Plasma Protein Therapeutics Market is Expected to Reach US$ 31.84 Billion by the End of 2024
Added: (Mon Mar 12 2018)
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With a share just short of 30%, CSL Behring emerged as the dominant player in the global plasma protein therapeutics market in 2015, says Transparency Market Research (TMR) in a new study. The company offers a wide range of products that have broad applications in critical care, immunology, wound healing, and coagulation. Additionally, CSL Behring capitalizes on its considerable geographical presence. These factors are aiding the growth witnessed by the company in the last few years.
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Other prominent players in the market include Kamada, Octapharma Inc., Biotest Pharmaceuticls, and Grifol. Of these, Grifol led the plasma protein therapeutics market in the Alpha 1 Anti tripsin and intravenous immunoglobulin (IVIG) segments in 2015. TMR says that CSL Behring, Grifols, Baxalta, and Octapharma together accounted for approximately 82.6% of the global plasma protein therapeutics market.
“The increasing use of immunoglobulins in the treatment of primary immunodeficiency has been spurring the sales of plasma protein therapeutics,” said a lead analyst at TMR. “Besides this, the rising use human albumins in the treatment of blood loss, shocks, and burns and as a drug formulation agent is also fuelling the opportunities for the plasma protein therapeutics market,” he added. The demand for plasma protein therapeutics is also expected to rise due to the increasing development of new indications, innovation of solutions for safe and efficient plasma collection, the advent of novel plasma-derived therapies, and better access to medicines in developing countries.
On the flip side, the implementation of stringent regulatory policies and issues pertaining to reimbursements are likely inhibit the market’s trajectory. The existing complexity in biologics manufacturing is also expected to create bottlenecks for the market. Nevertheless, the rising healthcare expenditure in the emerging economies will boost prospects for the market in the forthcoming years.
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Regionally, North America held the dominant share of 40.7% in the global plasma protein therapeutics market in 2015. Intravenous immunoglobulin (IVIG) has emerged as the leading segment in the regional market primarily due to its rising usage in new researches and new indications. The increasing geriatric population, also boosts demand from IVIG from the North America market.
During the same time, Europe held the second largest share in the global plasma protein therapeutics market. The amount of plasma collected and processed in Europe has doubled itself since the last decade. This has augured well for the prospects of plasma protein therapeutics market in Europe. Some of the most lucrative markets for plasma protein therapeutics in Europe include Germany, Italy, Switzerland, France, Spain, Sweden, and the U.K.
However, Asia Pacific has been exhibiting the most attractive opportunities for the global plasma protein therapeutics market. The region is expected to demonstrate the highest CAGR of all between 2016 and 2024. TMR projects the regional market to rise at a CAGR of 8.1% during the forecast period.
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By product, immunoglobulin emerged dominant, holding a share of 40% in the plasma protein therapeutics market in 2015. The demand for immunoglobulin has been increasing in response to the surging production of plasma-based drugs. Since these drugs are found quite efficient in the treatment of primary immunodeficiency diseases, demand from the product segment is likely to continue increasing at a robust pace through the forecast period.
By application, use of plasma protein therapeutics is expected to rise in the treatment of both primary and secondary immunodeficiency disorders.
Transparency Market Research pegs the global plasma protein therapeutics market to reach US$31.8 bn by the end of 2024, from a valuation of US$18.5 bn in 2015. The market is thus projected to exhibit a CAGR of 7.0% between 2016 and 2024.
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