer significant growth opportunities for the specialty clinics end user segment during 2019-2026. The others segment, which includes ambulatory surgery centers, and other care facilities, is expected to hold lower market share owing to lower demand from advanced healthcare facilities in developing as well as developed countries.
Europe generated a revenue of USD 276.3 million in 2018 and is projected to dominate the fibrin sealants market share throughout the forecast period. Availability of cutting-edge healthcare institutions, availability of novel products, and emphasis on utilization of modern healthcare technology are anticipated to drive the regional market during the forecast period. Moreover, strict implementation of medical reimbursement policies in the western European countries are projected to serve attractive scope for increased adoption of fibrin sealants in the region.
Europe Fibrin Sealants Market Size, 2018
To get more information on the regional analysis of this market, Request a sample
In North America, rapidly increasing number of surgeries coupled with strong emphasis on adoption of minimally invasive surgeries is likely to offer substantial opportunities for the growth of the market in the region. Moreover, increasing adoption of technology in minimally invasive surgical procedures in the US is anticipated to drive the market in the region.
In Asia-Pacific, entrance of new market players and implementation of strategic marketing policies by them are projected to drive the growth of the region by 2026. Moreover, rapidly developing healthcare infrastructure in countries such as China & India coupled with increasing healthcare expenditure in Japan & Australia is anticipated to offer significant growth opportunities in the region. In Latin America and Middle East & Africa, increasing number of healthcare facilities along with rising number of cardiac interventions is anticipated to boost the growth of the fibrin glue market in these regions.
“Baxter Projected to Dominate the Global Market”
The fibrin sealants market is a consolidated market as a limited number of players hold majority of the market share. As of 2018, Baxter and Ethicon (part of Johnson & Johnson Services, Inc.) held majority of the market share in this market, with Baxter leading in terms of revenue. This is mainly due to strong brand presence, consolidated customer base, presence across all regions, and a robust distribution channel. The market share of Ethicon is anticipated to increase over the forecast period due to continuous product introductions, strategic partnerships, and focus on penetration in emerging markets.
The fibrin sealants market report presents a comprehensive assessment of the global market by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views. Furthermore, the report offers a detailed analysis and information as per the market segments, helping our readers to get a comprehensive overview of the market.
To gain extensive insights into the market, Request for Customization
Along with this, the report provides an elaborative analysis of the fibrin sealants market dynamics and competitive landscape. Various key insights presented in the report are the technological advancements in this market, new product launches by key players, key industry developments: mergers, acquisitions & partnerships, regulatory scenarios, and trends of usage of fibrin sealants, prevalence of major surgical procedures for key countries.
Value (USD million)
By End User
Fortune Business Insights says that the market is projected to reach USD 1,156.6 million by 2026.
The value of the Europe market was USD 276.3 million in 2018.
The market is projected to grow at a CAGR of 6.6% during the forecast period (2019-2026).
The liquid fibrin sealants segment is the leading segment in the market.
New product launches and attractive medical reimbursement policies for hemostats utilization are the key factors driving this market.
Medtronic and J&J are the top players in this market.
The Europe is expected to hold the highest market share in the fibrin sealants market.
Fast action and superior procedural outcomes are expected to drive the adoption of fibrin sealants.
Gradual shift from liquid fibrin sealants to fibrin sealant patches is the key trend in the market.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry