by 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, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fibrinolytic therapy involves the use of thrombolytic drugs to dissolve clots and restore blood flow. Clots occur when fibrin forms a mesh that traps blood cells. Fibrinolytic drugs break down this mesh to allow blood to circulate normally. These drugs are commonly used to treat pulmonary embolism and deep vein thrombosis. They are also administered to heart attack patients to dissolve clots blocking arteries and restore blood flow to the heart muscle. The drugs act specifically on clots without affecting normal coagulation. Some key fibrinolytic drugs include alteplase, reteplase, and tenecteplase. They offer an effective treatment option for life-threatening cardiovascular conditions by restoring blood flow without invasive procedures like angioplasty.
Market key trends:
One of the major trends in the Fibrinolytic Therapy Market Size is the emergence of gene therapy and cell therapy approaches. This involves modifying genes or cells to enhance natural fibrinolytic properties. For example, researchers are developing approaches that genetically modify stem cells to overproduce proteins involved in fibrin breakdown like plasminogen activators. Such therapies offer personalized treatment options with reduced risk of bleeding complications compared to thrombolytic drugs. Another key trend is the rise in demand for tenecteplase, which has a longer half-life compared to other drugs. Its ability to be administered as a single bolus dose makes tenecteplase more convenient for use in emergency settings like STEMI.
Porter’s Analysis
Threat of new entrants: High costs associated with R&D and production infrastructure pose entry barriers for new players.
Bargaining power of buyers: Multiple treatment options available limits the bargaining power of individual buyers.
Bargaining power of suppliers: Established supply chains provide suppliers with limited bargaining power over pricing.
Threat of new substitutes: Emerging alternative treatment methods like stem cell therapy pose threat of substitution.
Competitive rivalry: Fierce competition exists among major players to gain market share through product innovation and branding.
Key Takeaways
The global fibrinolytic therapy market is expected to witness a CAGR of 3.7% over the forecast period, due to increasing prevalence of cardiovascular diseases and rising geriatric population. The market size for 2023 is estimated to be US$ 34.96 Bn.
North America dominates the global fibrinolytic therapy market, owing to higher adoption of advanced therapies and strong healthcare infrastructure in the region. However, Asia Pacific is expected to exhibit the fastest growth during the forecast period with increasing healthcare spending and growing patient awareness in developing countries.
Key players operating in the fibrinolytic therapy market include 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, and Mallinckrodt Pharmaceuticals, Mitsubishi Tanabe Pharma Corporation. Major players are focusing on new product launch and expansion strategies to strengthen their market position.
