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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Market Forecast 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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