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The fibrin glue market is expected to grow at a CAGR of 10.9% between 2017-2023, to reach $3.6 billion by 2023. Rising healthcare expenditure, increasing number of surgical procedures and burn cases are some of the key factors, driving the growth of the market. Additionally, increasing prevalence of chronic diseases, aging population, low chances of complications associated with these products and increase in road accidents also support the growth of the global market.

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In terms of application, the global fibrin glue market is categorized into cardiac surgery, general surgery, vascular surgery, pulmonary surgery, neurosurgery, lacerations of liver and spleen, burn bleeding, orthopedic surgery, plastic surgery, wound management, and others. Some of the other applications of fibrin glue based products include gastrointestinal surgery, hernia management, forniceal reconstruction surgery, pterygium and strabismus surgery, amniotic membrane transplantation, lamellar corneal grafting, management of conjunctival wound leaks after trabeculectomy, lid surgery, adnexal surgery. Cardiac surgery held the largest share of the global fibrin glue market in 2016. Fibrin based sealants are used for hemostasis and tissue adherence during cardiac surgeries to avoid the loss of blood, which is one of the most critical issue encountered while performing a cardiac surgery.

Europe is the second largest market for fibrin glue products, accounting for 24.4% of the global fibrin glue industry in 2016. The growth in the European fibrin glue market is mainly attributable to the increasing aging population and rising number of surgical procedures performed for the treatment of the circulatory system diseases in the region. Among the countries in Europe, Germany held the largest share of the European market for fibrin glue, contributing 26.2% in 2016. However, the market in France is expected to witness the highest growth during the forecast period. France was also the second largest market for fibrin glue products in 2016 in Europe, accounting for a 14.6% share, which is expected to increase to 15.5% by 2023, growing at a CAGR of 10.7% during the forecast period. The U.K. is the third largest market in Europe and is also expected to witness double digit growth during the forecast period.

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.

Source: P&S Intelligence