Global Blood Plasma Derivatives Market Is Estimated To Witness High Growth Owing To Rising Prevalence of Blood Disorders and Increasing Demand for Plasma-derived Medicines
The Global Blood Plasma Derivatives Market is estimated to be valued at US$ 40.80 Bn In 2022 and is expected to exhibit a CAGR of 9.30% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Blood plasma derivatives are products derived from human plasma that are used for the treatment of various blood disorders. These derivatives include immunoglobulins, coagulation factors, albumin, and other plasma proteins. The demand for blood plasma derivatives is increasing due to the rising prevalence of blood disorders such as hemophilia, immune deficiencies, and autoimmune diseases. The use of plasma-derived medicines has shown significant therapeutic benefits in these conditions, leading to the growth of the market.
Market Dynamics:
The market dynamics of the blood plasma derivatives market are driven by two main factors. Firstly, the rising prevalence of blood disorders and the increasing demand for plasma-derived medicines are driving the growth of the market. The advancements in technology and the availability of advanced therapies for blood disorders are further boosting market growth.
Secondly, the increasing investments in research and development activities by key market players are leading to the introduction of novel and improved blood plasma derivatives. These innovative products are aimed at providing better efficacy and safety profiles, attracting a larger patient population and driving market growth.
Overall, the Blood Plasma Derivatives Market is expected to witness high growth due to the combination of these drivers, providing opportunities for market players to expand their product portfolios and cater to the increasing demand for plasma-derived medicines.
SWOT Analysis of the Blood Plasma Derivatives Market:
Strengths:
- Blood plasma derivatives have a high demand due to their essential therapeutic properties and wide applications in treating various diseases.
- The market is witnessing continual advancements in technology and research, leading to the development of new and improved plasma-derived products.
- The increasing prevalence of chronic diseases and the growing geriatric population are driving the demand for blood plasma derivatives.
Weaknesses:
- The production of blood plasma derivatives is expensive, which can lead to high product costs and limited affordability for certain patient populations.
- Strict regulations and quality control measures pose challenges for manufacturers in terms of compliance and ensuring the safety and efficacy of the products.
Opportunities:
- The rise in government initiatives and funding for healthcare infrastructure, especially in emerging economies, is expected to create opportunities for market players to expand their presence in untapped markets.
- The increasing focus on personalized medicine and the potential for the development of customized blood plasma derivatives present opportunities for companies to target specific patient populations.
Threats:
- The market faces the risk of product recalls and safety concerns associated with blood plasma derivatives, which can significantly impact market growth and consumer confidence.
- Competition from alternative treatments and synthetic products may pose a threat to the growth of the blood plasma derivatives market.
Key Takeaways:
The global blood plasma derivatives market is expected to witness high growth, exhibiting a CAGR of 9.30% over the forecast period, due to the increasing prevalence of chronic diseases and advancements in technology. The North American region is the fastest-growing and dominating region, attributed to the well-established healthcare infrastructure, high healthcare expenditure, and the presence of key market players. The key players operating in the blood plasma derivatives market include 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.
Read More : https://www.articledistrict.com/blood-plasma-derivatives-market-to-reach-us-40-80-bn-in-2022/
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