Fibrinogen Concentrate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Fibrinogen Concentrate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The fibrinogen concentrate market is expected to register a healthy CAGR of 5.8% during the forecast period (2022-2027).

The COVID-19 pandemic had an adverse effect on market growth. Coagulation disorders may be regarded as risk factors for the severity and mortality of COVID-19, according to a November 2021 study titled "Meta-analysis of coagulation parameters linked with illness severity and poor prognosis of COVID-19." According to a National Institutes of Health report from February 2022, the panel advises testing hospitalized COVID-19 patients for thromboembolic disease if they exhibit sudden, localized loss of peripheral perfusion or rapid deterioration of their pulmonary, cardiac, or neurological function. The United States Blood Centers 2020 reports that fewer blood drives were held in 2019, which led to about 250,000 blood donations that weren't made. Additionally, more than 50,000 blood drives have been relocated or canceled as a result of the pandemic in March 2020. Thus, the lesser activities related to the blood donations resulted in low demand for fibrinogen concentrate thus adversely affecting the market growth. However, in the future, the market is expected to grow due to the reopening of facilities and surgical procedures.

The increasing prevalence of chronic blood disorders is one of the major factors driving the market study. According to the World Hemophilia Federation's Annual Global Survey 2020, 347,026 people worldwide suffered from bleeding disorders 2020. A further estimate of 10 million cases of venous thromboembolism (VTE) is recorded globally each year, according to the 2022 International Society on Thrombosis and Haemostasis Inc. According to the same source, 544,000 people die in Europe each year as a result of VTE. The American Cancer Society predicts that there will be roughly 100,350 new cases of melanoma in the US in 2020 (60,190 in men and 40,160 in women). In addition, leukaemia affects a substantial portion of the global population. For instance, according to data from GLOBOCAN 2020, there were 474,519 cases of leukaemia worldwide in 2020, affecting people of all sexes and ages. Additionally, according to Blood Cancer UK figures from 2021, although it is uncommon, children can acquire acute myeloid leukaemia (AML). Around 100 kids in the United Kingdom are given the diagnosis each year, according to the same source as above. ​Thus, the studied market is expected to be driven by the growing burden of blood disorders over the forecast period.

However, the stringent regulatory framework is expected to hinder market growth.

Key Market TrendsSurgery Segment is Expected to Register Significant Growth in the Fibrinogen Concentrate Market

Factors such as increasing blood-related disorders and increase surgical treatments are expected to increase the market growth. For instance, data from the World Federation of Hemophilia show that in 2020, males made up the majority of hemophilia A cases, accounting for 146,246 (88%), followed by females with 5,636 (3%) and sex unknown with 9,917 (6%). According to a study released in September 2020 and titled "Estimation of the National Surgical Needs in India by Enumerating the Surgical Procedures in an Urban Community Under Universal Health Coverage," 3,646 surgeries would be needed annually to meet the surgical needs of the Indian population, as opposed to the global estimate of 5,000 surgeries per 1 billion people. Thus, it is anticipated that the growing demand for surgical treatments will fuel growth in the market under study. According to a study released in June 2021 and titled "German Heart Surgery Report 2020: The Annual Updated Registry of the German Society for Thoracic and Cardiovascular Surgery," 92,809 operations were categorized as heart surgery procedures in the traditional sense, of which 29,444 involved isolated coronary artery bypass grafting, 35,469 involved isolated heart valve procedures, and the number of isolated heart transplants rose by 2% to 3. As a result, it is projected that the increasing volume of cardiac operations and surgeries will stimulate the expansion of the market under investigation. Thus, the abovementioned factors are expected to increase the market growth.

North America is Expected to Hold a Significant Share in the Market and this is Expected Remain the Same in the Forecast Period

North America is expected to hold a major market share in the global fibrinogen concentrate market due to the increasing burden of bleeding disorders and the rising geriatric population. The number of knee and hip replacement operations has increased recently, which has benefited the market under study. With the growth in surgical procedures, their demand is likely to develop even more, and the market under study will expand. For instance, according to the June 2021 report from the Canadian Institute of Health Information, 63,496 hip replacements and 75,073 knee replacements were carried out in Canada over the 2019–2020 period, with an increase of around 5% on average over the previous few years. The most frequent form of cardiac surgery is coronary artery bypass graft surgery (CABG), often known as coronary artery bypass or bypass surgery, according to Cedars-Sinai data updated in January 2022. Each year, more than 300,000 Americans get effective bypass surgery. The Canadian government also places increased emphasis on healthcare investments to provide high-quality, publicly accessible healthcare. Bill C-17, which provided USD 2 billion in additional health care funding to clear 700,000 surgeries and other medical procedures delayed by the Covid-19 pandemic and support hundreds of thousands of additional surgeries, was introduced by the federal government in the House of Commons in March 2022. Thus, the abovementioned factors are likely to increase market growth.

Competitive Landscape

The fibrinogen concentrate market is fragmented and consists of several major players. Various companies are taking initiatives to improve their presence in the market. A few of the companies that are currently dominating the market are LFB, Molecular Innovations Inc., Octapharma AG, CSL Behring, Shanghai RAAS, and Hualan Biological Engineering Inc. among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.