Thrombin Market to be Driven by the Growing Research and Development Activities in the Forecast Period of 2023-2031
The new report by Expert Market Research titled, ‘Global Thrombin Market Size, Share, Analysis, Trends, Growth, Report and Forecast 2023-2031’, gives an in-depth analysis of the global thrombin market, assessing the market based on its segments like products, dosage forms, end-users, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2016-2031)
- Historical Market Size (2022): USD 578.5 Million
- Forecast CAGR (2023-2031): 4.22%
- Forecast Market Size (2031): USD 741.3 Million
The increasing incidences of haemorrhage and haemophilia in several countries across the globe are driving the growth of the thrombin industry. The Centres for Disease Control and Prevention of the United States of America revealed that Haemophilia A affects 1 in 5,000 male births, and 70% of them are treated in haemophilia treatment centres.
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The surge in surgeries being conducted owing to the increasing purchasing power is also leading to the steady growth of the thrombin industry. This is because the thrombin plays a vital role in providing natural healing post-surgery. The developing healthcare infrastructure and the growing utilisation of thrombin in hospitals are among the factors fuelling the thrombin industry’s growth. Further, the launch of efficient thrombin products with the optimal performance which can be administered to versatile patients owing to the growing research in this field is likely to catalyse the thrombin industry in the forecast period.
Thrombin Industry Definition and Major Segments
Thrombin is a naturally occurring molecule that acts as both procoagulant and anticoagulant. Thrombin is produced from its precursor, prothrombin in the blood coagulation pathway. It directly converts soluble fibrinogen into insoluble fibrin and promotes platelet activation, thus facilitating the clotting of blood. It also accelerates various other reactions related to clotting.
The thrombin industry, by product, is categorised into:
- Bovine Thrombin
- Human Thrombin
- Recombinant Thrombin
Based on dosage form, the market is bifurcated into:
- Powder Form
- Solution Form
On the basis of end user, the market is divided into:
- Hospitals
- Diagnostics Centre and Clinics
- Academics and Research Institutes
The regional markets of thrombin include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Thrombin Market Trends
The approval of government organisations for the utilisation of thrombin to control and minimise blood loss during surgical procedures is leading to the incremental development of the industry. For instance: The Federal Drug Administration accepted the use of three thrombin-based products – recombinant thrombin, human thrombin, and bovine thrombin for haemostasis and minor bleeding control.
In addition, the mergers and acquisitions done by healthcare companies to expand their product portfolio are also fuelling the market growth. In 2018, Baxter International, Inc. acquired RECOTHROM, manufactured using recombinant technology that offers hospitals an innovative solution to reduce intraoperative bleeding. Further, the investments in research and development activities in the use of thrombin by many biotechnology companies are also expected to invigorate the thrombin industry in the forecast period.
Key Market Players
The major players in the market are Pfizer Inc., Johnson and Johnson Services Inc., Baxter International, Inc., Shanghai RAAS Blood Products Co., Ltd., Japan Blood Products Organization, and Mochida Pharmaceutical Co., Ltd, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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