Fibrinolytic therapy is used to break down blood clots and restore normal blood flow in patients suffering from thrombotic conditions such as myocardial infarction, deep vein thrombosis, pulmonary embolism, and stroke. It works by dissolving the fibrin component of clots using enzymes known as plasminogen activators. The recombinant tissue plasminogen activator known as alteplase is a popular thrombolytic agent used in fibrinolytic therapy. With the increasing prevalence of cardiovascular diseases along with growing obesity and geriatric population globally, the demand for fibrinolytic therapy has risen substantially in recent years.
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 key trends:
The increasing prevalence of cardiovascular diseases is one of the major factors driving the growth of the fibrinolytic therapy market. Cardiovascular diseases such as heart attacks, strokes, and pulmonary embolism often require clot-busting medications like tissue plasminogen activators to restore blood flow. As per the World Health Organization, cardiovascular diseases are the leading cause of death globally, accounting for over 17 million deaths annually. Advances in fibrinolytic therapy along with the development of improved thrombolytic agents with lesser side effects are also fueling the adoption of fibrinolytic drugs. Various clinical trials evaluating the efficacy of new generation thrombolytic agents compared to conventional drugs in conditions like pulmonary embolism and stroke are further expected to support the market growth over the forecast period.
Segment Analysis
The global fibrinolytic therapy market is dominated by tissue plasminogen activator (TPA) segment. It accounts for over 60% of the total market share as TPA is the drug of choice for treatment of pulmonary embolism and deep vein thrombosis. It acts specifically on clots with little effect on other clotting factors or platelet function.
Key Takeaways
The global fibrinolytic therapy market is expected to witness high growth over the forecast period 2023 to 2030. 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 currently dominating the market owing to high prevalence of cardiovascular diseases and presence of major players in the region. Europe is also contributing significantly to market growth due to rising healthcare expenditure and government initiatives for treatment of cardiovascular diseases. This is attributed to high prevalence of cardiovascular diseases mainly pulmonary embolism and deep vein thrombosis in countries like the US and Canada. Additionally, presence of major players and advanced healthcare facilities are positively impacting the market growth in the region.
Key players
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.
Genentech, Inc. (Roche) dominates the market with its flagship tissue plasminogen activator drug called Activase used for treatment of pulmonary embolism and myocardial infarction. Bayer AG offers streptokinase and urokinase drugs indications.
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