Market Trends of Global Fibrinogen Concentrate Industry
This section covers the major market trends shaping the Fibrinogen Concentrate Market according to our research experts:
Surgery 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.
