New York, U.S., May 3, 2022 (GLOBE NEWSWIRE) — Plasma Therapy Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Plasma therapy market By Type, Source, Application, End User and Region – Forecast to 2030the market is expected to reach USD 895.45 million by 2030 at a CAGR of 13.8%.
Plasma therapy is used to replace deficient or missing proteins that help patients lead healthy, disorder-free lives. Due to the growing number of plasma fractionation methods, human blood generates many plasma-derived therapies for chronic, life-threatening, and debilitating disorders.
Plasma products play a vital role in medical treatment as well as prophylaxis. Plasma products are useful in the management of autoimmune diseases, chronic diseases and bleeding emergencies. Increasing access to medical care, emergence of new applications and products, and diagnostic developments could ensure considerable growth of the plasma therapy industry.
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Market Competitive Analysis:
Leading competitors in the plasma therapy market include:
- BioLife Plasma Services (USA)
- Cambryn Biologics LLC (USA)
- Biotest (Germany)
- CSL Ltd. (Australia)
- Grifols International SA (Spain)
- Kedrion SpA (Italy)
- LFB SA (France)
- Bio Products Laboratory Ltd. (UK)
- Chinese Organic Products, Inc. (China)
- Octapharma (Switzerland)
- Arthrex, Inc. (USA)
- DePuy Synthes Companies (USA)
- Grifols SA (Spain)
- Global Stem Cells Group, Inc. (USA)
- Juventix Regenerative Medical LLC (USA)
- Celling Biosciences, Inc. (USA)
Covered USP market
The plasma therapy industry is largely driven by the increasing burden of several life-threatening disorders, including many neurological disorders, including idiopathic thrombocytopenic purpura (ITP), multifocal motor neuropathy (MMN), and chronic inflammatory demyelinating polyneuropathy ( CIPD).
Rising cases of contagious diseases, including tetanus, rabies, and hepatitis A and B, could encourage industry growth in the coming years. Moreover, the expanding geriatric population suffering from several diseases, given its high susceptibility to infections and low immunity, is also expected to increase the demand for plasma therapy. Having said that, the significant costs of plasma therapy may harm the global market in the coming years. But the growing number of individuals affected by androgenic alopecia and orthopedic disorders could present great opportunities for developers of plasma therapy.
Competitively, various companies are investing heavily in R&D activities for enriched product lines, which will favor the plasma therapy market. Apart from this, these competitors are adopting many strategies including contractual agreements, mergers and acquisitions, partnerships, product launches and business expansion for a higher global footprint. For example, in October 2021, BioLife Plasma Services installed its latest plasma unit in Worcester to meet growing demand for a number of plasma therapies.
The high costs associated with plasma therapy can hamper business growth. The price associated with extracting plasma from blood and then storing it is quite high and countries with limited healthcare budgets cannot afford it. This has limited the use of plasma in developing as well as underdeveloped countries.
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The COVID-19 outbreak, along with the containment measures put in place by the government to manage the spread of the pandemic, has had a significant impact on several industries. The increase in the number of infected people had a major effect on hospital management due to limited staff and resources, unlike the sudden surge in the number of cases; causing delayed medical procedures as well as surgeries. There was a backlog of elective medical procedures and only emergency procedures that could result in death were prioritized.
The pandemic has also put an additional strain on the plasma supply. Companies, business owners and suppliers of platelet-rich plasma (PRP) therapeutics in various Asian countries have been affected by the sharp increase in the number of patients with COVID-19.
Middle- and low-income economies have faced challenges due to shortages of skilled personnel and government regulations on suppliers and industries. During the spread of the pandemic, plasma therapy was presented as the first line of treatment given the absence of vaccines, specific drugs and treatment.
Types of plasma therapy are leukocyte-rich PRP, pure PRP, leukocyte-rich fibrin, and pure platelet-rich fibrin.
The sources are autologous, as well as allogeneic.
Plasma therapies have applications in dermatology, orthopedics, dentistry, cardiac muscle damage and nerve damage.
The end users in the global market are hospitals and clinics as well as research institutes.
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North America in 2020 secured the top spot in the global market, thanks to the massive presence of highly renowned platelet rich plasma therapy solution developers in the region. The growing involvement of academic and research institutes in vigorous R&D activities, growing awareness of the benefits of platelet-rich plasma therapy, and financial support from regulatory authorities as well as government encouraging the use of PRP for health applications significantly enhance the value of the market. . The highly developed medical infrastructure in the United States, coupled with the large pool of qualified and well-trained medical professionals, further contributes to the growth of the business.
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Considering the booming population affected by various chronic diseases, the Asia-Pacific industry is expected to register a significant CAGR in the coming years. The modernization of health institutions as well as the increase in government intervention to facilitate public health offer enormous opportunities for actors. The COVID-19 outbreak has further heightened the level of awareness of plasma therapy, which is now increasingly used as a primary treatment. India is the frontrunner when it comes to adopting plasma therapy, following the growing population of infected patients in the country. Increasing investment in research and development of new therapies by competitors in the region is also driving the market demand.
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