Incessantly rising prevalence of life-threatening diseases is expected to boom plasma-derived therapy market growth

calendar_today 13 July, 2022 person_outline Growth Plus Reports

Plasma Derived Therapy Market by Protein Derived (Immunoglobulin, Clotting Factors, and Albumin), Application (Infectious Diseases and Hereditary Diseases), End-User (Hospitals & Clinics and Research Institutes) – Global Outlook & Forecast 2022-2030

According to the deep-dive market assessment study conducted by Growth+ Reports, the global plasma derived therapy market was pegged at ~US$ 25.4 billion in 2021. The market is expected to witness a CAGR of ~6.2% from 2022 to 2030.

Incessantly rising prevalence of life-threatening diseases, the prevalence of genetic disorders, awareness of blood & plasma donation, and increasing research & development activities are some of the pivotal factors propelling 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 their incidence across the globe have raised the demand for an effective plasma therapy. The first case of COVID-19 was found in December 2019, and by the end of April 2020, the count had surged to more than 2.99 million worldwide. Convalescent Plasma Therapy/ Immunoglobulin Therapy is deemed 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 help in neutralizing the COVID-19 virus in the infected patient. The positive and encouraging results obtained in the clinical trials for plasma therapy against COVID-19 are 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 in 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).

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 further propel 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 hyperimmune immunoglobulin medicine for treating individuals with severe complications from COVID-19.

However, the high cost of therapy and unfavorable reimbursement policies has restricted the adoption rate of plasma derived treatment, as it remains unaffordable for many patients. Furthermore, lack of reimbursement has also discouraged companies from investing in research and development, thereby further hampering the growth of the market.

The Asia Pacific region is expected to be the fastest-growing 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 owing to the rising geriatric population coupled with an increasing prevalence of neurological disorders and hematological diseases. The growing increasing medical tourism industry and rising adoption of PRP treatments in cosmetic operations to improve facial features in countries such as Korea, India, and Thailand are also anticipated to drive regional market growth.

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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