Thrombin Market to Exhibit CAGR of 4.1% Despite Limited Product Innovations | Fortune Business Insights
May 16, 2019
The Global Thrombin Market was valued at US$ 535.0 Mn and the forecasted CAGR means that this market will be valued at around US$ 738.7 Mn by the end of 2025. . Thrombin inhibitors play a major part in delaying blood clotting.
Pune, India - May 16, 2019 /MarketersMedia/ —
The Global Thrombin Market is favored by the rising incidence of thrombosis among people, globally. The fatal nature of thrombosis and use of thrombin to trump thrombosis is emphasized in Fortune Business Insights’ latest report, titled “Thrombin Market: Global Analysis, Insights and Forecasts, 2019-2026.” In the report, Fortune Business Insights has briefed that an increasing emphasis on clinical trials of thrombin has boosted the global market and it is estimated to expand at a CAGR of 4.1%. As of 2018, the global thrombin market was valued at US$ 535.0 Mn and the forecasted CAGR means that this market will be valued at around US$ 738.7 Mn by the end of 2025.
Thrombosis can be caused due to mere sedentary lifestyle habits such as smoking and some other factors such as heart failures, aging, and cancer. Thrombin inhibitors play a major part in delaying blood clotting. The healing properties of thrombin, along with its ability to minimize bleeding during surgical procedures has led to an increase in demand for thrombin over the years.
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Widespread Applications of Thrombin to Boost Global Market
Thrombin has come a long way from its conventional use to stop bleeding in small cuts on body parts. Now, thrombin plays a major role in most of the surgeries, worldwide. The clinical efficiency of thrombin has led to its widespread use in the healthcare industry, a key factor enabling growth in the global thrombin market. Thrombin is vastly effective in facilitating surgical hemostasis. Over the years, human thrombin was replaced with bovine thrombin, due to its increased efficiency in surgical procedures.
Bovine-derived thrombin was successfully used in patients with hemodialysis. Bovine thrombin is massively helpful in treating hemorrhages in hemodialysis, wherein an excessive amount of blood is lost. The extent of blood losses in hemodialysis can lead to various disorders and may also prove fatal in some cases. Thus, bovine-derived thrombin is given huge emphasis and healthcare professionals have prioritized thrombin for treating hemorrhages. The thrombin market is therefore forecast to witness a high demand for bovine-derived thrombin in the com9ing years.
Recothrom to Emerge as The Most Widely Used Product Type
As surgical blood loss has been prioritized by surgeons and healthcare professionals worldwide, there is an increasing need for an efficient solution to minimize such severe losses. Recothrom was initially manufactured by a US-based company, ZymoGenetics. After involvement from Bayer Healthcare, Recothrom was later acquired by Baxter International. The 2018 acquisition of Recothrom by Baxter has proved fruitful to the overall market. As of now, Recothrom is the only drug that has been clinically approved for commercial use as a recombinant thrombin brand. Furthermore, Recothrom finds applications in cases where standard surgical procedures such as suture or cautery are ineffective.
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Besides Baxter, there have been significant activities from other companies that have contributed to the growth of the global thrombin market. Attractive business strategies of companies such as Pfizer have had a positive impact on the overall market. Pfizer’s has emerged as the leading company, backed by high clinical efficiency of its product ‘Thrombin JMI’. Some other companies that are operating in the global thrombin market are Johnson & Johnson Services Inc., Shanghai RAAS Blood Products Co. Ltd., Japan Blood Products Organization, and Mochida Pharmaceutical Co.
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