NEW YORK, July 12, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “Global Fibrin Glue Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insight by Application (Cardiac Surgery, General Surgery, Vascular Surgery, Pulmonary Surgery, Neurosurgery, Lacerations of Liver and Spleen, Burn Bleeding, Orthopedic Surgery, Plastic Surgery, Wound Management, Others)” published by P&S Market Research, the global fibrin glue market is expected to grow at a CAGR of 10.9%, during 2017 - 2023.
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According to the study, the global fibrin glue market is likely to grow significantly during the forecast period, mainly due to increasing number of surgical procedures and burn cases, and rising healthcare expenditure. According to the data provided by the World Bank, 30,537 surgeries were performed per 100,000 population, in 2012, in the U.S. Similarly, in 2015, number of surgical procedures performed in Australia were 28,907 per 100,000 population.
Geographically, North America has been the largest market for fibrin glue, with the U.S. being the larger contributor to the regional market, compared to Canada. High prevalence of cardiovascular diseases is a key factor driving the growth of North America fibrin glue market for cardiac surgery. Additionally, the growth of the fibrin glue market in this region is driven by the rise in number of surgical procedures; especially plastic surgeries in the region, high expenditure on healthcare, increasing geriatric population, high number of road accidents and burn cases. According to American Heart Association (AHA), around 85.6 million people are living with cardiovascular diseases, in the U.S. According to Centers for Disease Control and Prevention (CDC), total national healthcare expenditure in the U.S. was $3.0 trillion in 2014 and per capita national health expenditure was $9,523. According to the American Society of Plastic Surgeons, around 14.6 million cosmetic plastic surgeries were carried out in the U.S. in 2012, which was 5% higher as compared to 2011. According to a United Nations publication, the population of people aged 60 years and above in North America was approximately 74.6 million in 2015, and the number is estimated to reach approximately 104.8 million by 2030. Thus, the demand for fibrin glue products is expected to increase in the region.
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Asia pacific is expected to witness the fastest growth during the forecast period. The growth in the region is mainly attributable to aging population, rising incidence of burns cases and increasing per capita income. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the number of people aged 65 years and above constituted approximately 11.4% of population in 2013, and the count is estimated to reach approximately 20% of the population, by 2050. Demand for fibrin glue products is also increasing due to rising number of burn cases and road accidents.
Some of the key players operating in the global fibrin glue market include 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.
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