The COVID-19 pandemic has decreased the demand for human fibrin glue, due to less non-elective surgeries. Also, the temporary shutdown of manufacturing units, has lower the production of human fibrin glue. In addition, the disruption of the supply chain has also hindered the market’s growth.
IMPACT ON PRICE
The coronavirus disease (COVID-19) pandemic has an enormous impact on the human fibrin glue market. As the COVID-19 infection incidence rate reduces, the demand for human fibrin glue is anticipated to upsurge by a growing number of surgical procedures, and increasing adaptation of human fibrin glue in plastic surgeries for a positive effect on surgical outcomes and launch of innovative products in the market. The price of human fibrin glue has been increased, due to a shortage of raw materials because of complete lockdown, which affected supply for thrombin-based or fibrin-based products.
Also, there is a decrease in the number of surgical and cosmetic procedures, due to the urge of pandemic patients, which have reduced the revenue and sales of the human fibrin glue products, contributing to the increased prices of human fibrin glue.
For instance,
- Baxter has experienced a decrease in the sales of the segment that contains human sealant and glue, which was impacted by lower rates of hospital admissions, and declines in elective surgeries in the wake of the pandemic
The decrease in the number of patients, due to lockdown and pandemic restriction has contributed in the increased cost of human fibrin glue.
Impact on Supply Chain
The COVID-19 pandemic has remodeled various organizations’ business environments; it has created numerous issues, including export and travel restrictions by some exporting countries and lockdowns that have compelled suppliers to (temporarily) shut down. The insufficient workforce and distribution of warehouses adversely impacted the supply of human fibrin glue or sealant. The companies diverted their resources to produce masks and COVID-related products, which affected the supply of raw materials of patches and liquid formulation type of human fibrin glue.
Healthcare organizations have been firmly monitoring the supply chain to assume that the COVID-19 outbreak may resolve the impact of lockdown to minimize supply chain crises. Moreover, various healthcare organizations support the concern of the appropriate supply of medical products across the globe. Furthermore, companies faced delays in clinical trials and approval for new human fibrin glue products, due to the decrease in raw material supply.
For Instance
- CSL limited have faced a decrease in plasma supply by government lockdowns and stimulus packages, particularly in the U.S.
The supply chain is disrupted, due to the restriction on borders in every country which have decrease the supply of raw material and products.
Impact On Demand
The restrictions due to the COVID-19 pandemic during 2020 was severely disrupted the entire global market and resulted in a significant slowdown in surgical and wound treatment volumes. The COVID-19 pandemic has introduced new challenges related to product launch, marketing, and sales, as clinicians and facilities are increasingly focused on COVID-19 care.
The volume of elective surgical procedures and treatments have decreased as all the healthcare concern was targeted towards COVID-19 patients, who have reduced the demand for human fibrin glue and decreased the sales and revenue of major market players.
For instance-
Johnson and Johnson Services Inc.’s, Medical Devices segment, provides a surgical portfolio of hemostats and sealants, has decreased their sales from USD 25,963 Million in 2019 to USD 22,959 Million in 2020.
STRATEGIC INITIATIVES
Several companies have entered into acquisitions, collaborations, R&D initiatives, and product launches to target COVID-19 related complications.
For instance-
- In July 2019, Johnson & Johnson Services Inc. launched their advanced product VISTASEAL Fibrin Sealant (Human), which contains a combination of fibrinogen and thrombin, clotting proteins found in human plasma. When applied to the bleeding site, it forms a rapid, adherent, and durable clot and has been demonstrated to sustain hemostasis.
- In March 2018, Baxter completed the acquisition of two hemostat and sealant products from Mallinckrodt plc. This acquisition has increased the hemostatic product pipeline and raised the revenue of the company.
- In April 2017, Baxter launched next-gen versions of its Floseal and Tisseel hemostatic products, with improved applicability and designs. This new advanced version of human fibrin is prepared for a single person with fewer steps and a lesser time period than previous versions.
Major market players' initiatives have increased the market growth and revenues by launching new products, acquisitions, and mergers.
Conclusion
Coronavirus has affected the economy, supply, and demand of the human fibrin glue market. The cost and expense for human fibrin glue and surgeries have increased due to decreased patient visits, temporary shutdown of hospitals, and delays of raw material to the company. The demand has decreased with a decrease in several patients. The increase in restriction and reduction of financials have negatively impacted the supply chain. The government and manufacturers have come up with different measures to prevent all the negative impacts and provide people with better technological products.
