Human Fibrinogen Concentrate Market Expected to Reach $2.9 Billion by 2035

According to a new report published by Allied Market Research, titled, “Human Fibrinogen Concentrate Market," The Human Fibrinogen Concentrate Market Size was valued at $0.8 billion in 2023, and is estimated to reach $2.9 billion by 2035, growing at a CAGR of 11% from 2024 to 2035. 

The congenital fibrinogen deficiency segment dominated the Human Fibrinogen Concentrate Market Size in 2023 and is expected to continue this Human Fibrinogen Concentrate Market trends during the forecast period. In addition, Asia-Pacific is expected to be the fastest growing region in the Human Fibrinogen Concentrate Market in 2023.

Human fibrinogen is a soluble plasma glycoprotein, which plays a crucial role in blood clot formation as one of the essential blood clotting factors. Detailed attention is given to fibrinogen concentrate for managing acute bleeding incidents in patients with congenital fibrinogen deficiency, afibrinogenemia, and hypofibrinogenemia. This glycoprotein, utilized as a medicinal drug for blood disorders in vertebrates and aids in the formation of blood clots. Fibrinogen concentrate significantly enhances whole blood clot firmness and reduces postoperative transfusion requirements in severely bleeding patients. Factors such as increased utilization of fibrinogen concentrate for bleeding patients and congenital deficiency treatment are driving the growth of the global market.

The Human Fibrinogen Concentrate Market Share is experiencing steady growth driven by several key factors. There is a growing prevalence of bleeding disorders globally which requires the use of human fibrinogen concentrates, particularly in surgical procedures where effective hemostatic agents are crucial. Simultaneously, advancements in biotechnology have led to the development of more refined human fibrinogen concentrate formulations with improved efficacy and safety profiles, further boosting their demand. Moreover, the rising awareness among healthcare professionals and patients about the benefits of fibrinogen concentrate therapy is driving its adoption, especially in clinical practice. Therefore, such factors will surely aid in driving the market during the human fibrinogen concentrate market forecast period.

On the basis of indication, congenital fibrinogen deficiency segment is expected to dominate the market during the human fibrinogen concentrate market forecast period. Rise in chronic diseases and rise in sports-related injuries are expected to boost the market growth. For instance, according to the National Center for Biotechnology Information, of the population 50 years and older, the number with at least one chronic disease is estimated to increase by 99.5% from 71.522 million in 2020 to 142.66 million by 2050. At the same time, those with multimorbidity are projected to increase 91.16% from 7.8304 million in 2020 to 14.968 million in 2050.

On the basis of form, the liquid form is expected to grow at a faster rate during the forecast period. This is due to factors such as increase in use of fibrinogen concentrates in patients and the glycoprotein's critical function in blood clotting contribute to the market's growth, with liquid fibrinogen being a key component driving this trend. Liquid human fibrinogen is generally used in reconstructive surgery, cardiac surgery, and cytoreductive surgery for pseudomyxoma peritonei. For instance, according to American Society of Plastic Surgeons, about 1.02 million reconstructive surgeries were performed in 2022.

On the basis of end user, the hospitals segment was the highest revenue contributor to the market in 2022, owing to increase in patient admission, presence of advanced diagnostic products, and well-trained nursing staff. According to the WHO, between 2015 and 2050, proportion of the world's population is expected to nearly double from 12% to 22%, and by 2050, 80% of older people are expected to be from China and India. Thus, rise in geriatric population being more susceptible toward developing liver cirrhosis, kidney failure, heart failure, cancer, cholangiocarcinoma, & hepatic metastatic cancer, chronic disease, is anticipated to drive the demand for human fibrinogen.

Region-wise, North America dominated the Human Fibrinogen Concentrate Market growth in 2022, owing to rise in the number of chronic heart disease cases, presence of key players and technologically advanced products, coupled with high incidence of bleeding disorders in the region. s. For instance, according to a report published by the Population Reference Bureau, number of Americans aged 65 and older is projected to nearly double from 52 million in 2019 to 95 million by 2060, and the 65-and-older age group’s share of the total population will rise from 16% to 23%. Furthermore, aging of the U.S. population will result in significant growth in demand for surgical services, which will subsequently boost adoption of Human Fibrinogen products.

Key Findings of the Study

• By indication, the congenital fibrinogen deficiency segment dominated the global market in 2023.
• By form, the liquid form segment acquired a major hold in the Human Fibrinogen Concentrate Market Share in the global market in 2023.
• By end user, the hospitals segment acquired a major share in the global Human Fibrinogen Concentrate industry in 2023.
• Region-wise, North America dominated the Human Fibrinogen Concentrate industry in terms of revenue in 2023. However, Asia Pacific is expected to grow with a faster CAGR during the Human Fibrinogen Concentrate Market analysis period.