Growing Geriatric Population & Increasing Prevalence Of Chronic Diseases
The Plasma Expander Market is estimated to be valued at Us$ 28.28 Bn in 2023 and is expected to exhibit a CAGR Of 6.7% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Plasma expanders are therapeutically used for increasing the plasma volume of a patient and is given during emergencies or surgeries to stabilize blood pressure levels. The most common types of plasma expanders include dextran, hydroxyethyl starch, gelatin, and albumin. They are administered intravenously during volume replacement therapy, hemorrhagic shock, or blood loss due to trauma or surgery.
Market Dynamics:
The plasma expander market is primarily driven by the growing geriatric population globally which is more prone to chronic diseases and injuries that often require surgical interventions. As per the United Nations, the population aged 60 years or above is expected to reach 2 billion by the year 2050 from 1.4 billion currently which will boost the demand for plasma expanders. Furthermore, the increasing prevalence of chronic diseases such as cancer, cardiovascular diseases etc. is leading to higher number of surgical procedures annually, thereby propelling the adoption of plasma expanders for blood volume replacement and stabilization. Additionally, high prevalence of road accidents globally which result in blood loss injuries is expected to further contribute to the market growth over the forecast period.
SWOT Analysis
Strength: Plasma expander has properties such as increasing the circulatory volume, preventing hypovolemia, and maintaining blood pressure. It can be produced on a large scale due to well-established manufacturing processes. The advanced technologies enable large-scale production with minimum batch-to-batch variability.
Weakness: Lower concentration of plasma expander as compared to whole blood hampers its efficacy in conditions requiring rapid volume replacement. Manufacturing impurities can cause adverse effects in certain patients.
Opportunity: Increasing prevalence of trauma cases, burn injuries, and surgical procedures drives the demand. Rising geriatric population suffering from chronic diseases augment the market growth.
Threats: Strong pipeline molecules and therapies emerging as an alternative to conventional plasma expanders. Stringent regulatory framework and complex manufacturing processes increase the production costs.
Key Takeaways
The global Plasma Expander Market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing prevalence of blood loss injuries, trauma cases and surgical procedures. The market size is projected to reach US$ 28.28 billion by 2023.
Regional analysis
North America accounts for the largest share in the plasma expander market due to growing aged population, technologically advanced healthcare infrastructure and rising healthcare spending. Asia Pacific is anticipated to witness fastest growth owing to increasing healthcare awareness, improving access to healthcare facilities and rising medical tourism in developing countries.
Key players
Key players operating in the plasma expander market are Baxter International Inc., Fresenius SE & Co. KGaA, CSL Limited, Grifols, S.A., B. Braun Melsungen AG, Hikma Pharmaceuticals PLC, Octapharma AG, Kedrion S.p.A., Shanghai RAAS Blood Products Co., Ltd., Terumo Corporation, JW Life Science, Celgene Corporation, Pentapharm Ltd., Haemonetics, Corporation.
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