Fibrinolytic therapy involves the administration of thrombolytic medications such as streptokinase, urokinase, and tissue plasminogen activator to dissolve blood clots formed in the body. These medications work by activating plasminogen to form the proteolytic enzyme plasmin, which then degrades fibrin clots. Fibrinolytic therapy has emerged as an effective treatment for life-threatening medical conditions caused by clots blocking arteries or veins, primarily pulmonary embolism and deep vein thrombosis. It helps restore blood flow and prevents further damage to organs and tissues. The global fibrinolytic therapy market has witnessed significant growth in recent times due to the increasing prevalence of pulmonary embolism and other thrombotic disorders. According to estimates, over 900,000 Americans suffer from a pulmonary embolism each year. Growing geriatric population, sedentary lifestyles, and risk factors like obesity, surgery, and smoking are contributing to rising PE incidence rates worldwide.
The global Fibrinolytic Therapy Market is estimated to be valued at US$ 34 billion 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:
One of the key trends in the fibrinolytic therapy market is the increasing research on expanding the therapeutic window. Currently, thrombolytic drugs must be administered within a few hours of the onset of symptoms to be effective. Researchers are exploring methods to widen this window to potentially days to allow more patients to be treated. Some approaches involve combining fibrinolytics with anti-inflammatory or neuroprotective drugs. Advances may help overcome the limitations of short treatment windows and allow fibrinolytics to benefit a larger patient population at risk of permanent damage from clots. Ongoing clinical trials on extended window therapies could potentially shape the future treatment landscape in the coming years.
Threat of new entrants: The threat of new entrants in the fibrinolytic therapy market is moderate. Significant amount of capital is required to invest in R&D and clinical trials to produce fibrinolytic drugs. Bargaining power of buyers: The bargaining power of buyers is moderate in this market. The availability of alternate drugs increases buyer options. Bargaining power of suppliers: The bargaining power of suppliers is moderate. The presence of many suppliers reduces the individual supplier’s control over prices. Threat of new substitutes: The threat of substitutes is moderate. Alternate drugs like anticoagulants exist in the market but do not completely replace fibrinolytic drugs. Competitive rivalry: The competitive rivalry is high due to the presence of many national and international players marketing fibrinolytic drugs.
The global fibrinolytic therapy market is expected to witness high growth.
Regional analysis comprises: North America dominates the fibrinolytic therapy market due to advance healthcare facilities and higher adoption of new technology. Asia Pacific is expected to grow at the fastest pace owing to growing healthcare expenditure and increasing patient awareness.
Key players operating in the fibrinolytic therapy market are Johnson & Johnson, Pfizer Inc., Boehringer Ingelheim GmbH, Otsuka Holdings Co. Ltd., Genentech Inc. TNK Therapeutics Inc., Dart Neuroscience LLC.
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it