Fibrin Glue Market Will Reach USD 65.7 Billion By 2030

In 2023, the worldwide market for fibrin glue reached an estimated value of USD 43.8 billion, and it is projected to expand at a 6.2% annual growth rate between 2024 and 2030, ultimately reaching a value of USD 65.7 billion by 2030.

Fibrin glue is mainly an agent used for closing of tissue during operations. This glue helps in reducing blood loss while operating and also in wound handling. The item copies the later stages of natural hemostasis, to make a fibrin clot.

The usage of fibrin glue can also reduce postoperative and perioperative issues, by reducing liquid and air leakage and preventing fistula growth. Such glues have a unique physiological action, and the resultant clot is totally degraded by the body’s natural healing procedure after the blood vessel seals itself underneath.

The market size is experiencing an upswing due to the increasing elderly population prone to chronic illnesses. Further, the rise in the frequency of gastric diseases, ischemic strokes, atherosclerosis, tumors, aneurysms, blood clots in the brain, myocardial infarction, cancer, arrhythmia, and obstructions in the blood vessels of the heart, liver, brain, and kidneys has resulted in a growing need for surgical procedures. The rise in the occurrence of sports injuries and road accidents is also generating the demand for fibrin glue, therefore contributing to market growth.

For instance, 2020 witnessed an occurrence rate of around 190 heart attacks per 10,000 people over 80 years old and approximately 117 for those aged 70-80. Also, according to the American College of Cardiology, over 796,000 people in the U.S. suffer from a stroke every year.

Moreover, the surge in the count of general operations, central nervous systems, cardiovascular operations, orthopedic operations, cosmetic operations, and ophthalmic surgeries propels the growth of the fibrin glues sector. In the U.S., the American Society for Metabolic and Bariatric Surgery stated 268,000 bariatric operations in 2020 alone.   

The increasing number of multifaceted cardiac operations across the globe is ascribed to the growing frequency of cardiac sicknesses in developing countries, contributing to the increasing adoption of hemostats during the forecast period.

The usage of fibrin glues advances patients' results, decreases complications, and decreases the danger of mortality from exsanguination. Furthermore, the benefit of fibrin glues over conservative methods, like suturing and cauterization, would lead to the development of the industry.

The fibrin glue industry in the APAC region is estimated to witness the highest CAGR during the forecast period. The increasing investment by major healthcare companies in this region, growing health awareness, growing medicinal tourism sector, rising per-capita income, presence of less-strict rules for the companies, and growing need for superior healthcare are estimated to drive the growth of this market during the forecast period.

SOURCE: P&S Intelligence

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