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The use of fibrinolytic therapy is crucial for emergency treatment of cardiovascular diseases like myocardial infarction and stroke. Fibrinolytic therapy drugs work by dissolving dangerous blood clots in arteries and veins to restore normal blood flow. These drugs are either administered intravenously or as an injection and include streptokinase, urokinase and tissue plasminogen activator (t-PA). With rising cases of coronary heart disease, peripheral vascular disease and deep vein thrombosis globally, the demand for fibrinolytic agents is increasing substantially. \
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:
One of the key trends in the fibrinolytic therapy market is the development of novel recombinant t-PA drugs with longer half-lives and safety profiles. Drugs like tenecteplase have an extended half-life compared to traditional t-PA drugs enabling single bolus administration and easier handling. Increased research is also focused on expanding the eligibility and treatment window for fibrinolytic therapy. Companies are conducting clinical trials to evaluate the safety and efficacy of fibrinolytic drugs in treating strokes up to 24 hours from onset of symptoms. If successful, this can significantly increase the number of stroke patients receiving fibrinolytic treatment globally. Combination therapy approaches involving fibrinolytic drugs along with antiplatelet agents or neuroprotective drugs are also being explored to improve functional recovery outcomes in patients.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the fibrinolytic therapy market is low as it requires high capital investment for R&D and clinical trials of new drugs. Established pharmaceutical companies have major patents and regulatory approvals which make market entry difficult for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the available treatment options are limited. However, the availability of generic drugs after expiry of patents increases competition.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of a large number of raw material suppliers and contract manufacturing organizations. Suppliers do not have pricing power in this market.
Threat of new substitutes: The threat of substitutes is low as fibrinolytic therapy has limited substitutes for ischemic stroke, pulmonary embolism and cardiac conditions. New treatment options take significant time and investment for development and regulatory approvals.
Competitive rivalry: The competitive rivalry is high among major pharmaceutical companies. Companies compete based on product differentiation, patent protection, and distribution network.
Key Takeaways
The global Fibrinolytic Therapy Market is expected to witness high growth. 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.
Regional analysis: North America region currently dominates the fibrinolytic therapy market owing to the increasing prevalence of cardiovascular diseases and established healthcare infrastructure. Asia Pacific region is expected to grow at fastest rate during the forecast period due to rising healthcare spending, growing medical tourism industry and presence of generic manufacturers.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
