According to a new market research report “Global Fibrin Glue Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insight by Application (Cardiac Surgery, General Surgery, Vascular Surgery, Pulmonary Surgery, Neurosurgery, Lacerations of Liver and Spleen, Burn Bleeding, Orthopedic Surgery, Plastic Surgery, Wound Management, Others)” published by P&S Intelligence, the global fibrin glue market is expected to grow at a CAGR of 10.9%, during 2017 - 2023.
Browse Report Description at: https://www.psmarketresearch.com/market-analysis/fibrin-glue-market
Increasing number of surgical procedures and burn cases drive the global market
According to the study, the global fibrin glue market is likely to grow significantly during the forecast period, mainly due to increasing number of surgical procedures and burn cases, and rising healthcare expenditure. According to the data provided by the World Bank, 30,537 surgeries were performed per 100,000 population, in 2012, in the U.S. Similarly, in 2015, number of surgical procedures performed in Australia were 28,907 per 100,000 population. Fibrin glue is used in various types of surgeries. Fibrin glue is also used in burn cases during plastic surgeries and surgery of the burned body parts. According to WHO, approximately 265,000 deaths every year are caused by burns. Additionally, increasing prevalence of chronic diseases and low chances of complications associated with these products and rise in the number of road accidents also contributes to the growth of the overall market. However, increasing minimally invasive procedures and stringent regulatory requirements are some of the key factors restraining the growth of global fibrin glue market.
North America stands as the largest market for fibrin glue
Geographically, North America has been the largest market for fibrin glue, with the U.S. being the larger contributor to the regional market, compared to Canada. High prevalence of cardiovascular diseases is a key factor driving the growth of North America fibrin glue market for cardiac surgery. Additionally, the growth of the fibrin glue market in this region is driven by the rise in number of surgical procedures; especially plastic surgeries in the region, high expenditure on healthcare, increasing geriatric population, high number of road accidents and burn cases. According to American Heart Association (AHA), around 85.6 million people are living with cardiovascular diseases, in the U.S. According to Centers for Disease Control and Prevention (CDC), total national healthcare expenditure in the U.S. was $3.0 trillion in 2014 and per capita national health expenditure was $9,523. According to the American Society of Plastic Surgeons, around 14.6 million cosmetic plastic surgeries were carried out in the U.S. in 2012, which was 5% higher as compared to 2011. According to a United Nations publication, the population of people aged 60 years and above in North America was approximately 74.6 million in 2015, and the number is estimated to reach approximately 104.8 million by 2030. Thus, the demand for fibrin glue products is expected to increase in the region.
Asia-Pacific to be the Fastest Growing Region During 2017 – 2023
Asia pacific is expected to witness the fastest growth during the forecast period. The growth in the region is mainly attributable to aging population, rising incidence of burns cases and increasing per capita income. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the number of people aged 65 years and above constituted approximately 11.4% of population in 2013, and the count is estimated to reach approximately 20% of the population, by 2050. Demand for fibrin glue products is also increasing due to rising number of burn cases and road accidents.
Expanded license indications for fibrin glues and growing popularity of cosmetic surgeries largely impacts the market
Fibrin glues are usually used for wound closure, bronchial fistulas, repairing dura tears and haemostasis for liver and spleen trauma. Many companies are investing in research and development for expanding the indications for which fibrin glue can be used in addition to their existing indications.
In October 2016, Ethicon received USFDA approval for an expanded indication for EVARREST Fibrin Sealant Patch. The expanded indication supported the use of EVARREST as an adjunctive hemostat for a broad range of patients and surgical situations. The expanded indication was based on a cardiovascular clinical study that demonstrated EVARREST’s superior hemostatic efficacy. The expanded indication is major trend being observed in the global fibrin glue market, which has led to the increase in the use of the fibrin glues.
Cosmetic surgeries involve the restoration, reconstruction or alteration of the human body. These surgeries are witnessing popularity due to increasing consumer awareness and technological advancements in surgical procedures. Fibrin glue is used for these procedures to hold the tissues together. Due to increasing awareness about cosmetic procedures and increasing appearance consciousness, these procedures are gaining more popularity, thus causing a positive impact on the growth of the global fibrin glue market.
Key player in the fibrin glue market are extensively working on indication expansion of the existing fibrin glue products to leverage full potential of their products in various indications.
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.
GLOBAL FIBRIN GLUE MARKET