The fibrin glue market is projected to grow during the forecast period, at a CAGR of 10.9% owing to the surging number of burn cases and surgical procedures and increasing healthcare expenditure. In addition, the growing prevalence of chronic diseases, increasing geriatric population, and rising road accidents are supporting to market advance. Fibrin glue is a kind of tissue adhesive extracted from a human or animal source, which is primarily used for healing wounds, coagulating the blood, tackling hemorrhage, and sealing tissues.
On the basis of application, the fibrin glue market is broadly categorized into general, vascular, cardiac, and pulmonary surgery. Out of these, during the historical period (2013–2016), the cardiac surgery category dominated the market in terms of revenue, and it is predicted to maintain its dominance during the forecast period. This is attributed to the rising incidence of cardiovascular diseases across the globe, which is further leading to the increasing number of cardiovascular surgical procedures. Cardiac surgery includes surgical treatment for different heart diseases.
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As per the American Heart Association, in the U.S., nearly 85.6 million people are suffering from cardiovascular diseases. Further, the growing healthcare spending is being witnessed as the key factor driving the growth of the fibrin glue market. The healthcare expenditure includes the public and private spending on medical goods and services, public health and prevention programs, and administration. As per the Centers for Disease Control and Prevention (CDC), in the U.S., in 2014, the total health expenditure was $3.0 trillion and the per capita national health expenditure was $9,523.
According to a report of the U.K. Office for National Statistics (ONS), in 2014, the total healthcare expenditure stood at $297.8 billion. Owing to the changing lifestyle and poor availability of care, the prevalence of chronic diseases and lifestyle-associated diseases, such as respiratory diseases, cancer, and heart diseases, is rising, leading to the surging volume of surgeries, which, in turn, is resulting in the growth of the fibrin glue market. As per the CDC, in 2012, around 117.0 million people in the U.S. were diagnosed with one or more chronic health conditions.
Similarly, as per the International Agency for Research on Cancer, in 2008, approximately 12.7 million new patients were diagnosed with cancer, and the number is predicted to reach 21.4 million by 2030. Fibrin glue is consumed in many surgeries, such as wound closure, bronchial fistulas, corneal transplantation, laparoscopic liver biopsies, spine surgery, and pterygium surgery. As per the World Bank, in 2012, 30,537 surgeries were performed per 100,000 population in the U.S. Further in 2015, in Australia, the total number of surgical procedures performed was 28,907 per 100,000 population.
Hence, the growing number of surgical procedures and increasing healthcare expenditure are among the significant factors boosting the growth of the market.
