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Global Fibrin Glue Market to Witness a
CAGR of 10.9% during 2017 – 2023
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Global Fibrin Glue Market
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 Market Research, 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/fibringlue-market
Global 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.
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.
Global Fibrin Glue Market
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.
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Global Fibrin Glue Market
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.
Global Fibrin Glue Market
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
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