The fibrinolytic therapy market involves drugs used for dissolving clots or thrombi in blood vessels. These drugs help prevent cardiovascular incidents such as heart attack and stroke by dissolving blood clots or thrombi formed in arteries. Fibrinolytic drugs include tissue plasminogen activator (tPA) and streptokinase used as thrombolytic agents. The growing prevalence of cardiovascular diseases such as heart attack and stroke has bolstered demand for fibrinolytic drugs over the years.
The global 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 key trends:
The increasing prevalence of cardiovascular diseases such as heart attack and stroke remains a key growth driver for the global fibrinolytic therapy market. Cardiovascular diseases are among the leading causes of deaths globally. As per estimates by the World Health Organization (WHO), cardiovascular diseases account for over 17 million deaths annually across the globe. Moreover, rising risk factors such as high blood pressure, smoking, obesity, and physical inactivity are contributing to the increasing incidence of coronary events and cardiac arrests. Growing adoption of fibrinolytic drugs to dissolve clots during such incidents is expected to fuel demand over the forecast period.
SWOT Analysis
Strength: Fibrinolytic therapy allows doctors to rapidly dissolve blood clots and reopen blocked arteries, improving cardiac function and restoring blood flow. This enables faster recovery for patients experiencing a heart attack or stroke.
Weakness: Drugs used for fibrinolytic therapy have a risk of bleeding, especially if given too late after symptom onset. Precise timing is important for safe and effective treatment. Patients may also develop allergic reactions to thrombolytic medications.
Opportunity: Growing geriatric population is increasing risk of cardiovascular events like heart attacks and strokes globally. Expanding access to timely fibrinolytic treatment in more regions can help reduce deaths and disabilities from these emergencies.
Threats: Alternative treatments such cost-effective interventions and newer clot-dissolving agents entering the market may erode market share of established fibrinolytic drugs. Long-term compliance can also be a challenge.
Key Takeaways
The global Fibrinolytic Therapy market is expected to witness high growth over the forecast period of 2023 to 2030. The global 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.
North America currently dominates the market and is expected to continue its trend of fastest growth. Wide availability of advanced healthcare facilities and growing demand for improved emergency cardiac and stroke treatments support market growth in this region.
Key players operating in the Fibrinolytic Therapy 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 focusing on expanding their geographical footprint and portfolio through partnerships and new product launches.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
