Blood Plasma Derivatives Market Expected to Witness High Growth Owing to Increasing Demand for Therapeutic Plasma Products
The blood plasma derivatives market is estimated to be valued at US$ 44.33 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Blood plasma derivatives refer to therapeutic substances that are extracted from human blood plasma through various industrial fractionation processes. The key blood plasma derivatives products include immunoglobulins, coagulation factors, albumin and hyperimmune globulins. Immunoglobulins are primarily used for treating primary immunodeficiencies and immune thrombocytopenic purpura. Coagulation factors such as Factor VIII and Factor IX are used for treating hemophilia. Albumin finds application in treatment of shock, burns, hepatitis and other conditions. Hyperimmune globulins contain concentrated antibodies and are used to provide temporary immunity against certain infectious diseases.
Market Dynamics:
The blood plasma derivatives market is driven by the increasing prevalence of immune diseases and bleeding disorders. For instance, according to World Federation of Hemophilia, 1 in 10,000 male children worldwide are born with hemophilia. Moreover, increasing demand for therapeutic plasma products due to their high efficacy and safety is also fueling the market growth. Therapeutic plasma products offer standardized dosage and minimal risk of pathogen transmission as compared to whole blood derived products. Furthermore, growing aging population who are more susceptible to immune and bleeding disorders is another factor propelling the market growth. However, high cost of plasma derivative therapies and stringent regulatory framework for plasma collection centers hampers the market growth.
SWOT Analysis
Strength: The blood plasma derivatives market has witnessed steady growth owing to the rising prevalence of hemophilia and other bleeding disorders. In addition, rising healthcare expenditures and growing awareness regarding plasma collection have further augmented market growth.
Weakness: High costs associated with plasma collection, testing, manufacturing, and storage are major restraints to market growth. Stringent regulations pertaining to plasma collection and derivatives also impede market expansion to some extent.
Opportunity: Untapped emerging economies in Asia Pacific and Latin America present lucrative opportunities for market players. Furthermore, ongoing research & development towards developing new plasma derivatives will present new opportunities over the forecast period.
Threats: Substitutes present a major threat as they are increasingly replacing plasma derivatives. In addition, risks associated with plasma donations such as transfusion-transmitted infections also negatively impact market revenues.
Key Takeaways
The Global Blood Plasma Derivatives Market Size is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing prevalence of rare bleeding and immunological disorders.
Regional analysis: North America currently dominates the market and is expected to continue its dominance over the forecast period. This is attributed to high healthcare spending and rising patient pool in the region. However, Asia Pacific is poised to witness the highest growth rate owing to increasing healthcare infrastructure and growing medical tourism in the region.
Key players: Key players operating in the Blood Plasma Derivatives market are Shire Plc., CSL Limited, Octapharma AG, LFB S.A., Biotest AG, Grifols, S.A., SK Plasma Co., Ltd., Baxter International Inc., Green Cross Corporation, and Fusion Health Care Pvt. Ltd., among others. These players are focusing on new product launches and regional expansion to strengthen their market presence.