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Fibrinolytic therapy, also known as thrombolytic therapy, helps in dissolving blood clots formed inside blood vessels. It involves the use of fibrinolytic enzymes or drugs that activate plasminogen to break down fibrin clots. Fibrinolytic agents such as alteplase (tPA), streptokinase, and urokinase are commonly used for fibrinolytic therapy in the treatment of conditions like pulmonary embolism, deep vein thrombosis, and acute ischemic stroke. These enzymes work by converting plasminogen to plasmin, an active enzyme that dissolves the fibrin in a blood clot. The global fibrinolytic therapy market is primarily driven by the growing prevalence of cardiovascular diseases and rising adoption of minimally invasive procedures for faster recovery. The fibrinolytic therapy products are used for catheter-directed or systemic thrombolysis during procedures such as catheter-directed thrombolysis and percutaneous transluminal angioplasty.
The global fibrinolytic therapy Market is estimated to be valued at US$ 34.96 billion 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 Dynamics
Growing prevalence of cardiovascular diseases: Cardiovascular diseases, mainly heart attacks and strokes, are leading causes of mortality worldwide. According to the World Health Organization, cardiovascular diseases currently account for over 17.9 million deaths per year, which is estimated to grow to over 23.6 million by 2030. Fibrinolytic therapy plays a crucial role in restoring blood flow during acute cardiovascular events such as myocardial infarction and pulmonary embolism. Hence, the rising incidence of cardiovascular diseases is expected to drive the demand for fibrinolytic drugs over the forecast period.
Rising adoption of minimally invasive procedures: Minimally invasive procedures offer various advantages over open surgeries such as lesser pain, shorter hospital stay, and faster recovery. Catheter-directed fibrinolytic therapy and percutaneous thrombolysis are preferred minimally invasive approaches for conditions like deep vein thrombosis and peripheral artery disease. The growing preference for minimally invasive surgeries among physicians and patients is expected to support the adoption of fibrinolytic drugs during the forecast period.
Segment Analysis
The fibrinolytic therapy market can be segmented based on application, type and end-user. Based on application, the market is divided into myocardial infarction, pulmonary embolism, deep vein thrombosis and acute ischemic stroke. Among these, myocardial infarction dominates the market as it is one of the leading causes of mortality and morbidity worldwide. Deep vein thrombosis is expected to witness the fastest growth due to rising prevalence of venous thromboembolism and increasing focus of key players on developing new therapies for thromboembolism management.
PEST Analysis
Political: Government policies favoring early treatment of cardiovascular disorders and reducing disease related mortality and morbidity rates are positively impacting the market growth.
Economic: Rising healthcare spending, growing per capita income and increasing demand for affordable drugs are driving the market, especially in developing regions.
Social: Increasing awareness about cardiovascular disorders, thrombosis and early thrombolysis treatment is boosting the adoption of fibrinolytic therapy. Technological advancements are also fueling the market growth.
Technological: Advancements in drug delivery systems, development of novel drug therapies with enhanced efficacy and specificity and emergence of imaging-guided thrombolysis are fueling technological innovations.
Key Takeaways
The global fibrinolytic therapy market is expected to witness high growth due to rising prevalence of cardiovascular diseases and thrombotic disorders worldwide. 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 is expected to continue dominating the market over the forecast period owing to increasing incidence of strokes and heart attacks in the US and rapid uptake of new treatment options.
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. Regional analysis comprises Regional analysis comprises Europe is anticipated to be the second largest market due to rising geriatric population driving demand for efficient thrombosis treatment in countries like Germany, UK, and France. Key players related content comprises. Key players focus on collaborations and new product launches to strengthen their foothold in the market. For instance, in 2022, Genentech launched Vabysmo, a novel therapy for treating wet age-related macular degeneration and diabetic macular edema.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
