Product ID: SQMIG35H2165
Global Plasma Fractionation Market Size, Share, Growth Analysis, By Product(Albumin, Immunoglobulins), By Method(Centrifugation, Depth Filtration), By Application(Neurology, Hematology), By End Use(Hospitals & Clinics, Clinical Research and Others) - Industry Forecast 2024-2031
Report ID:
SQMIG35H2165 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
119 |
Figures:
77
Global Plasma Fractionation Market Insights
Global Plasma Fractionation Market size was valued at around USD 30.87 billion in 2022 and is expected to rise from USD 33.43 billion in 2023 to reach a value of USD 63.27 billion by 2031, at a CAGR of 8.3% over the forecast period (2024–2031).
Convalescent plasma was in greater demand during COVID-19 because doctors used it to treat the virus-infected patients at first. For instance, convalescent plasma was used extensively internationally to treat patients hospitalized with coronavirus and stop the progression of the disease, according to a Frontiers paper from June 2021. Convalescent plasma transfusion has been linked to better symptomatology and virus clearance, according to studies. As a result, plasma fractions were originally needed in increasing amounts to treat the COVID-19 patient. The analyzed market is anticipated to have steady expansion throughout the course of the study's prediction period as the epidemic has faded and fewer people are becoming infected with the virus.
The increasing use of immunoglobulins in various therapeutic fields, the expanding elderly population along with the rising prevalence of uncommon diseases, and the rising number of plasma collection facilities globally are some of the specific factors driving the market expansion. For instance, the percentage of people in the world over 60 will nearly treble by 2050, according to WHO statistics from October 2022. The old population of the globe is expected to age far more quickly than in the past by 2050, with 80% of them living in low- and middle-income nations. As a result, the burden of uncommon diseases is predicted to rise globally along with the aging population, raising the demand for plasma fractionation products and propelling the development of the market under investigation.
Furthermore, 1% of the world's population is thought to be affected with Von Willebrand's disease, according to an article updated by NCBI in August 2022. However, the prevalence of clinically important diseases is still thought to be around 125 per million, with severe diseases affecting up to 5 per million. Therefore, it is projected that the growing elderly population together with the burden of uncommon diseases like Von Willebrand will drive demand for plasma fractionation products, thereby promoting market growth. Additionally, the expansion of plasma collecting facilities across the globe is a key element in the development of the market under investigation. For instance, Bio Products Laboratory Ltd (BPL), a top producer of medicines using plasma-derived proteins, inaugurated its 29th plasma donation facility in April 2022. Additionally, Freedom Plasma established its fourth plasma donation facility in Ohio, US, in October 2022. Thus, expanding the number of plasma centers globally is anticipated to boost the manufacturing of plasma-based goods and consequently, market growth.
The market is also expected to grow as a result of numerous initiatives taken by the major market players, including product launches, alliances, mergers, and acquisitions, to introduce cutting-edge plasma fractionation methods and products to the marketplace. For instance, Octapharma was given permission to increase the use of cutaquig in the European Union (EU) in January 2022. Human immunoglobulin called Cutaquig is administered subcutaneously. It offers numerous patients with inherited immune deficiency flexible therapeutic options. The rising geriatric population coupled with an increase in the prevalence of rare diseases, the rising number of plasma collection centers, and various initiatives by the major market players are all predicted to have a positive impact on the market during the forecast period. The industry under study is constrained, though, by stringent laws governing the processing of plasma protein products, high prices, and problems with reimbursement.
Global Plasma Fractionation Market Report Snapshots
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