Thrombin Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The thrombin market studied was projected to grow with a CAGR of nearly 4.3% over the forecast period. The major factor attributing to the growth of the market is the increase in the incidence of trauma and the increasing number of accidents, and the number of surgeries and the increasing usage of thrombin in clotting the blood. According to the report published by the Ministry of Road Transport and Highways, India, a total of 4,67,044 road accidents have been reported by States and Union Territories in the year 2018, claiming 1,51,417 lives and causing injuries to 4,69,418 persons. Furthermore, increasing incidence of inherited blood clotting disorders like hemophilia, Von Willebrand Disease etc. As the number of patients increases the demand for the thrombin grows. However, the strict regulation policies is the drawback of market growth.

Key Market Trends

Bovine Thrombin Segment is Dominating the Thrombin Market.

• Bovine thrombin is the most regularly used products in the market. The segment is expected to continue to dictate the market during the forecast period due to economical prices. Rising adoption of bovine-based products in various research and diagnostic applications is also boosting the market.
• The other factors that play a crucial role in the growth of the segment are the increasing incidence of accidents, trauma, and other inherited blood clotting diseases. According to the World Health Organization, 1.35 million people die each year as a result of road traffic crashes, between 20 and 50 million more people suffer non-fatal injuries, with many incurring a disability as a result of their injury.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to the factors such as the presence of key players, high prevalence of accidents and trauma in the region, and the surge in the prevalence of inherited blood disorders established healthcare infrastructure are some of the key factors accountable for its large share in the market. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase market growth. In this region the United States has the maximum share due to supportive healthcare policies, the high number of patients, and a developed healthcare market. According to Association for Safe International Road Travel, over 37,000 people die in road crashes each year, an additional 2.35 million are injured or disabled, over 1,600 children under 15 years of age die each year, in the United States. As per the statistics, the increasing patient pool and increasing disposable revenue in this country boosts the market growth of the region.

Competitive Landscape

The Thrombin market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Pfizer Inc., Johnson & Johnson Services Inc., Mallinckrodt Pharmaceuticals, Shanghai RAAS blood products co., Ltd, Japan Blood Products Organization, Mochida Pharmaceutical Co., Ltd., Octapharma, Bayer, Baxter, GE Healthcare.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support