Reports and Data's latest analysis reveals that the global Fibrinogen Concentrate Market size is projected to attain a steady revenue CAGR of 6.1% and reach USD 4.81 Billion by 2030. The driving factors behind this growth include an increased use of fibrinogen concentrates in patients for treating bleeding and Congenital Fibrinogen Deficiencies (CFD), along with an increase in approvals related to fibrinogen concentrate. Congenital afibrinogenaemia and hypofibrinogenaemia are uncommon hereditary illnesses that can lead to severe bleeding episodes, which can be treated by therapeutic substitution with human fibrinogen concentrate. Octafibrin, a highly purified, albumin-free concentration of human plasma fibrinogen, is an example of this substitution that is double virus-inactivated to ensure safety.
The use of fibrinogen concentrate has evolved over the years, with individualized fibrinogen supplementation now used to prevent bleeding during surgery and treat spontaneous or traumatic bleeding events in individuals with CFD. Compared to Fresh Frozen Plasma (FFP) or cryoprecipitate, FCH offers a standardized dose of human plasma-derived fibrinogen that can be provided in a small volume, reducing the risk of volume overload and transfusion-related acute lung injury.
One recent trend in the market is the increasing use of fibrinogen concentrate to treat Acquired Fibrinogen Deficiency (AFD). Octapharma's clinical development program aims to demonstrate that their high-purity human fibrinogen concentrate is a more reliable alternative to cryoprecipitate for AFD, which is typically treated with cryoprecipitate since no other options are available. After a careful clinical trial execution by a team of Octapharma over eight years, their high-purity human fibrinogen concentrate has now received approval for the treatment of AFD in 15 EU countries.
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Major companies in Fibrinogen Concentrate Market:
· CSI,
· Baxter
· LFB Group
· ProFibrix BV
· Shanghai RAAS
· Jiangxi Boya Bio Pharmaceutical
· Hualan Biological Engineering
· Harbin Pacific Biopharmaceutical Co., Ltd.
· Green Cross
· Shanghai Xinxing Medicine Co. Ltd.
Driving Factors in Fibrinogen Concentrate Market:
- Increasing demand for fibrinogen concentrate in surgeries: Fibrinogen concentrate is widely used in surgical procedures to prevent or stop bleeding, which has resulted in an increased demand for the product.
- Growing prevalence of bleeding disorders: Bleeding disorders, such as hemophilia and von Willebrand disease, are becoming more prevalent, which is driving the demand for fibrinogen concentrate as a treatment option.
- Advancements in fibrinogen concentrate production: There have been significant advancements in the production of fibrinogen concentrate, which has resulted in increased efficiency and cost-effectiveness of the product.
- Increasing focus on precision medicine: With the growing focus on personalized medicine, fibrinogen concentrate is being increasingly used to treat patients based on their individual needs, which is driving demand for the product.
- Rising geriatric population: The geriatric population is at a higher risk of developing bleeding disorders, and as the population continues to grow, the demand for fibrinogen concentrate is expected to rise.
- Growing awareness about the benefits of fibrinogen concentrate: There has been an increase in awareness about the benefits of fibrinogen concentrate in treating bleeding disorders, which is driving demand for the product.
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Restraint in Fibrinogen Concentrate Market:
- High cost: Fibrinogen concentrate is an expensive treatment option, which may limit its use in certain markets or by patients without adequate insurance coverage.
- Limited availability: Fibrinogen concentrate is not widely available in all regions, which may restrict access for patients who need it.
- Alternative treatments: There are alternative treatments available for many of the conditions that fibrinogen concentrate is used to treat, such as cryoprecipitate or fresh frozen plasma, which may compete with fibrinogen concentrate in the market.
- Safety concerns: There have been reports of adverse events associated with the use of fibrinogen concentrate, such as thromboembolic events, which may lead to safety concerns among healthcare providers and patients.
- Regulatory challenges: The regulatory landscape for fibrinogen concentrate varies by region, and regulatory approval can be a time-consuming and costly process, which may limit the availability of the product in some markets.
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Notable Innovations in Fibrinogen Concentrate Market:
- Human fibrinogen concentrate: Human fibrinogen concentrate is a product that is derived from human plasma and is used to treat bleeding disorders caused by low levels of fibrinogen in the blood.
- Third-generation fibrinogen concentrate: Third-generation fibrinogen concentrate is a new type of fibrinogen concentrate that has been modified to improve its safety and effectiveness.
- Lyophilized fibrinogen concentrate: Lyophilized fibrinogen concentrate is a freeze-dried version of fibrinogen concentrate that has a longer shelf life and is more stable than other types of fibrinogen concentrate.
- Fibrinogen concentrate for topical use: Fibrinogen concentrate for topical use is a type of fibrinogen concentrate that is used on the surface of wounds to promote healing and prevent bleeding.
- Fibrinogen concentrate combined with other clotting factors: Fibrinogen concentrate can be combined with other clotting factors, such as factor XIII, to create a more effective treatment for bleeding disorders.
These innovations have helped to improve the safety, effectiveness, and convenience of fibrinogen concentrate products, and are likely to continue to drive growth in the market.
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