Plasma Expander Market is driven by rising geriatric population |...

Plasma Expander Market is driven by rising geriatric population

Posted 2024-02-27 13:09:16

The plasma expander market comprises plasma volume expanders or plasma substitutes that are solutions of colloids administered intravenously to expand plasma volume and increase colloid osmotic pressure. Plasma expanders are majorly used during surgery to replace lost blood volume and treat low blood pressure or shock. They find important applications in areas such as crystalloid resuscitation, trauma, burns, surgery, and hemorrhagic shock. Dextran, hydroxyethyl starch, gelatin, and albumin are some of the commonly used plasma expander products. The rising prevalence of various chronic disorders and injuries worldwide has considerably increased surgical procedures, propelling the demand for plasma expanders.

The Global Plasma Expander Market Share is estimated to be valued at US$ 32.58 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the plasma expander market are Asahi Kasei Pharma Corporation, Weldon Biotech Inc., Abbexa Ltd., Laboratory Corporation of America, Biocompare, EFK Diagnostics, Elabscience Biotechnology Inc., Abbot, Diazyme Laboratories Inc., Abnova Corporation, BSBE, Maccura Biotechnology Co.,Ltd., LifeSpan BioSciences Inc., Biomatik, Geno Technology Inc., AMS Biotechnology (Europe) Limited, Epinex Diagnostics Inc., DxGen Corp.

The growing geriatric population globally has significantly increased the incidences of chronic disorders and injuries. According to the United Nations, the number of people aged 65 years or above is projected to grow from 703 million in 2019 to 1.5 billion by 2050. This vast senior population base is expected to drive greater demand for plasma expanders to replace lost blood volume during surgeries and trauma care over the forecast period.

The rising penetration of plasma expander products across emerging economies due to intensifying privatization of healthcare systems is fueling the global expansion of the market. Leading manufacturers are actively focusing on expanding their regional presence through strategic collaborations with local distributors to cater to unmet needs in developing regions including Asia Pacific, Latin America, and Middle East and Africa.

Market drivers

The rapidly increasing burden of road accidents and injuries globally due to rapid motorization is a major factor propelling the demand for plasma expanders. According to the World Health Organization (WHO), road traffic injuries claim around 1.35 million lives each year. Plasma expanders play a critical role in trauma management by helping restore blood volume and hemodynamic stability. Furthermore, the surging volume of surgical procedures performed annually worldwide is boosting the uptake of plasma expanders substantially. They are extensively deployed during difficult complex surgeries lasting for prolonged durations to assist blood loss replacement and prevent hypovolemic shock in patients.

Current Geopolitical Situation Impacting the Plasma Expander Market Growth:

The plasma expander market is witnessing several challenges due to the ongoing geopolitical tensions and conflicts across various regions. There is a significant rise in casualties during wars and conflicts which requires extensive medical aid. However, the restrictions on transportation of medical equipment and supplies to conflict areas is limiting the availability of plasma expanders where they are needed the most. The regional trade barriers and sanctions imposed by some countries on others is also negatively impacting the manufacturing and distribution of plasma expanders globally.

The ongoing Russia-Ukraine war has severely disrupted the supply chains and trade links for medical products including plasma expanders within Eastern Europe and neighboring regions. This is hampering the market access and growth potentials in these areas. Moreover, the economic downturns and currency fluctuations in many developing as well as developed countries due to wider geopolitical issues are reducing the healthcare budgets and expenditures on non-essential medical products and devices in the short-term. All such geopolitical challenges must be addressed through diverse trade agreements and humanitarian programs to stabilize the plasma expander market growth in the long run.

Regions Where the Plasma Expander Market is Concentrated:

Currently, North America dominates the global plasma expander market and accounts for over 35% of the total market value. Due to high healthcare spending and advanced medical infrastructure in countries like the US and Canada, the demand for plasma expanders is significantly high in the region. Asia Pacific is another major regional market with countries like China, India and Japan collectively accounting for around 30% market share. Rising affluence, growing medical tourism and expansion of healthcare systems support the high growth potentials of the plasma expander market across Asia Pacific countries. Europe holds around 25% market share while regions like Latin America, Middle East and Africa are developing as emerging markets for plasma expanders.

Fastest Growing Region for the Plasma Expander Market:

Asia Pacific region is poised to witness the fastest market growth during the forecast period from 2024 to 2030. This can be attributed to growing investments by key market players, increasing healthcare expenditures, rising prevalence of chronic diseases, booming medical tourism industry and surging demand for advanced treatment technologies across major Asian countries. China and India specifically are likely to drive high double-digit revenue growth rates for plasma expanders market due to their huge patient pools, rapidly developing pharmaceutical sectors, and burgeoning medical facilities and services. In addition, Asia Pacific’s growing trade links with other developed regions is supporting extensive technology transfers, knowledge-sharing and regional collaborations which will accelerate the future market momentum of plasma expanders in this region.