The global Thrombin Market is tending towards a succulent growth path ensued by rapid developments in the surgical domain. Thrombin is an enzyme contained in blood plasma that converts fibrinogen into fibrin to assist the clotting of blood. The synthesis of thrombin for therapeutic actions is done via recombinants, bovine sources, and human plasma. The applications of thrombin are extensive which has spurred its popularity in the field of medicine. While administering surgeries or critically invasive treatments, it is important to have thrombin to prevent excessive bleeding. The high instances of injuries and ruptures within the body have made it integral for the medical fraternity to be equipped with all the essential aids. This propels the demand within the market and creates growth spaces for market players. The first blood-based product with thrombin was thrombostat that was approved in 1943 by U.S. FDA. The thrombin products that are bovin-based come in covers that warn of abnormal hemostasis.
In a research conducted by Transparency Market Research (TMR), it was estimated that the market is set to expand a modest CAGR of 3.8% over the period from 2017 to 2025. The market was valued at US$496.1 mn in 2016 and is projected to elevate to a value of US$690.1 mn by the end of 2025. Based on the type of products the bovine-thrombin segment accounted for a significant portion of the total share of the global market in 2016. On a geographical scale, the market in North America registered the highest market share in the same year; this owes to the prominence of the healthcare industry across the U.S.
The research was conducted with the intent get a broad purview of the market. Several market dynamics have been elucidated herein to give a comprehensive overview of the global market.
Which Factors Contribute to the Growth of the Global Thrombin Market?
Preoperative hemostasis is indispensable during surgical treatments and other invasive operations on the human body. This calls for the need to have thrombin based hemostasis products that could inhibit bleeding during surgeries. The rise in sports injuries and an ever increasing toll of chronic diseases has also brought the use of thrombin to the fore. The World Health Organization (WHO) points to key statistics and data that are integral in ascertaining the importance of thrombin products. According to WHO, 1.25 million deaths across the world are caused by road accidents annually. Moreover, one-third of deaths before administration of treatment are caused due to hemorrhage or excessive bleeding. 40% of deaths caused in the first 24 hours of injury or trauma also happen due to the same reasons. These are alarming statistics for the medical fraternity that is now focusing on equipping itself with all the aids to prevent fatality of bleeding. Owing to the aforementioned factors, the market for thrombin is gaining momentum. Furthermore, thrombin is used in labs and research centers for a variety of functions such as clotting factor tests, coagulation assays, and blood plasma defibrination. Another important driver for the market is the use of thrombin in diagnostic tools.
What are the Possible Factors that Could Hamper Market Growth?
The postoperative complications that could crop up after the use of thrombin for surgeries poses a threat to the market. Moreover, the high cost of thrombin as against the alternatives also obstructs the affluence of demand. Thrombin immunogenicity that mostly occurs in patient across the U.S. hasn’t fared well for the market. However, the unbearable adversities caused by several injuries and traumas needs to be combated; this shall keep bolstering demand within the market.
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