PORTLAND, Ore., June 4, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Human Fibrinogen Concentrate Market by Indication (Congenital Fibrinogen Deficiency and Surgical Procedure), Form (Lyophilized, Powder, and Liquid), and End User (Hospitals, Ambulatory Surgical Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2035". According to the report, the "human fibrinogen concentrate market" was valued at $0.8 Billion in 2023, and is estimated to reach $2.9 billion by 2035, growing at a CAGR of 11% from 2024 to 2035.
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Prime determinants of growth
The human fibrinogen concentrate market is on a steady growth propelled by several pivotal factors. There is rise in global incidence of bleeding disorders necessitating the utilization of human fibrinogen concentrates, particularly in critical surgical procedures where efficient hemostatic agents are indispensable. Concurrently, advancements in biotechnology have ushered in the development of more sophisticated formulations of human fibrinogen concentrates, characterized by enhanced efficacy and safety profiles, thereby amplifying their demand. Furthermore, rise in awareness among healthcare practitioners and patients regarding the therapeutic advantages of fibrinogen concentrate is fostering its adoption, particularly within clinical settings. Hence, these factors are poised to drive substantial growth in the human fibrinogen concentrate market during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024-2035 |
Base Year | 2023 |
Market Size In 2023 | $0.8 Billion |
Market Size In 2035 | $2.9 Billion |
CAGR | 11.00 % |
No. Of Pages In Report | 280 |
Segments Covered | Indication, Form, End User, And Region |
Drivers | Increase In Incidence Of Bleeding Disorders |
Growing Demand For Fibrinogen Concentrates In Surgeries | |
Advancements In Biotechnology Leading To Improved Product Efficacy | |
Rise In Awareness About The Benefits Of Fibrinogen Concentrate Therapy | |
Opportunities | Development Of Novel Formulations For Improved Patient Outcomes |
Restraint | High Cost Associated With Fibrinogen Concentrate Therapy |
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Recession Impact
- During a recession, governments, academic institutions, and private funding sources might decrease investment in research and development (R&D) projects, including human fibrinogen initiatives. This reduction in funding can limit the resources available for conducting research, acquiring new technologies, and hiring skilled personnel.
- Further, pharmaceutical companies may reassess their R&D priorities and allocate resources to human fibrinogen programs with potentially higher returns on investment or greater market demand. This shift in focus could lead to increased investment in certain therapeutic areas, such as vessel sealing and sealants, while reducing investment in others.
The congenital fibrinogen deficiency segment to maintain its lead position during the forecast period
By indication, the congenital fibrinogen deficiency segment dominated the market in 2023 and is expected to continue this trend during the forecast period. The congenital fibrinogen deficiency segment is expected to grow with a CAGR of 11.3% during the forecast period. Increase in congenital fibrinogen deficiency is due to increase in consanguineous marriages in developing countries.
The liquid segment to grow with a faster growth rate during the forecast period
By form, the liquid segment is expected to register a faster CAGR of 11.3% during the analysis period. This is due to factors such as rise in adoption of liquid fibrinogen concentrates in patients mostly in general surgeries and its longer shelf life, which makes it advantageous in terms of storage and transportation. Liquid human fibrinogen is generally used in reconstructive surgery, cardiac surgery, and cytoreductive surgery for pseudomyxoma peritonei. For instance, according to American Society of Plastic Surgeons, about 1.02 million reconstructive surgeries were performed in 2022.
The hospitals segment to maintain its lead position during the forecast period
By end user, the hospitals segment dominated the market in 2023 and is expected to grow with a CAGR of 11.0% during forecast period. For instance, there were approximately 294 million surgical procedures performed in 2022 globally as per WHO and the number is increasing by around 8-10% year on year. Such increase in the number of surgeries yearly is expected to lead to rise in adoption of surgical sealants such as human fibrinogen; thereby driving the market growth.
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North America to maintain its dominance by 2035
Region-wise, North America dominated the market in 2023 and is expected to continue this trend during the forecast period. North America has a strong healthcare system and presence of key players such as CSL and Octapharma. However, the Asia-Pacific region is expected to grow faster during the forecast period. This growth is because of the high geriatric population and the increase in trend of sports related injuries in countries such as India and South Korea.
Leading Market Players: -
- CSL Behring GmbH
- Octapharma USA
- Grifols, S.A.
- LFB Biomedicaments
- Shanghai RAAS Blood Products Co., Ltd.
- Takeda Pharmaceutical Company Limited
- Baxter International Inc.
- Biotest AG
- BioRad
- Harbin Pacific Biopharmaceutical Co., Ltd.
The report provides a detailed analysis of these key players in the global human fibrinogen concentrate market. These players have adopted strategies such as product development and launch 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.
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