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Fibrin Sealants Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The fibrin sealants market size is expected to see strong growth in the next few years. It will grow to $1.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%” - The Business Research Company
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The global fibrin sealants market has witnessed considerable growth recently. It will grow from $1 billion in 2023 to $1.08 billion in 2024, showcasing a compound annual growth rate CAGR of 8.1%. The growth during the historic period can be attributed to factors such as increased medical tourism, enhanced healthcare infrastructure, a rise in elective surgical procedures, an increasing prevalence of chronic diseases, and a surge in demand for quick hemostasis solutions.
What Is the Anticipated Growth Rate of the Fibrin Sealants Market?
The fibrin sealants market size is set to see remarkable growth in the coming years. The market is projected to grow to $1.49 billion in 2028 at a CAGR of 8.2%. Factors contributing to growth in the projected period include a growing number of cosmetic surgeries, a rising geriatric population, an increasing occurrence of CABG, an increasing number of blood-related disorders, and more dental surgeries. Technological advancements, innovative hemostatic technologies, personalized medicine, digital health technologies, and robotic-assisted surgeries are set to be major trends in the upcoming period.
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What Is Spurring the Growth of the Fibrin Sealants Market?
Fibrin sealants play a vital role in cosmetic surgeries. Their ability to promote faster wound healing, reduce bleeding, and minimize scarring results in improved surgical outcomes and hastens patient recovery. These factors are contributing to the increased popularity of cosmetic surgeries, which in turn propels the growth of the fibrin sealants market. In September 2023, US-based American Society of Plastic Surgeons, CosmetAssure, reported liposuction as the most sought-after plastic surgery procedure, with 347,782 procedures performed marking a 7% increase from 2022, and tummy tucks also saw a 5% rise, with 170,110 procedures performed.
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Which Major Players Are Impacting the Fibrin Sealants Market?
Leaders in the fibrin sealants market include Johnson & Johnson, Takeda Pharmaceutical Company Limited, Asahi Kasei Medical Co. Ltd., Baxter International Inc., CSL Behring, Grifols S.A., Sigma-Aldrich, Nordson Corporation, Integra LifeSciences Corporation, Shanghai RAAS Blood Products Co. Ltd., Mallinckrodt Pharmaceuticals, Biotest AG, LFB Group, Hualan Biological Engineering Inc., Corza Medical, Aesculap Inc., Ethicon Inc., CryoLife Inc., VIVEX Biologics Inc., MediWound Ltd., and Cohesion Technologies Inc.
What Key Trends Are Shaping the Fibrin Sealants Market?
Major companies operating in the fibrin sealants market are developing hemostatic agents designed to rapidly stop bleeding upon contact. Hemostatic agents are substances used to promote blood clotting at a wound or surgical site. In February 2022, an India-based hemostatic agent manufacturer, Swasth Kare, launched SeraSeal, a fibrin sealant designed by India-based Wortham Laboratories. SeraSeal stops bleeding within moments, a feature crucial in arterial hemorrhage emergencies, and its translucent nature allows surgeons to visualize the bleeding site clearly, aiding decision-making during procedures.
How Is the Fibrin Sealants Market Segmented?
The market is segmented as follows:
1 By Type: Liquid, Patch, Powder
2 By Technology: Autologous Donation, Viral Inactivation, Recombinant Production, Other Technologies
3 By Application: General Surgery, Cardiovascular Surgery, Wound Management, Orthopedic Surgery, Urological Surgeries, Ophthalmic Surgeries, Transplant Surgery, Other Applications
4 By End-User: Hospitals, Ambulatory Surgical Centers, Other End-Users
What Is the Global Scenario of the Fibrin Sealants Market?
In 2023, North America held the largest share in the fibrin sealants market, with Asia-Pacific anticipated to experience the fastest growth during the forecast period. The report extensively covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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