Fibrin Sealants Market size is set to grow by USD 1.04 billion from 2024-2028, Increasing number of surgical procedures boost the market, Technavio

NEW YORK, Aug. 1, 2024 /PRNewswire/ -- The global fibrin sealants market size is estimated to grow by USD 1.04 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.51% during the forecast period. Increasing number of surgical procedures is driving market growth, with a trend towards strong clinical trial pipeline. However, high cost of fibrin sealants poses a challenge. Key market players include Asahi Kasei Corp., Baxter International Inc., Becton Dickinson and Co., Cryolife Inc., CSL Ltd., Grifols SA, Johnson and Johnson Services Inc., Pharming Group NV, Reliance Industries Ltd., Shanghai RAAS Blood Products Co. Ltd., Stryker Corp., Takeda Pharmaceutical Co. Ltd., Tissuemed Ltd., and Vivostat AS.

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Market Driver

The fibrin sealant market is poised for growth due to the substantial number of pipeline products undergoing regulatory approval in various countries. These upcoming novel fibrin sealants will broaden the product portfolio and cater to diverse indications. Concurrently, existing approved fibrin sealants are undergoing clinical trials for new applications. For instance, a fibrin sealant approved for hemostasis in cardiovascular surgery is being tested for dental surgeries. Multiple pharmaceutical companies are entering this market, leading to increased competition and demand for fibrin sealants. This market expansion is expected to fuel the growth of the global fibrin sealant market during the forecast period. 

The Fibrin Sealant Market is experiencing significant growth due to the increasing prevalence of chronic diseases such as gastric diseases, heart attack, atherosclerosis, ischemic stroke, aneurysm, tumors, and cancer. These conditions often require surgical interventions for treatment, leading to an increase in the use of fibrin sealants for minimizing complications and reducing high costs. Key players in the market include Grifols with VISTASEAL, a plasma protein-based fibrin sealant, and other liquid and powder forms. Emerging economies present new opportunities due to unmet medical needs and increasing healthcare expenditure. However, reimbursement policies and complications associated with fibrin sealants remain challenges. The market also caters to niche indications like arrhythmia, sports injuries, road accidents, and orthopedic and ophthalmic diseases. The National Center for Biotechnology Information reports on the latest research in fibrin sealants for liver cirrhosis, kidney failure, heart failure, cholangiocarcinoma, and hepatic metastatic cancer. Vaccination and lockdowns have impacted surgical procedures, but the market is expected to recover as healthcare systems adapt. 

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Market Challenges

• Fibrin sealants are valuable tools in controlling bleeding during surgeries. However, their high cost is a significant barrier to their widespread adoption. A millimeter of fibrin sealant liquid costs between USD60 and USD100, while a box of fibrin sealant glue ranges from USD120 to USD150, and a fibrin sealant patch costs approximately USD850 to USD1,000. The amount of fibrin sealant needed depends on the size of the surgical incision, with larger incisions requiring more, resulting in increased costs. This high cost may lead end-users to opt for alternative, more affordable hemostat products, such as absorbable hemostats, which could negatively impact the market growth for fibrin sealants during the forecast period.
• The Fibrin Sealant Market faces several challenges, including reimbursement issues, complications, and high costs. Unmet medical needs in emerging economies present opportunities for growth. Companies like Grifols and their VISTASEAL brand, or plasma protein-based fibrin sealants, face competition from vaccination and lockdown-related delays in surgical procedures. Orthopedic and ophthalmic diseases are significant application areas, with liquid and powder dosage forms used in general, cardiovascular, central nervous, cosmetic, orthopedic, ophthalmic surgeries, bariatric procedures, and more. The market includes hospitals, ambulatory surgical centers, and clinics. Key end users are geriatric populations with chronic diseases like liver cirrhosis, kidney failure, heart failure, cholangiocarcinoma, and hepatic metastatic conditions. Healthcare expenditure and the need for effective hemostatic agents drive market growth. The patch segment and application segment are expected to dominate the market.

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Segment Overview 

This fibrin sealants market report extensively covers market segmentation by 

1. Product 
• 1.1 Patches
• 1.2 Liquid
• 1.3 Others
2. Geography 
• 2.1 North America
• 2.2 Europe
• 2.3 Asia
• 2.4 Rest of World (ROW)

1.1 Patches- In 2023, the fibrin sealants market is anticipated to expand due to the rising prevalence of conditions like liver cirrhosis, hepatitis, and cancer that necessitate surgical interventions. These diseases often result in hepatic parenchymal bleeding during liver transplantation procedures. Fibrin sealant patches offer an effective solution by promoting hemostasis and reducing the risk of hemorrhage. Their ease of use, room temperature storage, and compatibility with manual pressure make them a preferred choice for medical professionals. Baxter's TachoSil, the first fibrin sealant patch, was approved by the US FDA and utilizes oxidized regenerated cellulose to avoid allergic responses. Other notable products include Ethicon's EVARREST, which contains human pooled plasma fibrinogen and thrombin. The increasing adoption of these patches, owing to their immediate bleeding control, is driving market growth during the forecast period.

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Research Analysis

The Fibrin Sealant Market refers to the global industry for hemostatic agents used to promote blood clotting and tissue healing during surgeries. This market caters to various surgical specialties, including general surgery, cardiovascular surgery, central nervous system surgery, cosmetic surgery, orthopedic surgery, ophthalmic surgeries, and bariatric surgery. Fibrin sealants are available in different dosage forms, such as solutions, powders, and patches. The patch segment is expected to dominate the market due to its ease of use and effectiveness. The application segment includes both elective and emergency surgeries. End users include hospitals, ambulatory surgical centers, and clinics. The geriatric population and patients with conditions like stroke are major consumers of fibrin sealants due to their increased susceptibility to bleeding. Reimbursement policies and complications, such as infection and high costs, are key challenges in this market. Unmet medical needs and emerging economies offer significant growth opportunities. Companies like Grifols and their products, such as VISTASEAL and plasma proteins, are driving innovation in this field. Vaccination and lockdowns have impacted the market, but the long-term outlook remains positive.

Market Research Overview

The Fibrin Sealants Market refers to the global trade of hemostatic agents used to promote blood clotting and tissue healing during surgical procedures. These sealants find extensive applications in various sectors, including general surgery, cardiovascular surgery, central nervous system, cosmetic surgery, orthopedic surgery, ophthalmic surgeries, bariatric surgery, and more. The market caters to diverse dosage forms, such as patches and liquids, and is segmented based on application and end user. The geriatric population and those suffering from chronic diseases, gastric diseases, heart attack, atherosclerosis disease, ischemic stroke, aneurysm, tumors, cancer, myocardial infarction, arrhythmia, sports injuries, and road accidents, among others, are primary consumers of fibrin sealants. The dosage forms include patches and liquid, while the application segments span across various surgical procedures and disease areas. End users include hospitals, ambulatory surgical centers, and clinics. Factors driving the market include the growing prevalence of chronic diseases, healthcare expenditure, and the need for minimally invasive surgical procedures. However, complications, high costs, and unmet medical needs present challenges. Emerging economies offer significant growth opportunities, with key players like Grifols and its VISTASEAL and plasma protein-based sealants leading the market. Vaccination, lockdowns, and surgical procedure cancellations due to the COVID-19 pandemic have affected market growth. The market also caters to specific disease areas like liver cirrhosis, kidney failure, heart failure, cholangiocarcinoma, hepatic metastatic, and chronic diseases. Reimbursements and healthcare policies play a crucial role in market dynamics.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Patches
• Liquid
• Others
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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SOURCE Technavio