Fibrinolytic therapy involves the administration of drugs known as fibrinolytics or thrombolytics which helps in dissolving blood clots. These drugs work by activating plasminogen to form the enzyme plasmin, which then destroys fibrin in blood clots. Fibrinolytic therapy is an important treatment for cardiovascular conditions such as myocardial infarction, pulmonary embolism or deep vein thrombosis where a blood clot forms in arteries or veins blocking blood flow and oxygen supply. Cardiovascular diseases have become one of the major causes of mortality and morbidity globally. According to WHO, cardiovascular diseases accounted for over 17 million deaths in 2015, representing 31% of all global deaths. With rising incidence of risk factors such as obesity, physical inactivity and growing geriatric population, the burden of cardiovascular diseases is expected to grow significantly in the coming years. This growing disease prevalence will drive higher demand for fibrinolytic drugs for effective treatment of cardiovascular conditions involving blood clots. The Global fibrinolytic therapy market is estimated to be valued at US$ 34.96 Bn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the Fibrinolytic Therapy 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. Growing prevalence of cardiovascular diseases and blood clots disorders will continue to create significant demand for fibrinolytic drugs. Technological advancements are also helping improve efficacy of fibrinolytic drugs and allowing their use in newer clinical indications.

The global fibrinolytic therapy market is witnessing significant growth owing to the increasing incidence of cardiovascular diseases and blood clot disorders. According to the World Health Organization, cardiovascular diseases account for approximately 18 million deaths globally each year. Growing geriatric population, rising prevalence of lifestyle diseases such as diabetes and obesity are key factors fueling the burden of cardiovascular conditions. As more number of people develop blood clots as a result of conditions like heart attack or pulmonary embolism, demand for fibrinolytic therapy is growing.

Technological advancements are also positively impacting the fibrinolytic therapy market. Ongoing research has helped identify newer drug candidates that are able to effectively dissolve clots while avoiding systemic bleeding. This has allowed fibrinolytics to be used for off-label indications previously considered too risky. Further, combination fibrinolytic therapies are being studied to achieve better therapeutic outcomes with reduced side effects. Development of improved drug delivery methods and formulations expand opportunities for fibrinolytic drugs.

Market Trends

1. Combination therapies: Research is ongoing to evaluate efficacy and safety of combination regimens using multiple fibrinolytics or fibrinolytics with anticoagulants. Studies show combination therapies help achieve faster reperfusion while reducing the risk of intracranial hemorrhage.

2. Off-label use: Advances have enabled off-label use of fibrinolytics for rare conditions such as gastrointestinal bleeding, postpartum hemorrhage and intracardiac thrombosis without systemic bleeding issues. This expands treatment opportunities.

Market Opportunities

1. Developing markets: Developing countries are witnessing rise in cardiovascular disorders at an alarming rate attributed to growing urbanization and lifestyle shifts. Underdeveloped healthcare infrastructure in these markets offers scope for manufacturers.

2. New drug delivery systems: Opportunities exist to develop fibrinolytic drugs with modified release formulations, nanoparticle drug delivery systems and biologics/biosimilars for improved efficacy and safety profiles expanding treatment opportunities.

Impact of COVID-19 on Fibrinolytic Therapy Market
The COVID-19 pandemic significantly impacted the fibrinolytic therapy market. During the initial phases of the pandemic, hospital admissions for non-COVID cases declined sharply as people avoided hospitals due to the risk of infection. This led to a decline in the demand for fibrinolytic therapies used to treat conditions like pulmonary embolism and stroke. However, as COVID-19 can cause blood clots leading to complications, the demand for fibrinolytic drugs increased amid the pandemic. Several clinical studies are underway to evaluate the efficacy of fibrinolytic drugs like tissue plasminogen activator (tPA) in treating COVID-19 associated coagulation problems. The long-term effects of COVID-19 infections in promoting hypercoagulability and risk of thrombosis is also expected to drive the use of fibrinolytic therapy in the coming years. Post pandemic, the market is projected to grow at a steady pace to reach the forecast market size, supported by increasing incidence of thrombotic diseases and approval of newer drugs. However, supply chain disruptions caused during the pandemic may pose short-term challenges for market players.

Value concentration for Fibrinolytic Therapy Market
In terms of value, North America accounted for the largest share of over 40% in the global fibrinolytic therapy market. Factors like rising healthcare costs, a high prevalence of conditions like stroke and older population in countries like the United States have contributed to the region's leading position. Within North America, the United States held the majority share and remains the most lucrative market for fibrinolytic therapy manufacturers. The region is forecast to retain its pole position during the forecast period supported by ongoing technological advancements and greater accessibility to high-quality healthcare services.

Fastest growing region for Fibrinolytic Therapy Market
Asia Pacific region is expected to witness the fastest growth in the fibrinolytic therapy market during 2023-2030. The growth can be attributed to factors such as expanding patient pool of thrombotic disorders, rising healthcare investments, increasing medical tourism and availability of low-cost generic drugs in countries like India and China. Favorable government initiatives aimed at making healthcare more affordable and accessible are driving market growth in the Asia Pacific region. Additionally, growing awareness about early disease diagnosis and treatment augurs well for the fibrinolytic therapy market in Asia Pacific.