Fibrin Sealants Market Size, Share & Industry Analysis, By Type (Liquid, and Patches) By Application (Orthopedic Surgery, Cardiovascular surgery, General Surgery, Transplant Surgery, and Others) By End User (Hospitals, Specialty Clinics, and Others) and Regional Forecast, 2019-2032

The global fibrin sealants market size stood at USD 701.4 million in 2018 and is projected to reach USD 1,839.8 million by 2032, exhibiting a CAGR of 7.2% during the forecast period.

Surgical bleeding is a common complication observed during surgeries, but excessive bleeding during surgical procedures can lead to increased chances of morbidity and mortality. Fibrin sealant is additionally used in hemostasis processes in order to control bleeding during and after surgical procedure, which is one of the leading fibrin sealants market trends. Fibrin sealant comprises of fibrinogen and thrombin which plays a vital role in hemostasis process during severe bleeding. According to the classification by the National Institutes of Health, fibrin sealants can be classified as individual human plasma liquid, bovine collagen and bovine thrombin, human pooled plasma and equine collagen patch, human pooled plasma liquid and human pooled plasma, and oxidized regenerated cellulose patch.

Higher utilization of hemostatic devices in surgical procedures due to better procedural efficiency and reduction in mortality risk is anticipated to accelerate the growth of this market during the forecast period. An extensively increasing prevalence of cardiovascular conditions across the globe and increasing number of cardiovascular surgeries, coupled with increasing demand for advanced hemostatic devices are anticipated to fuel the adoption of tissue sealent devices by 2026. For instance, according to a study conducted by the American Heart Association (AHA), in 2016, an estimated 15.5 million people in the U.S. had coronary heart disease. Besides this, limitation of fibrin sealant in minimally invasive surgeries and laparoscopic surgeries is expected to reduce the adoption of fibrin sealants, resulting in a decline in the fibrin sealants market growth during forecast period.

The fibrin sealant patch is a two-component hemostatic patch, which contains fibrinogen and thrombin derived from human plasma embedded in flexible composite patch either made of collagen or cellulose. Since the fibrin sealant patch brings both human fibrinogen and thrombin to the bleeding site, it does not rely on patient blood having adequate levels of fibrinogen to achieve hemostasis.

MARKET DRIVERS

“Increasing Adoption of Hemostats in Surgical Procedures to Boost the Market”

Increasing number of complex surgeries such as cardiac surgeries across the globe owing to rising prevalence of cardiac diseases in developing countries will contribute to rising adoption of hemostats during the forecast period. According to the America Hospital Association survey (2014), an estimated 17.2 million ambulatory hospital visits or inpatient stays required invasive, therapeutic surgery in the United States. Certain advantages associated with application of fibrin sealants such as improved patient outcomes, minimal complications, and reduced chances of mortality are projected to accelerate the fibrin sealants market demand during forecast period. Additionally, superiority of fibrin sealants over limitations of conventional methods such as cautery or sutures may lead to increased adoption of fibrin sealants in near future.

Furthermore, new product launches and technological advancements in fibrin sealants industry are anticipated to offer lucrative growth opportunities for minimally invasive surgeries, which will eventually boost the growth of the market by 2026. For instance, in November 2018, Baxter introduced New Tisseel Prima Syringe at 2018 American Association of Gynecologic Laparoscopists Meeting. Baxter’s trusted Tisseel fibrin sealant now features the new Prima syringe, which is a next-generation ergonomic syringe that comes fully assembled and is eight times easier to push than the previous Tisseel syringe.

 “Attractive Medical Reimbursement Policies to Increase the Adoption of Fibrin Sealants”

Favorable medical reimbursement policies implemented by government authorities is expected to offer significant opportunities for the growth of this market during the forecast period. Strict implementation of reimbursement policies in developed countries is likely to encourage the utilization of hemostats in high bleeding surgical procedures, which will eventually drive the fibrin glue market revenue till 2026.

SEGMENTATION

By Type Analysis

“Superiority and Enhanced Efficiency of Fibrin Patches is Anticipated to Exhibit Fastest CAGR”

On the basis of type, the market can be segmented into liquid and patches. In terms of revenue, the liquid segment is estimated to dominate the fibrin glue market owing to enhanced procedural outcomes over other patches. Moreover, qualities of liquid solutions such as fast action and higher rational stability are projected to further drive this segment. One of the major advantages of fibrin sealant patch is that it can achieve hemostasis within 3-4 minutes of application.

By Application Analysis

“Rising Number of Cardiac Surgeries Combined with Higher Adoption to Bolster Growth of This Segment”

On the basis of applications, the market can be segmented into orthopedic surgery, cardiovascular surgery, general surgery, transplant surgery, and others. In terms of revenue, the cardiovascular surgery segment is estimated to dominate the market. Orthopedic surgery and cardiovascular surgery segments are projected to witness higher CAGR as a consequence of higher adoption in the global market, as stated in the fibrin sealants market report. The accelerating rate of cardiac and orthopedic surgical procedures is expected to offer higher chances for increased adoption of fibrin sealants across the globe.

By End User Analysis

“Increasing Number of Surgical Procedures in Hospitals to Aid Growth of This Segment”

On the basis of end user, the market is segmented into hospitals, specialty clinics, and others. The hospitals segment is estimated to dominate the fibrin glue market share throughout the forecast period. Increasing number of CABG (coronary artery bypass grafting) and other cardiovascular surgeries in hospitals are projected to drive the hospitals segment during the forecast period. For instance, according to a research conducted by the Agency for Healthcare Research and Quality, the volume of percutaneous transluminal coronary angioplasty procedures increased by an estimated 20.0% during 2001-2011 in U.S. hospitals.  

Combined with this is the gradual shift of patient preference from inpatient visits to outpatient visits, which is anticipated to offer significant growth opportunities for the specialty clinics end user segment during 2019-2026. The others segment, which includes ambulatory surgery centers, and other care facilities, is expected to hold lower market share owing to lower demand from advanced healthcare facilities in developing as well as developed countries.

REGIONAL ANALYSIS

Europe generated a revenue of USD 276.3 million in 2018 and is projected to dominate the fibrin sealants market share throughout the forecast period. Availability of cutting-edge healthcare institutions, availability of novel products, and emphasis on utilization of modern healthcare technology are anticipated to drive the regional market during the forecast period. Moreover, strict implementation of medical reimbursement policies in the western European countries are projected to serve attractive scope for increased adoption of fibrin sealants in the region.

In North America, rapidly increasing number of surgeries coupled with strong emphasis on adoption of minimally invasive surgeries is likely to offer substantial opportunities for the growth of the market in the region. Moreover, increasing adoption of technology in minimally invasive surgical procedures in the US is anticipated to drive the market in the region.

In Asia-Pacific, entrance of new market players and implementation of strategic marketing policies by them are projected to drive the growth of the region by 2026. Moreover, rapidly developing healthcare infrastructure in countries such as China & India coupled with increasing healthcare expenditure in Japan & Australia is anticipated to offer significant growth opportunities in the region. In Latin America and Middle East & Africa, increasing number of healthcare facilities along with rising number of cardiac interventions is anticipated to boost the growth of the fibrin glue market in these regions.

INDUSTRY KEY PLAYERS

“Baxter Projected to Dominate the Global Market”

The fibrin sealants market is a consolidated market as a limited number of players hold majority of the market share. As of 2018, Baxter and Ethicon (part of Johnson & Johnson Services, Inc.) held majority of the market share in this market, with Baxter leading in terms of revenue. This is mainly due to strong brand presence, consolidated customer base, presence across all regions, and a robust distribution channel. The market share of Ethicon is anticipated to increase over the forecast period due to continuous product introductions, strategic partnerships, and focus on penetration in emerging markets.

List Of Key Companies Covered:

• Baxter


• CSL Limited


• Takeda Pharmaceutical Company Limited


• Johnson & Johnson Services, Inc.,


• Stryker


• Vivostat A/S.


• Others

REPORT COVERAGE

The fibrin sealants market report presents a comprehensive assessment of the global market by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views. Furthermore, the report offers a detailed analysis and information as per the market segments, helping our readers to get a comprehensive overview of the market.

Along with this, the report provides an elaborative analysis of the fibrin sealants market dynamics and competitive landscape. Various key insights presented in the report are the technological advancements in this market, new product launches by key players, key industry developments: mergers, acquisitions & partnerships, regulatory scenarios, and trends of usage of fibrin sealants, prevalence of major surgical procedures for key countries. 

REPORT SCOPE & SEGMENTATION

INDUSTRY DEVELOPMENTS:

• In April 2017, Baxter unveiled design enhancements to Tisseel fibrin sealant hemostatic agents at AORN meeting.


• In November 2018, Baxter introduced new Tisseel prima syringe at 2018 American Association of Gynecologic Laparoscopists meeting. Baxter also unveiled its new Tisseel 40cm Duplotip Rigid Applicator, an extended length applicator that is helpful when surgeons need to apply Tisseel to hard-to-reach areas laparoscopically.


• In May 2019, J&J s Ethicon Acquired Takeda's TachoSil Surgical Patch for $400M.