Fibrinogen Concentrates Market: Introduction
According to the report, the global fibrinogen concentrates market was valued over US$ 350 Mn in 2020 and is projected to expand at a CAGR of ~6% from 2021 to 2031. Fibrinogen concentrate is specified for the treatment of acute bleeding episodes in patients with congenital fibrinogen deficiency, including afibrinogenemia and hypofibrinogenemia. Low levels of fibrinogen could lead to thrombosis, blood clot formation inside the blood vessel, interrupting the normal blood flow through the circulatory system. Fibrinogen is a glycoprotein in vertebrates used as a medicine for blood disease, which helps in the formation of blood clots. In severely bleeding patients, fibrinogen concentrate significantly improves whole blood clot firmness and reduces the postoperative transfusion requirements.
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Rise in Product Approval to Propel Global Market
Product approvals are anticipated to propel the global fibrinogen concentrates market. In November 2018, Octapharma received marketing authorization for fibryga. In June 2017, Fibryga was approved by the U.S. Food and Drug Administration for the treatment of acute bleeding episodes in adults and adolescents with congenital fibrinogen deficiency, including afibrinogenemia and hypofibrinogenemia.
High Cost of Products to Hamper Global Market
The high cost of products, especially in price-sensitive markets in emerging countries, hampers demand. The cost of per gram fibrinogen concentrates is around US$ 300, which is nearly doubled compared to other alternatives such as cryoprecipitate.
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General Coagulation Management to Dominate Global Market
The global fibrinogen concentrates market has been segmented based on application and end user. In terms of application, the global fibrinogen concentrates market has been classified into general coagulation management, surgery, and others. The general coagulation management segment is expected to account for a major share of the global market by 2031 due to increase in demand for treatment and cases of blood disorder across the globe.
Hospitals to be Major End User
In terms of end user, the global fibrinogen concentrates market has been divided into hospitals, ASCs, and others The hospitals segment is likely to expand at a high CAGR during the forecast period, due to rise in patient preference to visit hospitals for treatment, owing to the availability of a range of facilities.
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Europe to Lead Global Market
The global fibrinogen concentrates market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe dominated the global fibrinogen concentrates market in 2020, followed by North America. Europe accounted for a major share of the global fibrinogen concentrates market in 2020, due to the availability of products and approval for use of fibrinogen concentrates in different types of indications. The fibrinogen concentrates market in Asia Pacific is projected to expand at a high CAGR from 2021 to 2031. Product launches, acquisitions, distribution agreements, alliances, and geographical expansion by local players, especially in China, are anticipated to drive the fibrinogen concentrates market in the region.
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Competition Landscape
The report also presents profiles of leading players in the global fibrinogen concentrates market. These include LFB GROUP, Green Cross Corp., Octapharma AG, CSL Behring, and Shanghai RAAS. Leading companies in the global fibrinogen concentrates market focus on strengthening the distribution network, product launches, and expanding product application in different indications to gain market share. For instance, on March 1 2021, LFB Biopharmaceuticals announced the U.K. launch of FibCLOT, its human fibrinogen concentrate. FibCLOT is indicated for the treatment and perioperative prophylaxis of bleeding in patients with congenital hypo- or afibrinogenaemia with a tendency to bleed.
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Market Survey on Fibrinogen Concentrates
