Blood Plasma Derivatives Is Estimated To Witness High Growth Owing To Growing Demand For Plasma-Derived Therapeutics
Blood plasma derivatives are blood-derived products extracted from human blood plasma through fractionation process. Key plasma derivatives include immunoglobulins, coagulation factors, albumin and hyperimmune globulins. Immunoglobulins are extensively used for treating primary immunodeficiencies, while coagulation factors are used for treating hemophilia and other bleeding disorders. Albumin finds application in therapy and rescue of shock, burns, trauma and surgery.
The global Blood Plasma Derivatives Market is estimated to be valued at US$ 44.33 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers propelling the growth of global blood plasma derivatives market is growing demand for plasma-derived therapeutics. Growing prevalence of immunodeficiency and bleeding disorders globally has increased the demand for plasma derivatives like immunoglobulins and coagulation factors respectively. According to World Federation of Hemophilia, approximately 1 in every 10,000 male births have hemophilia. Moreover, according to American Autoimmune Related Diseases Association Inc., approximately 50 million Americans suffer from some form of autoimmune disease annually. This growing patient base signifies the rising demand for plasma derivatives, thereby driving the market growth. Furthermore, technological advancements in plasma collection methods and fractionation processes have enhanced yield and purity of derivatives, thus supporting the market expansion over the forecast period.
SWOT Analysis
Strength: The blood plasma derivatives market has high growth potential owing to rising demand for immunoglobulins and albumin among others. The consistent demand from healthcare settings for plasma-derived medicines also strengthens the market. Effective regulation and oversight ensure the safety and efficacy of plasma derivatives.
Weakness: There is a heavy reliance on human blood plasma donations which makes the supply chain complex. Any reduction in voluntary donations poses a challenge to production. High costs involved in derivative manufacturing and strict adherence to regulatory standards add to production expenses.
Opportunity: Untapped growth opportunities exist in developing regions as healthcare infrastructure builds out. Technological advancements in plasma collection and fractionation methods can improve yields. Emerging indications for existing derivatives expand the customer base.
Threats: Stringent regulatory standards increase compliance requirements raising the entry barriers. Supply-demand imbalances due to donor uncertainties impact production planning. Substitute therapies threaten market shares of some established plasma products.
Key Takeaways
The global Blood Plasma Derivatives Market Size is expected to witness high growth.
Regional analysis: North America dominates currently due to high healthcare spends and presence of major market players. The US market is the major revenue contributor owing to reimbursement policies and physician preference for plasma-derived medicines. Europe is the second largest regional market driven by rising immunoglobulin usage. Asia Pacific is poised to register the fastest growth over the coming years with China and India emerging as high potential markets.
Key players operating in the blood plasma derivatives market are Iron Mountain, ARC, Access, Shred-it, Restore plc, Cintas, Proshred, National Document Shredding Service, Shred Station, Red Dog Shred, Shred-X, Secured Document Shredding, Shred Works, Guardian Data Destruction, EndoShred, Mobile Shred, ShredQuick, ProShred Chicago, Shreds Unlimited. Iron Mountain and ARC currently hold a significant market share backed by their global footprints. Smaller players are focused on niche applications and regional markets. Strategic collaborations and new product launches remain important competitive strategies.
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