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Fibrin glue is a type of tissue adhesive derived from animal and/or human source, and is mainly used for blood coagulation, healing of wounds, stopping hemorrhage and sealing tissues. Fibrin glue is composed of fibrinogen (lyophilized pooled human concentrate) and thrombin (bovine, which is reconstituted with calcium chloride), and is used to heal wound tissue, and to provide hemostasis and tissue adhesion.
GLOBAL FIBRIN GLUE MARKET, BY APPLICATION, $M (2013 – 2023)
Based on application, the global fibrin glue market is classified into cardiac surgery, general surgery, vascular surgery, pulmonary surgery, neurosurgery, lacerations of liver and spleen, burn bleeding, orthopedic surgery, plastic surgery, wound management, and others. Cardiac surgery held the largest share of the global fibrin glue market in 2016. Fibrin based sealants are used for hemostasis and tissue adherence during cardiac surgeries to avoid the loss of blood, which is one of the most critical issue encountered while performing a cardiac surgery.
The global fibrin glue market is expected to witness a CAGR of 10.9% during the period, 2017 – 2023. Rising healthcare expenditure, increasing number of surgical procedures and burn cases are some of the key factors, driving the growth of the global fibrin glue market growth. Additionally, increasing prevalence of chronic diseases, aging population, low chances of complications associated with these products and increase in road accidents also support the growth of the global market. On the other hand, the fibrin glue market has been facing certain challenges such as increasing minimally invasive procedures and stringent regulatory requirements, which may impede the growth of the global market, during the forecast period. Moreover, the improved healthcare in the emerging economies provides immense growth opportunities for the global fibrin glue market.
Improved healthcare in the emerging economies provides immense growth opportunities for the global fibrin glue market. The overall healthcare industry is undergoing rapid changes in the emerging economies due to rising government expenditure, increasing number of hospitals, increase in the number of surgeries, and rising healthcare awareness. Emerging economies provide suitable opportunities for the growth of the global fibrin glue market.
In emerging countries such as India, China, Brazil, and Mexico, government is increasingly spending on the healthcare. According to World Bank, Brazil spent 8.3% of $2.456 trillion GDP on healthcare, in 2014. Moreover, rising healthcare awareness and high prevalence of various diseases has also increased the number of surgeries in emerging economies. This has led to an increase in the use of fibrin glue during surgeries, thereby providing ample growth opportunities for the manufacturers in the global fibrin glue market.
Rising healthcare expenditure is one of the key drivers of the fibrin glue market. According to Centers for Disease Control and Prevention (CDC), total national health expenditure in the U.S. stood at $3.0 trillion in 2014 and per capita national health expenditure was $9,523. As per the reports of the U.K. Office for National Statistics (ONS), the U.K.’s total healthcare expenditure was $297.8 billion, in 2014. Due to increase in healthcare expenditure, patients suffering from various diseases tend to opt for surgeries for better and quick treatment of diseases, leading to increase in the use of fibrin glues, thereby driving the global fibrin glue market.
Similarly, With the increase in the prevalence of various chronic diseases and health problems, the number of surgeries performed is significantly increasing globally. This has further led to an increase in the demand for fibrin glue products. According to CDC, approximately 117 million people in the U.S. suffered from one or more chronic health conditions in 2012.
Additionally, according to the data provided by the World Bank, in the U.S., 30,537 surgeries were performed per 100,000 population, in 2012. Fibrin glue is used in surgeries and burn cases for holding together the tissues, thus increasing number of surgeries and burn cases is also driving the growth of the global fibrin glue market.
Key players in the global fibrin glue market are collaborating and acquiring other players’ fibrin glue product portfolios to offer more advance solutions for hemostasis in surgical settings. In February 2016, Mallinckrodt plc announced that it closed the acquisition of the global portfolio of three commercial-stage topical hemostasis drugs from, The Medicines Company. The portfolio included RAPLIXA (Fibrin Sealant (Human)), RECOTHROM Thrombin topical (Recombinant), and PreveLeak Surgical Sealant.
Some of the key players operating in the global fibrin glue market include Vivostat A/S, Kaketsuken, Johnson & Johnson, Baxter International Inc., CSL Behring, Zimmer Biomet Holdings, Inc., Takeda Pharmaceutical Company Limited, Mallinckrodt Plc, Shanghai RAAS Blood Products Co. Ltd. and Hualan Biological Engineering Inc.
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