Fibrinogen concentrate is a blood product that is used to treat a variety of bleeding disorders, including hemophilia, von Willebrand disease, and disseminated intravascular coagulation (DIC). It is also used to prevent bleeding during surgery and childbirth.
The global fibrinogen concentrate market is projected to grow at a CAGR of 5.33% from 2022 to 2028. The growth of the market is driven by the increasing incidence of bleeding disorders, the rising demand for blood products, and the increasing number of surgical procedures.
Key Drivers of the Market
- Increasing incidence of bleeding disorders: The global prevalence of bleeding disorders is estimated to be around 1% of the population. The most common bleeding disorders are hemophilia and von Willebrand disease. These disorders are caused by genetic defects that prevent the body from producing enough fibrinogen or von Willebrand factor, which are proteins that are essential for blood clotting.
- Rising demand for blood products: The demand for blood products is increasing due to the growing number of surgical procedures, trauma cases, and cancer patients. Fibrinogen concentrate is a blood product that is often used in these situations.
- Increasing number of surgical procedures: The number of surgical procedures is increasing due to the aging population and the rising incidence of chronic diseases. Fibrinogen concentrate is often used during surgery to prevent bleeding.
Emerging Trends in the Market
- Development of new fibrinogen concentrate products: There are a number of new fibrinogen concentrate products in development. These products are designed to be more effective and safer than existing products.
- Expansion of the market to developing countries: The market for fibrinogen concentrate is expanding to developing countries. This is due to the increasing incidence of bleeding disorders in these countries and the rising demand for blood products.
- Use of fibrinogen concentrate in personalized medicine: Fibrinogen concentrate is being used in personalized medicine to treat patients with specific genetic defects. This approach is more effective and safer than traditional treatment methods.
According to Stratview Research, the fibrinogen concentrate market size was valued at USD 2.79 billion in 2021 and it is expected to reach USD 4.09 billion by 2028, growing at a CAGR of 5.53% during the forecast period.
Regional Analysis of the Market
The global fibrinogen concentrate market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. North America is the largest market for fibrinogen concentrate, followed by Europe and Asia Pacific. The growth of the market in North America is driven by the high prevalence of bleeding disorders and the rising demand for blood products. The growth of the market in Europe is driven by the aging population and the rising incidence of chronic diseases. The growth of the market in Asia Pacific is driven by the increasing disposable income and the rising awareness about bleeding disorders.
Competitive Landscape
The global fibrinogen concentrate market is dominated by a few major players, including CSL Behring, LFB, Shanghai RAAS, Boya, Hualan Biological Engineering, Harbin Pacific Biopharmaceutical, Greencross, Shanghai XinXing Medical, Octapharma, and CSL Behring. These players are investing in research and development to develop new fibrinogen concentrate products. They are also expanding their geographical reach to increase their market share.
Market Outlook
The global fibrinogen concentrate market is expected to grow at a CAGR of 5.53% from 2022 to 2028. The growth of the market is driven by the factors mentioned above. The market is expected to be further driven by the increasing demand for personalized medicine and the expansion of the market to developing countries.
