Dublin, March 27, 2023 (GLOBE NEWSWIRE) -- The "Fibrin Sealants Market By Dosage Forms, By Application, By End User: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report, the market size was valued at $1.1 billion in 2021, and is estimated to reach $2.6 billion by 2031, growing at a CAGR of 9.5% from 2022 to 2031.
Key Market Players
- Baxter International Inc.
- Becton, Dickinson and Company
- Corza Medical
- CSL Behring
- Grifols
- hemarus therapeutics ltd.
- Johnson and Johnson
- Nordson Corporation (Nordson Medical)
- Shanghai RAAS Blood Products Co., Ltd.
- vivostat a/s
Fibrin sealants are used during surgical procedures to reinforce surgical wounds, repair injured tissues, or even replace common suturing techniques. These products can be used as adjuncts to prevent air and liquid leakages. They can be developed naturally or synthetically, and are used to generate three-dimensional networks, which bind to the target tissues and act as sealants, hemostats, or adhesives.
Fibrin sealants are the most effective tissue adhesives currently available, and they are biocompatible and biodegradable. A patch fibrin sealant exhibits characteristics that allow in-situ polymerization to cause adherence of tissue-to-tissue or tissue-to-non-tissue surfaces. Patch fibrin sealants are meant to hold two sides of bleeding tissues together and support wound healing until the bleeding does not stop.
Fibrin sealants are used as a barrier for leaking fluids such as blood, urine, or air. Sealants may be used to patch a puncture in the lung. Moreover, sealant devices may be applied to tissue wounds as hemostatic agents to control bleeding. Fibrin sealants are supplemented with factor XIII and this increases the tensile strength and stability of clots and improves hemostasis.
Growth of the Fibrin Sealants Market share is majorly driven by a surge in the geriatric population, the surge in the prevalence of chronic diseases, and an increase in awareness toward the benefits of using fibrin sealants and adhesives. Furthermore, the increase in the number of surgical procedures performed globally and the adoption of technologically advanced products fuel the growth of this market. For instance, according to the World Population Prospects, the global population is projected to grow from 7.7 billion in 2019 to 8.5 billion in 2030 (10% increase), and further to 9.7 billion in 2050 (26%).
Furthermore, a rise in R&D investments, an increase in fibrin sealants-assisted clinical research studies, a significant rise in capital income in developed countries, and a rise in key strategies adopted by key players strengthen demand for fibrin sealants in the market.
However, unfavorable reimbursement scenarios, the availability of alternate products, and the high cost of fibrin sealants restrain the market growth. On the contrary, the surge in healthcare investments in the public as well as private sectors, increase in patient population, and unmet medical demands in developing economies are anticipated to open new avenues for the expansion of the fibrin sealants market during the fibrin sealants market forecast.
With relaxation in lockdowns and decline in COVID-19 cases, companies have re-started their processes to meet the demand for products. Currently as the COVID-19 vaccination is increasing globally, majority of the hospitals have resumed surgical procedures and backlog of postponed surgeries are being cleared. Thus, increase in the demand for fibrin sealants is expected for these rescheduled surgeries for orthopedic disease, CVD, ophthalmic disease, and others. Thus, such trends are expected to bring stabilization in the market, and subsequently witness pre-pandemic growth rate during the forecast period.
Key Market Segments
By Dosage Forms
- Liquid
- Patch
- Powder
By Application
- General Surgery
- Cardiovascular Surgery
- Wound Management
- Orthopedic Surgery
- Urological Surgeries
- Ophthalmic Surgeries
- Others
By End User
- Hospitals
- Ambulatory Surgical Centers
- Clinics
By Region
- North America
- Canada
- Mexico
- U. S.
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/3raxyn
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