The Fibrinolytic Therapy Market is estimated to be valued at US$ 34.96 Bn 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 Overview:
Fibrinolytic therapy market involves administration of thrombolytic drugs (fibrinolytics) to dissolve blood clots formed in arteries and veins. Fibrinolytics like alteplase, reteplase and tenecteplase are used to treat conditions like pulmonary embolism, deep vein thrombosis, acute myocardial infarction and others. These drugs work by catalyzing the breakdown of fibrin clots through the activation of plasminogen to plasmin. Fibrinolytics are used as a frontline treatment for pulmonary embolism to dissolve clots in large pulmonary arteries and improve clinical outcomes.
Market Dynamics:
One of the major drivers for Fibrinolytic Therapy Market Size is the rising incidence of venous thromboembolism (VTE) events across the world. According to Centers for Disease Control and Prevention, over 900,000 Americans suffer from VTE every year. Pulmonary embolism is a common complication of deep vein thrombosis and a leading cause of preventable hospital deaths. Growing aging population which is susceptible to VTE is also fueling the use of fibrinolytics. Moreover, increasing adoption of fibrinolytics as first line treatment for pulmonary embolism compared to conventional anticoagulants is offering new opportunities in the market. Advancements in thrombolytic drug formulations with better safety and efficacy profiles are allowing their use in submassive and low risk pulmonary embolism, thereby expanding the market size.
Segment Analysis
The fibrinolytic therapy market is dominated by thrombolytic drugs sub-segment owing to increasing prevalence of cardiovascular diseases like heart attack and stroke. Thrombolytic drugs work by dissolving dangerous blood clots and restoring blood flow. Drugs like alteplase, reteplase and tenecteplase are commonly used thrombolytic agents.
PEST Analysis
Political: Governments globally are taking initiatives to spread awareness about cardiovascular diseases and their risk factors through various programs. Economic: Rising healthcare expenditure along with growing geriatric population prone to heart diseases is driving the market growth. Social: Increasing adoption of sedentary lifestyle and unhealthy dietary habits leading to obesity have increased the risk of cardiovascular diseases. Technological: Advancements in thrombolytic drugs have expanded treatment options and improved clinical outcomes for patients with cardiovascular emergencies.
Key Takeaways
The global fibrinolytic therapy market is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing prevalence of cardiovascular diseases worldwide. North America currently holds the largest market share owing to higher healthcare spending and growing acceptance of advanced treatment options. Asia Pacific is expected to witness fastest growth due to rising healthcare expenditure, surge in medical tourism and growing patient awareness. 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.
