The fibrin glue market is projected to grow during the forecast period (2017–2023) at a CAGR of 10.9% owing to the surging number of burn cases and surgical procedures and increasing healthcare expenditure. In addition, the growing prevalence of chronic diseases, increasing geriatric population, and rising road accidents are supporting to market advance. Fibrin glue is a kind of tissue adhesive extracted from a human or animal source, which is primarily used for healing wounds, coagulating the blood, tackling hemorrhage, and sealing tissues.
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Geographically, during 2013–2016, North America led the fibrin glue market, with the U.S. being the larger contributor compared to Canada. The increasing prevalence of cardiovascular diseases is a prime reason behind the growth of the North American market for cardiac surgery. In addition, the rising number of surgical procedures, mainly plastic surgery, in the region, surging aging population, high expenditure on healthcare, and significant number of burn cases and road accidents are boosting the use of fibrin glue.
As per the American Heart Association, in the U.S., nearly 85.6 million people are suffering from cardiovascular diseases. Further, the growing healthcare spending is being witnessed as the key factor driving the growth of the fibrin glue market. The healthcare expenditure includes the public and private spending on medical goods and services, public health and prevention programs, and administration. As per the Centers for Disease Control and Prevention (CDC), in the U.S., in 2014, the total health expenditure was $3.0 trillion and the per capita national health expenditure was $9,523.
European fibrin glue market is the second largest in the world
Europe is the second largest market for fibrin glue products, accounting for 24.4% of the global fibrin glue industry in 2016. The growth in the European fibrin glue market is mainly attributable to the increasing aging population and rising number of surgical procedures performed for the treatment of the circulatory system diseases in the region. Among the countries in Europe, Germany held the largest share of the European market for fibrin glue, contributing 26.2% in 2016. However, the market in France is expected to witness the highest growth during the forecast period. France was also the second largest market for fibrin glue products in 2016 in Europe, accounting for a 14.6% share, which is expected to increase to 15.5% by 2023, growing at a CAGR of 10.7% during the forecast period. The U.K. is the third largest market in Europe and is also expected to witness double digit growth during the forecast period.
Competitive Analysis
Vivostat A/S, Kaketsuken, Johnson & Johnson, Baxter International Inc., CSL Behring, Zimmer Biomet Holdings, Inc., Takeda Pharmaceutical Company Limited, Mallinckrodt Plc, Shanghai RAAS Blood Products Co. Ltd. and Hualan Biological Engineering Inc are Some of the key players operating in the global fibrin glue market.
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