Wilmington, New Castle, Delaware, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Fibrin Sealants Market by Dosage Form (Liquid, Patch, Powder), Application (General Surgery, Cardiovascular Surgery, Wound Management, Orthopedic Surgery, Urological Surgeries, Ophthalmic Surgeries, and Others), and End User (Hospitals, Ambulatory Surgical Centers and Clinics): Global Opportunity Analysis and Industry Forecast, 2022-2032.". According to the report, the Global Fibrin Sealants Market was valued at $0.55 billion in 2022 and is estimated to reach $1.1 billion by 2032, exhibiting a CAGR of 7.8% from 2023 to 2032.
Prime Determinants of Growth
The Fibrin Sealants Market has experienced significant growth owing to an increase in the number of general surgeries, an increase in the geriatric population who are prone to injuries and surgeries, coupled with the growth in prevalence of chronic diseases.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $0.55 Billion |
| Market Size In 2032 | $1.1 Billion |
| CAGR | 7.80% |
| No. Of Pages in Report | 283 |
| Segments Covered | Dosage Form, Application, End User and Region. |
| Drivers | Increase In Geriatric Population and Rise in Awareness Regarding Fibrin Sealants |
| Growth in the Prevalence of Chronic Diseases and Rise in The Number of Surgical Procedures Conducted Globally | |
| Opportunities | Growth Opportunities in Emerging Countries |
| Restraints | High Cost of Fibrin Sealants and Availability of Alternate Products |
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2023 Recession Impact Analysis
- The global recession had a moderate impact on Fibrin Sealants Market.
- The high inflation rate and the economic uncertainty has created financial distress for the manufacturers of the fibrin sealants.
- However, market for fibrin sealants is expected to recover owing to high adoption of the fibrin sealants especially liquid fibrin sealants.
The patch segment to maintain its leadership status throughout the forecast period
Based on dosage form, the patch segment held the highest market share in 2022, accounting for more than half of Fibrin Sealants Market revenue, owing to high adoption of patch fibrin sealants in general surgeries.
The general surgery segment to maintain its leadership status throughout the forecast period
Based on application, the general surgery segment held the highest market share in 2022, accounting for almost one third share of Fibrin Sealants Market revenue. This is attributed to high adoption of fibrin sealants in general surgeries such as cardiothoracic surgery, gastrointestinal surgery and hepatobiliary surgery among other types.
The hospitals segment to maintain its leadership status throughout the forecast period
Based on end user, the hospitals segment held the highest market share in 2022, accounting for more than half of Fibrin Sealants Market revenue, owing to the increase in number of surgeries conducted in hospital settings only.
The North America segment to maintain its leadership status throughout the forecast period
Based on region, the North America segment held the highest market share in 2022, accounting for almost half of Fibrin Sealants Market revenue. This is attributed to the strong presence of key players in the region and high adoption of the fibrin sealants. However, Asia-Pacific segment is expected to register highest CAGR during the forecast period, owing to currently improving healthcare infrastructure, increase in awareness among healthcare professionals and the launch of novel brands in countries such as India and China.
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Leading Market Players
- Baxter international inc.
- Becton, Dickinson and Company
- Corza Medical
- CSL Behring
- Grifols, s.a.
- Hemarus Therapeutics Ltd.
- Johnson and Johnson
- Nordson Corporation (Nordson Medical)
- Shanghai Raas Blood Products Co. Ltd
- Vivostat A/S
The report provides a detailed analysis of these key players in the Fibrin Sealants Market. These players have adopted different strategies such as product launch, agreement and collaboration to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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