by Blood plasma derivatives are products extracted from human blood plasma through medical processes like fractionization and purification and find wide applications in the treatment of various health conditions. Some key plasma derivatives include immunoglobulins, albumin, Factor VIII and Factor IX, which are utilized therapeutically for indications like immunodeficiencies, bleeding disorders, and other diseases. Immunoglobulin replacement therapy is a rapidly growing application for treating patients with hypogammaglobulinemia and other neurological disorders. With the rising prevalence of chronic illnesses worldwide requiring life-long medical management, the demand for plasma-derived medicinal products is surging significantly.
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
The growing demand for therapeutic applications is driving the blood plasma derivatives market substantially. As mentioned earlier, conditions like hypogammaglobulinemia and neurological disorders requiring immunoglobulin replacement therapy are on the rise. According to statistics, more than 150,000 Americans are affected by primary immunodeficiencies alone which has increased the adoption of immunoglobulin therapeutics significantly. Moreover, rising prevalence of bleeding disorders globally is also fueling the sales of plasma derivatives like Factor VIII and Factor IX used for treating hemophilia patients. It is estimated that about 1 in every 10,000 male births have hemophilia A according to WHO data.
Additionally, a steady increase in funding for plasma collection centers by leading industry players is positively impacting market growth. For instance, Grifols invested USD 136 million in 2021-2022 for expanding its plasma supply in the US and building new plasma donation centers. Growing investments in plasma fractionation facilities by key manufacturers for increasing production capacities of plasma derivatives are further supporting market expansion over the forecast period.
Segment Analysis
The global blood plasma derivatives market can be segmented on the basis of product type and application. On the basis of product type, the market is dominated by immunoglobulins segment, due to high demand for immunoglobulins in treatment of various diseases. Immunoglobulins find wide application in treatment of immunodeficiency diseases and other conditions. On the basis of application, the market is dominated by immunology segment due to high usage of blood plasma derivatives in treatment of immunology related diseases.
PEST Analysis
Political: Stringent regulations regarding collection, storage, and transportation of blood plasma is positively impacting the market. Government initiatives for increasing plasma collection is boosting market growth.
Economic: Rising healthcare spending and increasing per capita income is fueling the market growth. Emerging economies are providing numerous opportunities for market players.
Social: Increasing cases of immunodeficiency and bleeding disorders is driving the demand for blood plasma derivatives. Growing patient awareness regarding benefits of plasma therapies is supporting market expansion.
Technological: Advancements in plasma collection technology helps in improving yield and safety. Launch of new products with enhanced purity and specificity is fueling competition in the industry.
Key Takeaways
The global Blood Plasma Derivatives Market Size is expected to witness high growth over the forecast period due to rising prevalence of immunodeficiency and bleeding disorders globally.
Regionally, the North America region dominates the market currently due to presence of stringent regulations and advanced healthcare infrastructure in the region. The Asia Pacific region is expected to witness fastest growth over the coming years supported by growing healthcare spending, increasing disposable income, and rising patient awareness in the region.
Key players operating in the blood plasma derivatives market are Iron Mountain, ARC, Restore plc, Cintas, Proshred, National Document Shredding Service, Shred Station, Red Dog Shred, and Shred-X. Key players are focusing on new product launches and expanding their geographic presence through strategic partnerships and collaborations to gain competitive advantage in the market.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
