plasma therapy market is expected to cross ~USD 895.45 million by 2030 at a CAGR of ~13.8%
Plasma Therapy Market Overview
The global plasma therapy market is expected to cross USD 895.45 million by 2030 at a CAGR of 13.8%. Plasma therapy can replace missing or deficient proteins that allow individuals to lead healthy and disorder-free lives. Due to increasing plasma-fractionation techniques, human blood produces several plasma-derived therapies for debilitating, chronic, and life-threatening disorders. Plasma products play a crucial role in medical treatment and prophylaxis. Plasma products are critical for managing bleeding emergencies, autoimmune disease, and a number of chronic conditions that include hemophilia, congenital and acquired immunodeficiencies. The increased access to medical care, new products and applications, and diagnostic advances fuel the growth of the plasma therapy market. According to the Plasma Protein Therapeutics Association, the United States was the largest contributor to the global source plasma supply in 2017. Favorable regulatory guidelines increased the availability of donors whereas efficient plasma collection infrastructure fuel the plasma therapy market worldwide.
The COVID-19 pandemic outbreak, along with lockdowns imposed by governments to manage the spread of the disease, impacted several industries. The rise in infected patients impacted the management of hospitals because of its limited staff and resources in comparison to the sudden increase in the number of infected patients; this caused delayed medical procedures and surgeries. The non-emergency medical procedure was delayed, and emergency procedures that would have affected patients or could have caused loss of life if not carried out were prioritized.
The COVID-19 pandemic applied additional stress on the plasma supply. Companies, suppliers, and business owners of platelet-rich plasma (PRP) therapy products in Asian economies were affected by the sudden rise in COVID-19 patients. The middle- and low-income countries had to face challenges due to the lack of health infrastructures and regulations imposed by the governments on industries and suppliers. During pandemic, plasma therapy was proposed for the treatment because of the absence of vaccines, other specific drugs, and treatment.
Plasma therapy performs the replacement of deficient or missing proteins found in plasma to enable its receivers to live healthier and disorder-free lives. The therapy is used to treat various diseases such as arthritis, nutritional deficiency, bone repairing, and others. The therapy is also used for research purposes to study the effect of various viruses as well as bacteria on the body, along with bodies response to the diseases. The previously infected person's plasma contains antibodies against the diseases. These antibodies can be used for the treatment of diseases. COVID-19 outbreak witnessed plasma therapy as a potential cure for the disease. The use of plasma from the infected person for newly infected patient showed an increase in the immune response against the virus. Doctors worldwide used plasma therapy to treat highly infected people, which reduced the mortality rate effectively.
North America held the largest plasma therapy market share in 2020, owing to the availability of leading platelet-rich plasma therapy product manufacturers, active participation of research and academic institutes to conduct advanced research and development activities, rising awareness toward benefits of platelet-rich plasma therapies, and assistance from regulatory authorities and government to encourage the use of PRP for medical applications. The well-developed healthcare infrastructure in the region, along with the availability of highly skilled professionals is further contributing to the market growth.
The high population in the region and the constant emergence of chronic diseases are the major factors boosting the market growth in the region. The developing healthcare facilities and active government participation for the improvement of public health is providing huge opportunities for the market. The outbreak of COVID-19 has enhanced the awareness regarding plasma therapy as is used a potential treatment. India was one of the forerunning countries to adapt the therapy. The large number of disease patients in the region is a key contributor to the regional market growth. An increase in investment by the major market players in the region is also boosting the market in Asia-Pacific.
The global plasma therapy market has several key players. This demonstrates high competition in the market. The major market players in global plasma therapy market are BioLife Plasma Services (US), Cambryn Biologics LLC (US), Biotest (Germany), CSL Ltd. (Australia), Grifols International S.A. (Spain), Kedrion S.p.A. (Italy), LFB S.A (France), Bio Products Laboratory Ltd. (U.K.), China Biologic Products, Inc. (China), Octapharma (Switzerland), Arthrex, Inc. (US), DePuy Synthes Companies (US), Grifols S.A (Spain), Global Stem Cells Group, Inc. (US), Juventix Regenerative Medical LLC (U.S.), and Celling Biosciences, Inc. (U.S.). These industry players are coming up with various business strategies to increase their market presence. The companies invest in R&D activities to expand their product portfolio, further driving the plasma therapy market. In addition, the market players are adopting various strategies such as mergers & acquisitions, contractual agreements, new product launches, increasing investments in R&D, and partnering with other players to expand their global footprint.
List of Key Companies Covered in this Report:
The study covers the existing short-term and long-term market effects, as well as helping decision-makers to draught short-term and long-term plans for businesses by region. The report covers major regions in North America, Europe, Asia-Pacific, and the Rest of the World. The report analyzes market drivers, restraints, opportunities, challenges, Porter's Five Forces, value chain, and impact of COVID-19 on the market.
Scope of the Report & Segmentation
|Market Size||USD 895.45 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Types, Source, and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World|
|Key Vendors||• BioLife Plasma Services (US) • Cambryn Biologics LLC (US) • Biotest (Germany) • CSL Ltd. (Australia) • Grifols International S.A. (Spain) • Kedrion S.p.A. (Italy) • LFB S.A (France) • Bio Products Laboratory Ltd. (U.K.) • China Biologic Products, Inc. (China) • Octapharma (Switzerland) • Arthrex, Inc. (US) • DePuy Synthes Companies (US) • Grifols S.A (Spain) • Global Stem Cells Group, Inc. (US) • Juventix Regenerative Medical LLC (U.S.) • Celling Biosciences, Inc. (U.S.)|
|Key Market Opportunities||The emergence of new products in plasma therapy boost the market growth|
|Key Market Drivers||• Rise in COVID-19 cases around the globe • Rising awareness among the population regarding the diseases and potential treatment options|
The plasma therapy market is projected to reach USD 895.45 million by 2030 at a CAGR of 13.8%.
BioLife Plasma Services (US), Cambryn Biologics LLC (US), Biotest (Germany), CSL Ltd. (Australia), Grifols International S.A. (Spain), Kedrion S.p.A. (Italy), LFB S.A (France), Bio Products Laboratory Ltd. (U.K.), China Biologic Products, Inc. (China), Octapharma (Switzerland), Arthrex, Inc. (US), DePuy Synthes Companies (US), Grifols S.A (Spain), Global Stem Cells Group, Inc. (US), Juventix Regenerative Medical LLC (US), and Celling Biosciences, Inc. (US) are the key players in the market of plasma therapy
North America is predicted to lead the market of plasma therapy
Rising awareness among the population regarding the diseases and potential treatment options are the major market driver of plasma therapy
High cost of plasma therapy may limit the market growth of plasma therapy