Rising Number of Surgical Procedure Supporting Fibrin Glue Market Growth

The fibrin glue market size 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.

Geographically, during 2013–2016, North America led the fibrin glue market, with the U.S. being the larger contributor compared to Canada. The increasing prevalence of cardiovascular diseases is a prime reason behind the growth of the North American market for cardiac surgery. In addition, the rising number of surgical procedures, mainly plastic surgery, in the region, surging aging population, high expenditure on healthcare, and significant number of burn cases and road accidents are boosting the use of fibrin glue.

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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.

Hence, the growing number of surgical procedures and increasing healthcare expenditure are among the significant factors boosting the growth of the market.