Fibrinolytic therapy is treatment used to dissolve blood clots that have formed inside the body. It involves the administration of thrombolytic drugs that break down clots by activating plasminogen to form the enzymes plasmin. These enzymes then are able to break down fibrin, the main protein component of blood clots. Fibrinolytic drugs are widely used in treatment of conditions such as pulmonary embolism, myocardial infarction and ischemic stroke. The rising prevalence of cardiovascular diseases, increasing cases of pulmonary embolism and growing geriatric population are key factors anticipated to drive the growth of global fibrinolytic therapy market.
The Global fibrinolytic therapy market is estimated to be valued at US$ 34.96 Bn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030.
Key players operating in the Fibrinolytic Therapy market are Genentech, Inc. (Roche), Bayer AG, Boehringer Ingelheim International GmbH, Pfizer Inc., Bristol Myers Squibb Company, Novartis AG, AstraZeneca PLC, Johnson & Johnson, Daiichi Sankyo Company, Limited, Merck & Co., Inc., Sanofi S.A., Takeda Pharmaceutical Company Limited, Abbott Laboratories, Mallinckrodt Pharmaceuticals, Mitsubishi Tanabe Pharma Corporation. Key players are involved in new product launches and mergers & acquisitions to strengthen their market position.
The key opportunities in the market include increasing focus on development of bioengineered fibrinolytic drugs with improved therapeutic efficacy and safety profile. There is also an opportunity for development of drugs with higher fibrin specificity, better clot lysis and reduced risk of bleeding.
Globally, the fibrinolytic therapy market is expected to witness high growth in Asia Pacific region owing to rising healthcare expenditure, increasing disposable income and growing prevalence of cardiovascular diseases. North America is anticipated to maintain its dominance in the global market during the forecast period owing to concentration of key market players and continual technological advancements.
The major driver for fibrinolytic therapy market is rising prevalence of cardiovascular diseases globally. According to WHO, cardiovascular diseases are the number 1 cause of death globally, taking an estimated 17.9 million lives each year. Growing geriatric population is another key factor as risk of cardiovascular diseases and thrombotic events increases with age. Increasing cases of pulmonary embolism is also driving the demand for fibrinolytic drugs worldwide.
Political: The fibrinolytic therapy market is regulated by various government authorities and regulations regarding drug development and approval. Regulations approved by bodies like the FDA ensure patient safety and efficacy of drugs.
Economic: Factors affecting healthcare spending like fluctuations in disposable income and insurance coverage impact demand for fibrinolytic drugs. Government policies supporting research and development provides economic opportunities.
Social: Increased awareness through education and support groups influences demand for therapies in cardiovascular diseases. An aging population prone to heart attacks and strokes in developed nations drive market growth.
Technological: Advancements in biologics and targeted drug delivery has improved outcomes of fibrinolytic therapy. Ongoing research aims to expand treatment windows and develop oral formulations.
The North American region currently holds the largest share of the global fibrinolytic therapy market in terms of value. This can be attributed to factors like the increasing prevalence of cardiovascular diseases, developed healthcare infrastructure and higher healthcare spending.
The Asia Pacific region is poised to be the fastest growing geographical market for fibrinolytic therapy. This growth can be credited to rising incomes, expanding healthcare infrastructure and growing medical tourism in developing countries of the region.
- Source: Coherent Market Insights, Public sources, Desk research
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