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Fibrinolytic therapy involves administration of medicines that dissolve clots such as plasminogen activators into the bloodstream. These medications are mainly used to treat thrombotic conditions caused due to occlusion or blockage of blood vessels by clots. The rising prevalence of cardiovascular diseases (CVDs) such as acute myocardial infarction, deep vein thrombosis, and pulmonary embolism has augmented the demand for fibrinolytic therapy globally. CVDs are the leading cause of mortality worldwide and as per the World Health Organization (WHO), an estimated 17.9 million people die each year from CVDs.
The global fibrinolytic therapy market is estimated to be valued at US$ 34 billion in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing prevalence of cardiovascular diseases remains a key driver augmenting the demand for fibrinolytic therapy drugs. According to the Centers for Disease Control and Prevention, around 659,000 Americans die from heart disease each year i.e. on an average 1 in every 4 deaths. CVDs like strokes are one of the top causes of mortality and long-term disabilities. Fibrinolytic therapy plays a crucial role in dissolving clots formed in blood vessels and restoring blood flow, thereby preventing loss of vital organs in conditions such as acute myocardial infarction or heart attack. The rising awareness about early treatment of cardiovascular events is further expected to fuel adoption of fibrinolytic therapy over the forecast period. While the emergence of alternative treatment therapies may restrict the fibrinolytic therapy market growth to some extent.
Segment Analysis
The fibrinolytic therapy market is segmented based on type of drugs, indication, route of administration and end users. The drug type segment is further classified into tissue plasminogen activator (tPA), streptokinase and others. Tissue plasminogen activator (tPA) segment holds the largest share in the market currently due to its higher efficacy and rapid treatment. Streptokinase segment is expected to grow at a higher rate during the forecast period owing to its relatively lower cost as compared to t-PA.
PEST Analysis
Political: Regulations related to drug approval and pricing policies by regulatory bodies like FDA can impact the market.
Economic: Rising healthcare expenditure, growing prevalence of cardiovascular diseases and rapid growth in emerging economies will propel the market growth.
Social: Increasing awareness about cardiovascular diseases and availability of advanced treatment options are boosting the market.
Technological: Innovation in drug delivery methods, development of novel drugs with higher efficacy and lesser side effects are few technological factors supporting the market growth.
Key Takeaways
The global fibrinolytic therapy market is expected to witness high growth at a CAGR of 3.7% during the forecast period of 2023 to 2030 with the market size reaching US$ 34 billion by 2024.
Regional analysis shows that North America currently holds the largest share in the market due to growing prevalence of arterial thrombosis and DVT disorders coupled with advanced healthcare infrastructure and availability of reimbursements. Asia Pacific region is anticipated to grow at the fastest rate during the projected timeframe owing to rising healthcare spending, large patient pool, and improving access to diagnosis and treatment in countries like China and India.
Key players operating in the fibrinolytic therapy market are Boehringer Ingelheim GmbH, Merck & Co. Inc., Pfizer Inc., Genentech, Inc., and Aerovance. Key players are focusing on new product launches, collaborations and acquisitions to strengthen their position in the market. For instance, in 2021, Merck & Co. Inc. received FDA approval for Verquvo (vericiguat) to reduce cardiovascular risk in patients with chronic heart failure.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
