New York, USA, May 24, 2021 (GLOBE NEWSWIRE) -- According to the latest estimates by Research Dive, the global plasma fractionation market is predicted to experience a rise in revenue from $25,404.5 million in 2019 to over $45,803.2 million in 2027 at a stable CAGR of 7.0%.
Market Dynamics
The rising number of elderly people contracting autoimmune diseases has added to the speedy growth of the market. There has also been a steady rise in the number of plasma collection centers that is set to push the market’s revenue further. Additionally, the implementation of immunoglobulin into various hematological and neurological medications has also added to the growth of the market.
Plasma therapy is one of those treatments that is primarily used by those who can afford it, as it tends to be expensive. The use of alternative recombinants such as the fibrinogen concentration along with protease inhibitor in the procedure of plasma therapy tend to be one of the major restraining factors for the market.
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Impact Analysis of COVID-19 on the Plasma Fractionation Market
The global market for plasma fractionation is estimated to experience a high growth amid the COVID-19 pandemic. This growth is projected to be due to the increasing complications in the COVID-19 patients. However, plasma therapy demonstrated some positive results in curing the patients suffering from the COVID-19 virus. Plasma is obtained from recovered COVID-19 patients as their blood has antibodies against the viral infection. Many plasma therapeutic companies have stepped forward to find the cure for this disease through the use of plasma. For instance, as per the news published in The Economic Times in April 2020, The Indian Council of Medical Research (ICMR) gave its consent to Kerala state government to initiate convalescent plasma therapy for the treatment of COVID-19 patients at Sree Chitra Tirunal Institute for Medical Sciences and Technology (SCTIMST).
However, decrease in the number of plasma donors due to surgical procedure delays has reduced the supply of plasma and therefore has negatively impacted the plasma fractionation market growth.
Segmental Analysis
The report divided the market into different segments: by product, application, end user, and region.
Immunoglobulin Sub-segment to Dominate the Market
By product, the report expressed that the immunoglobulin market is predicted to see a rise in revenue from $11,862.3 million in 2019, to over $22,439.3 million by 2027. This growth is credited to the increasing requirement of products containing immunoglobulin to treat both neurological and immunological diseases.
Hematology Sub-segment to Witness Increased Growth in the Forecast Period
By application, the hematology sub-segment is set to gain a significant revenue of $4,124.3 million from 2020-2027. The medical sector has been introducing better plasma derived therapies which various skilled healthcare professionals have been utilizing for the better health of patients.
Clinical Research Laboratory Sub-segment to Lead
By end user, the clinical research laboratory sub-segment is set to garner revenue of $3,564.9 million from 2020-2027. The rising number of chronic illnesses among a majority of humans requires a solution that needs intense research. The clinical research laboratory helps in providing the desired facilities which has led to its growth in the market.
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Regional Analysis
The North American region has been soaring in terms of revenue, which is set to increase to over $16,947.2 million from 2020-2027. The growing rates of per capita healthcare expenditure has been adding to a demand for enhanced equipment and facilities which can help in the improvement of healthcare facilities all across the region. This has been a primary cause for the market’s immense growth.
Key Players of the Market
As per the report, some of the noteworthy brands working on helping the market grow further are
- Kedrion S.P.A
- Octapharma
- Bio Products Laboratory
- Biotest AG
- Grifols
- Sanquin
- Japan Blood Products
- China Biologics Products Holdings
- CSL Behring
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. For instance in April 2020, Kedrion Biopharma, global expert in the manufacture of plasma-derived therapeutics products decided to collaborate with Kamada Ltd, a prominent figure in the plasma-derived biopharmaceutical industry. Both the organizations planned to work together in order to develop an effective plasma-derived protein therapeutic or a polyclonal immunoglobulin for the treatment of COVID-19. The medication will be made using a variety of products and technologies such as the IgG platform.
Impact of COVID-19 on the Global Plasma Fractionation Market
All throughout 2020, the COVID-19 virus disrupted normal life worldwide and still continues to have a lasting effect on various industries. But, on the contrary the global plasma fractionation market was able to grow immensely as more people started opting for plasma therapy treatments for viral infections as well as for more severe complications. Though the suspension of the supply chain affected the market initially, especially due to unavailability of raw materials, it quickly picked up pace after many healthcare professionals started suggesting it to patients.
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