Fibrin sealants: Key market research findings
- Approval of fibrin sealants for extended clinical applications
- Strong clinical trial pipeline
Technavio has released a new market research report on the global fibrin sealants market, which is expected to grow at a CAGR of around 9% between 2016 and 2020. Fibrin sealant, a two-component substance consisting of thrombin and fibrinogen, is used as a hemostatic or adhesive in various surgical solutions. The increase in the number of ambulatory surgical centers is one of the key drivers of this market’s growth. Rising popularity of these centres has increased the number of surgeries performed, thus augmenting the demand for wound closure products including fibrin sealants. The Americas occupy 48% of the fibrin sealants market, owing to the growing public awareness, increase in product launches, and numerous FDA approvals for novel instruments.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Approval of fibrin sealants for extended clinical applications is an emerging trend in the global fibrin sealants market. Fibrin sealants have various advantages over conventional methods of tissue sealing. They reduce the amount of blood loss during surgical procedures and lower the risk of postoperative infection or inflammation. Fibrin sealants are conveniently absorbed by the body during the wound healing process and are useful for minimally invasive surgical procedures for treatment of patients with clotting disorders,” Brahadeesh Chandrasekaran, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
Vendors are developing novel fibrin sealants that can reduce blood loss rapidly and have less adverse effects after application. The global fibrin sealants market will witness the launch of novel products because of positive results demonstrated in clinical trials, thereby fueling market growth during the forecast period. For instance, EVARREST, a fibrin patch, is being evaluated for controlling mild-to-moderate vascular anastomosis suture line bleeding in cardiovascular surgery.
The leading vendors in the global fibrin sealants market are Baxter International, CSL Behring, and Johnson & Johnson (Ethicon). The market for fibrin sealants is highly consolidated with the presence of few large vendors that are engaged in manufacturing commercially available fibrin sealants. Also, large players such as Johnson & Johnson (Ethicon), Baxter International, CSL Behring are increasing their footprint in emerging regions, while local vendors are finding it increasingly difficult to compete in terms of quality or features because of patent restrictions. The competitive environment in this market is expected to intensify with an increase in product extensions, and mergers and acquisitions.
A more detailed analysis is available in the Technavio report, Global Fibrin Sealants Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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