The fibrinolytic therapy market comprises medications that help in dissolving blood clots and restore normal blood flow. Fibrinolytic drugs aid in breaking down the fibrin in blood clots so that blood can circulate freely again. With increasing incidence of life-threatening conditions like heart attacks and strokes caused by clots, the demand for such therapies has surged dramatically.
The global fibrinolytic therapy market is estimated to be valued at US$ 34 billion in 2024 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 key trends:
The rising prevalence of cardiovascular diseases is one of the major drivers propelling the growth of the fibrinolytic therapy market. Cardiovascular diseases have become one of the biggest killers globally. According to the World Health Organization, cardiovascular diseases accounted for over 17.9 million deaths in 2019, representing 32% of all global deaths. The growing geriatric population is highly susceptible to various cardiovascular ailments due to age-related weakness of blood vessels and heart. Moreover, the change in lifestyle and eating habits has contributed to the increasing risk of developing diseases like heart attack and stroke. As fibrinolytic drugs are the first line of treatment in cardiac emergencies, their demand is projected to increase considerably owing to the growing incidences of life-threatening cardiovascular disorders.
SWOT Analysis
Strength: Fibrinolytic therapy is a minimally invasive treatment option for acute myocardial infarction and ischemic stroke. It helps in dissolving blood clots to restore blood flow.
Weakness: Fibrinolytic therapy requires administration within a narrow time window for effectiveness. Late administration can increase risk of intracranial hemorrhage.
Opportunity: Rising geriatric population prone to cardiovascular diseases and strokes increases demand for prompt fibrinolytic therapy. Developing economies offer scope to expand geographic footprint.
Threats: Stringent regulations for drug approvals can delay market entry of new products. Alternative interventional treatments pose competition.
Key Takeaways
The global fibrinolytic therapy market is expected to witness high growth.
North America currently dominates the market owing to rising prevalence of cardiac diseases and strokes. Asia Pacific is likely to grow at the fastest pace in the forecast period on back of large patient pool, increasing healthcare expenditures and growing medical tourism.
Key players operating in the fibrinolytic therapy market are Boehringer Ingelheim, Mochida Pharmaceutical, Genentech, Emcure, Syner-Med. These companies are focused on strengthening their product portfolios by launching new drugs and indications. For instance, in 2022 Boehringer Ingelheim launched Praxbind, an antibody fragment to reverse the anticoagulant effect of the drug dabigatran etexilate in patients requiring urgent procedures or surgery.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
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