Global Fibrinogen Concentrate Market Size

Fibrinogen Concentrate Market Analysis

The fibrinogen concentrate market is expected to register a healthy CAGR of 5.8% during the forecast period (2022-2027).

The COVID-19 pandemic had an adverse effect on market growth. Coagulation disorders may be regarded as risk factors for the severity and mortality of COVID-19, according to a November 2021 study titled "Meta-analysis of coagulation parameters linked with illness severity and poor prognosis of COVID-19." According to a National Institutes of Health report from February 2022, the panel advises testing hospitalized COVID-19 patients for thromboembolic disease if they exhibit sudden, localized loss of peripheral perfusion or rapid deterioration of their pulmonary, cardiac, or neurological function. The United States Blood Centers 2020 reports that fewer blood drives were held in 2019, which led to about 250,000 blood donations that weren't made. Additionally, more than 50,000 blood drives have been relocated or canceled as a result of the pandemic in March 2020. Thus, the lesser activities related to the blood donations resulted in low demand for fibrinogen concentrate thus adversely affecting the market growth. However, in the future, the market is expected to grow due to the reopening of facilities and surgical procedures.

The increasing prevalence of chronic blood disorders is one of the major factors driving the market study. According to the World Hemophilia Federation's Annual Global Survey 2020, 347,026 people worldwide suffered from bleeding disorders 2020. A further estimate of 10 million cases of venous thromboembolism (VTE) is recorded globally each year, according to the 2022 International Society on Thrombosis and Haemostasis Inc. According to the same source, 544,000 people die in Europe each year as a result of VTE. The American Cancer Society predicts that there will be roughly 100,350 new cases of melanoma in the US in 2020 (60,190 in men and 40,160 in women). In addition, leukaemia affects a substantial portion of the global population. For instance, according to data from GLOBOCAN 2020, there were 474,519 cases of leukaemia worldwide in 2020, affecting people of all sexes and ages. Additionally, according to Blood Cancer UK figures from 2021, although it is uncommon, children can acquire acute myeloid leukaemia (AML). Around 100 kids in the United Kingdom are given the diagnosis each year, according to the same source as above. Thus, the studied market is expected to be driven by the growing burden of blood disorders over the forecast period.

However, the stringent regulatory framework is expected to hinder market growth.