Fibrinolytic Therapy Market is Estimated to Witness High Growth Owing to Technological Advancements in Drug Development

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Fibrinolytic therapy refers to drugs that dissolve or breakdown blood clots (fibrinolysis) formed inside blood vessels. These drugs include tissue plasminogen activator (tPA), streptokinase and urokinase, which work by catalyzing the conversion of plasminogen to plasmin, the key enzyme involved in fibrinolysis. Fibrinolytic therapy drugs are administered to patients experiencing cardiovascular conditions like myocardial infarction, pulmonary embolism or deep vein thrombosis where blood clots obstruct blood vessels. They help restore blood flow and circulation by dissolving the clots. The increased demand for these drugs from rising burden of cardiovascular diseases like heart attacks makes fibrinolytic therapy an important aspect of emergency medical management of thrombotic events. Advances in genetic engineering techniques have enabled development of newer fibrinolytic agents with improved affinity, stability and safety profiles compared to earlier generation thrombolytic drugs.

The Global fibrinolytic therapy market is estimated to be valued at US$ 34.96 Bn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030.

Key Takeaways
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 opportunities in the market include rising R&D investments and clinical trials for development of novel fibrinolytic agents with better safety profile. Secondly, expanding indications of existing thrombolytics beyond cardiovascular applications provides new growth avenues.

Technological advancements include development of genetically engineered fibrinolytic enzymes and mutants with improved specificity, stability and fibrin selectivity. Site-directed mutagenesis studies are identifying amino acid mutations that optimize efficacy while reducing adverse bleeding effects.

Market drivers
The rising global incidence of cardiovascular diseases like myocardial infarction, strokes and venous thromboembolism is a major market driver. According to World Health Organization, cardiovascular disease remains the leading cause of death globally, accounting for over 17 million deaths annually. As fibrinolytic therapy forms the frontline treatment approach in acute thrombotic events, their demand tracks cardiovascular caseloads closely.

Current Challenges in Fibrinolytic Therapy Market
The fibrinolytic therapy market is facing many challenges currently such as high cost of treatment, patent expiries of major drugs, supply chain disruption caused by COVID pandemic. The treatment using fibrinolytic drugs is very costly which makes it unaffordable for many patients. Many major drugs in this market are expected to lose patent protection in coming years which will increase competition and may impact market revenue. The supply chain of raw materials and drugs were severely impacted during COVID times due to lockdowns and trade restriction which led to shortages and delays.

SWOT Analysis
Strength: Presence of many big pharmaceutical players with strong R&D and manufacturing capabilities. Increasing research efforts on novel treatments.
Weakness: High cost of drugs making treatment inaccessible for many. Risks and side effects associated with fibrinolytic drugs.
Opportunity: Growing burden of cardiovascular diseases and thrombotic disorders worldwide. Emerging economy markets offer growth potential.
Threats: Patent expiries of major drugs. Generics competition once patents expire. Stringent regulatory approvals for new drugs.

Geographical Regions of Concentration
North America currently accounts for the largest share in fibrinolytic therapy market in terms of value due to developed healthcare infrastructure and high healthcare spending. The US market holds majority share due to presence of key pharma companies and availability of advanced treatment options.

Fastest Growing Geographical Region
Asia Pacific region is poised to be the fastest growing market for fibrinolytic therapy during forecast period due to increasing cases of heart attacks, strokes and developing healthcare industry in countries like India, China. Rising medical tourism and availability of low-cost generics are boosting market growth in Asia Pacific.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.