The global fibrinolytic therapy market plays a vital role in dissolving blood clots that may form in arteries and veins. Fibrinolytic therapy drugs operate by activating plasminogen, which then breaks down fibrin clots. These clot-busting drugs are commonly used to treat acute myocardial infarction or heart attack caused by coronary blood clot.
The global fibrinolytic therapy Market is estimated to be valued at US$ 34 Mn 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 Dynamics:
One of the primary drivers boosting growth of the fibrinolytic therapy market is increasing prevalence of cardiovascular diseases across the globe. According to World Health Organization (WHO), cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Rising geriatric population base prone to heart ailments leads to upsurge in demand for clot dissolving drugs to treat conditions like myocardial infarction. In addition, technological advancements in fibrinolytic drugs with improved efficacy and minimal side effects also support market growth. However, factors such as high treatment costs and risk of hemorrhage associated with fibrinolytic therapy hamper market value to a certain extent.
SWOT Analysis
Strength: Fibrinolytic therapy reduces the risk of death from heart attacks and strokes by dissolving blood clots. The therapy is minimally invasive and dissolves clots using medicines administered through intravenous injections or infusions. This allows blood to circulate freely and prevents damage to tissues and organs.
Weakness: Fibrinolytic therapy has certain risks and side effects. It may cause excessive bleeding since it breaks down clots throughout the body, not just in the arteries. This can lead to bleeding in the brain or internally. In rare cases, it may also cause severe allergic reactions.
Opportunity: Rising incidence of cardiovascular diseases worldwide has increased the demand for effective therapeutic options. Growing awareness about heart health and prevention of heart attacks and strokes will drive the adoption of fibrinolytic therapy. Expanding indications of existing drugs and development of newer formulations will further boost market growth.
Threats: High development and regulatory costs associated with new drug approvals pose challenges. Stringent safety and efficacy guidelines by regulatory authorities delay product launches. Biosimilars and cheaper generics once patents expire can erode market share of innovator brands.
Key Takeaways
The global fibrinolytic therapy market is expected to witness high growth over the forecast period of 2023 to 2030. Rising cases of heart attacks, strokes, and pulmonary embolism are major drivers of market growth. The market size is estimated to reach US$ 34 billion by 2024, registering a CAGR of 3.7% during the forecast period.
Regional analysis: North America currently dominates the market owing to growing elderly population, higher healthcare spending, and presence of leading innovator companies. However, Asia Pacific is likely to witness the fastest growth due to large patient pool, rising healthcare standards, and increasing focus of international players on emerging markets in the region.
Key players: Key players operating in the fibrinolytic therapy market are Boehringer Ingelheim, Genentech, Eumedica, Merck, etc. Boehringer Ingelheim offers fibrinolytic drugs like Plavix and Pradaxa. Genentech markets TPA (alteplase) under the brand name Activase for treatment of heart attacks and pulmonary embolism.
