New York, USA, Aug. 02, 2021 (GLOBE NEWSWIRE) -- According to the latest report by Research Dive, the global plasma fractionation market is anticipated to garner a revenue of $45,803.2 million by 2027, rising from $25,404.5 million in 2019, at a stable CAGR of 7.0% from 2020-2027.
Market Analysis
Growth: The coronavirus affected the world immensely, and in this duration the global plasma fractionation market experienced immense growth due to the use of plasma for the treatment of the virus. With multiple phases, the virus continued to mutate which led to multiple complications in the patients. These instances led to medical professionals experimenting with plasma to help patients recover from COVID-19. These factors are predicted to add to the rapid growth of the market in the analysis period.
Restraint: On the contrary, plasma therapy is a comparatively high-priced procedure and is normally opted by those who can meet its expenses. To add further, recombinants used in combination with fibrinogen concentration as well as protease inhibitor within the plasma therapy could be one of the major limiting factors in the growth of the market. Also, the unavailability of reimbursement policies for medical procedures in several countries is predicted to be a barrier in the growth of the market.
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Opportunity: The government is ensuring constant efforts and funding into companies that are working on the process of research and development with regard to plasma therapy. Also, multiple biotech and biopharma companies have also been investing in advanced research methods to come up with effective treatments for COVID-19. These factors are expected to provide an opportunity of growth for the market.
Segmental Analysis
The market is segregated into multiple segments based on- product, application, and end user.
Immunoglobulin Sub-segment to Dominate the Market
By product, the immunoglobin sub-segment is expected to dominate the market with significant surge in the revenue from $11,862.3 million in 2019 to over $22,439.3 million by 2027. Several products meant for treatment of neurological and immunological illnesses contain immunoglobulin which may lead to the growth of the sub-segment in the analysis period.
Hematology Sub-segment to Witness Increased Growth in the Forecast Period
By application, he hematology sub-segment is set to gain a significant revenue of $5124.3 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
According to the report, 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.
Regional Analysis
The North American region is anticipated to garner revenue of $16,947.2 million by 2027, rising from $9,933.2 million in 2019. People have been investing a large amount of their earnings into healthcare which has further resulted to the rising demand for more efficient and effective healthcare facilities for patients. The market has also experienced introduction of new age technology which is set to boost the revenue for the North America region in the analysis period.
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Plasma Fractionation Market Key Players
The report contains a list of notable market players who have been ensuring the constant growth of the market. They are as listed below:
- Kedrion S.P.A
- Octapharma
- Bio Products Laboratory
- Biotest AG
- Grifols
- Sanquin
- Japan Blood Products
- China Biologics Products Holdings
- CSL Behring
These players are currently focusing on R&D activities, mergers &acquisitions, partnerships, and collaborations to sustain and attain a leading position in the market. For instance, in July 2020, Grifols, an expert in healthcare and pioneer of plasma medicines, acquired plasma fractionation centres in Montreal along with two purification facilities. The company also acquires over 11 US based plasma centres and by doing so, it aims to make plasma medication more accessible to patients on a global level.
COVID -19 Impact on the Global Plasma Fractionation Market
When the coronavirus started spreading all over the world it affected multiple industries immensely. But, the global plasma fractionation market experienced exponential growth due to the use of plasma therapy in the treatment of viral infections which included coronavirus. The initial stages of the lockdown affected the market negatively as there were fewer people donating plasma upon recovery form COVID-19. Rising number of suggestions by healthcare professionals to opt for plasma therapy for treatment of several illness is expected to lead to the growth of the market in the estimated timeframe.
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