Human Fibrinogen Concentrate Market to Reach $2.9 billion, Globally, by 2035 at 11% CAGR: Allied Market Research

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Jun 04, 2024, 21:30 ET

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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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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