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The fibrin sealants market share is expected to increase by USD 1.06 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.62%.
The report extensively covers fibrin sealants market segmentations by the following:
The fibrin sealants market report offers information on several market vendors, including Asahi Kasei Corp., Baxter International Inc., Becton Dickinson and Co., Cryolife Inc., CSL Ltd., Grifols SA, Johnson and Johnson, Pharming Group NV, Reliance Industries Ltd., Shanghai RAAS Blood Products Co. Ltd., Stryker Corp., Takeda Pharmaceutical Co. Ltd., Tissuemed Ltd., and Vivostat AS among others.
This fibrin sealants market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.
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The increasing number of surgical procedures is notably driving the fibrin sealants market growth, although factors such as the high cost of fibrin sealants may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the fibrin sealants industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Fibrin Sealants Market Driver
The increasing number of surgical procedures is one of the key drivers supporting the fibrin sealants market growth. The increase in chronic conditions led to the rise in the number of surgical procedures. The presence of MI surgeries, which are less painful, allows people to get back to normal life faster than traditional surgical procedures. Moreover, fibrin sealants are used in many surgical procedures such as cardiovascular surgery, thoracic surgery, hip replacement surgery, appendectomy surgery, neurosurgery, plastic and reconstructive surgery, and dental surgery. Hence, the increasing number of surgical procedures in such chronic conditions will drive market growth during the forecast period.
Key Fibrin Sealants Market Trend
The strong clinical trial pipeline is one of the key fibrin sealants market trends fueling the market growth. For instance, China Biologic Products was a leading fully integrated plasma-based biopharmaceutical company in China, which was its subsidiary, Shandong Taibang Biological Products, received the China Food and Drug Administration (CFDA) approval to begin human clinical trials of its product, Fibrin Sealant. Similarly, Grifols is focusing on conducting a Phase III clinical trial study on its Fibrin Sealant Grifols, which is expected to be completed by June 2020. Thus, the launch of these pipeline products may increase the demand for fibrin sealants in the future. Such increasing demand will boost the market growth during the forecast period.
Key Fibrin Sealants Market Challenge
The high cost of fibrin sealants is one of the factors hindering the fibrin sealants market growth. For instance, Fibrin sealant liquid costs around $60-$100 per millimeter, fibrin sealant glue costs around $120-$150 per box, and fibrin sealant patch costs around $850-$1,000 per patch. The amount of fibrin sealant required depends on the size of the surgical incision. Large size surgical incisions can require more amount of fibrin sealant, which will increase the cost burden. This will lead end-users to opt for other low-cost hemostat products, such as absorbable hemostat products. This will negatively impact the adoption of fibrin sealants in the market during the forecast period.
This fibrin sealants market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the fibrin sealants market encompasses successful business strategies deployed by the key vendors. The fibrin sealants market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The fibrin sealants market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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34% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for the fibrin sealants market in North America. Market growth in this region will be faster than the growth of the market in ROW.
The rising number of surgical procedures will facilitate the fibrin sealants market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, North America witnessed the spread of COVID-19, which had a negative impact on the regional market. However, in 2021, with the widespread vaccination drive, governments lifted the lockdown and travel restrictions. Due to this, the non-urgent medical services slowly resumed their operations. Such factors will increase the incidence of surgeries in the region, which will increase the demand for fibrin sealants. Such factors will lead to market growth during the forecast period.
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The fibrin sealants market share growth by the patches segment will be significant during the forecast period. People with chronic liver cirrhosis need to undergo liver transplantation surgery. For such surgeries, fibrin sealant patches such as EVARREST can be used. During the removal of the liver, bleeding occurs from the hepatic veins and parenchymal edge. Fibrin sealant patches can treat hepatic parenchymal bleeding and can lessen the chances of hemorrhage. Moreover, the growing awareness about fibrin sealant patches will drive market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the fibrin sealants market size and actionable market insights on post COVID-19 impact on each segment.
Technavio categorizes the global fibrin sealants market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the fibrin sealants market during the forecast period.
Our report provides extensive information on the value chain analysis for the fibrin sealants market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Fibrin Sealants Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.62% |
Market growth 2022-2026 |
$ 1.06 billion |
Market structure |
Fragmented |
YoY growth (%) |
7.84 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 34% |
Key consumer countries |
US, Canada, Germany, France, and Japan |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Asahi Kasei Corp., Baxter International Inc., Becton Dickinson and Co., Cryolife Inc., CSL Ltd., Grifols SA, Johnson and Johnson, Pharming Group NV, Reliance Industries Ltd., Shanghai RAAS Blood Products Co. Ltd., Stryker Corp., Takeda Pharmaceutical Co. Ltd., Tissuemed Ltd., and Vivostat AS |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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