Plasma-derived Therapy Market is anticipated to grow at a CAGR of ~6.2% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Plasma-derived Therapy Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global plasma-derived therapy market was estimated to account for ~US$24 Billion in 2019. The market is anticipated to grow at a CAGR of ~6.2% from 2020 to 2030.
The growth of the global plasma-derived therapy market can be attributed to several factors, which have led to its wide-scale adoption. Rising prevalence of life-threatening diseases, awareness towards blood & plasma donation, and increasing research & development activities are some of the pivotal factors driving the growth of the global plasma-derived therapy market. However, the high cost of therapy and lack of reimbursement policies are likely to restrain the market to a certain extent.
In recent years, the prevalence of life-threatening conditions, such as immunodeficiency diseases, hemophilia, and hepatitis A&B;, among others, has increased significantly. Plasma-derived therapies are widely used for the treatment of such diseases. Furthermore, sudden viral outbreaks of H1N1 & COVID-19 and an increase in its incidence across the globe have raised the demand for effective plasma therapies. The first case of COVID-19 was found in December 2019, by the end of April 2020, the count has surged to more than 2.99 million worldwide. Convalescent plasma therapy/ immunoglobulin therapy is said to be effective against COVID-19. In convalescent plasma therapy, plasma from a COVID-19 recovered patient is transfused into an infected patient. The antibodies present in the plasma of the recovered patient helps in neutralizing the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2) in the infected patient. The positive and encouraging results obtained in the clinical trials for plasma therapy against COVID-19 is anticipated to boost the market considerably.
Government bodies across the globe are adopting several initiatives/strategies to fast-track the development of such products & therapies by providing the necessary funding, grants, permissions, clearances & approvals to meet the needs of the healthcare sector. For Instance, in April 2020, Emergent BioSolutions received $14.5 million funding from the Biomedical Advanced Research and Development Authority (BARDA), which is part of the U.S. Department of Health and Human Services (HHS), to speed up the development of the COVID-19 plasma therapy. Furthermore, in April 2020, the Drug Controller General of India (DCGI) approved the clinical trial proposal for convalescent plasma therapy submitted by the Indian Council of Medical Research (ICMR).
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Plasma-derived Therapy Market By Protein-derived (Immunoglobulin, Clotting factors, and Albumin), Application (Infectious diseases and Hereditary Diseases), and End User (Hospitals & Clinics and Research Institutes) – Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/plasma-derived-therapy-market/334
Prominent players, along with research & medical institutes and researchers & scientists worldwide, are increasingly focusing on collaborative initiatives to develop more effective treatment options for life-threatening diseases. Such collaborative efforts are expected to propel further the growth of the plasma-derived therapy market during the forecast period. For Instance, in April 2020, Takeda Pharmaceutical Company Limited, a Japanese multinational pharmaceutical &biopharmaceutical; company, allied with CSL Behring, a biotech company, to develop a potential plasma-derived therapy for treating the COVID-19. Other prominent players in the plasma therapy market, such as Biotest, BPL, LFB, and Octapharma, also joined this alliance with the intention to develop polyclonal hyper-immune immunoglobulin medicine for treating individuals with severe complications from COVID-19.
However, the high cost of therapy and unfavorable reimbursement policies have reduced the adoption rate of plasma-derived treatment, as it remains unaffordable for many patients. Furthermore, lack of reimbursement may also discourage companies from investing in research and development, thereby further hampering the growth of the market.
The Asia Pacific is expected to be the fastest-growing region in the plasma-derived therapy market. The growth of this region can be attributed to the increasing number of research partnerships and rising demand for advanced treatment options to fulfill unmet clinical needs. Countries in the APAC, such as India, China, and Japan, are anticipated to provide significant growth opportunities for the global plasma-derived therapy market, owing to the rising geriatric population coupled with an increasing prevalence of neurological disorders and hematological diseases.
Some of the prominent players operating in the plasma-derived therapy market are Takeda Pharmaceutical Company Limited., Biotest AG, CSL Limited, Grifols, S.A., KedrionS.p.A, LFB, Bio Products Laboratory U.S.A., Inc., China Biologic Products Holdings, Inc., Octapharma AG, and Emergent BioSolutions Inc. among others.
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