The plasma protein therapeutics market studied has been projected to grow with a CAGR of nearly 5.3% over the forecast period. The major factor attributing to the growth of the market is increasing prevalence of immune deficiency disorders, autoimmune disorders, neurological and bleeding disorders. In addition, the rise in geriatric population who are more prone to neurological disorders.
Furthermore the growing investements in research and development programs by the biotechnology and pharmaceutical companies is boosting the market growth. The current happening research and development in the plasma protein segment are anticipated to drive its use through several applications. The expanding use of therapeutic protein drugs in the treatment of a broad range of clinical symptoms are expected to generate several growth opportunities for this market in forthcoming years.
However, stringent regulations for the handling of plasma protein products, and lack of reimbursement policies are the drawbacks that hinder the market growth.
Key Market Trends
Albumin Segment is Expected to be the Fastest Growing Segment over the Forecast Period
Albumin is used to replenish blood volume loss resulting from trauma such as severe burns or an injury that causes blood loss. This medication is also used to treat low albumin levels caused by surgery, dialysis, abdominal infections, liver failure, pancreatitis, respiratory distress, bypass surgery, ovarian problems caused by fertility drugs, and other many other conditions.
The major factor attributing to the growth of the market is increased awareness of plasma protein therapy. Furthermore, improved diagnosis of hypoalbuminemia caused by liver cirrhosis and hepatitis B is also a major factor driving the market growth. According to the National Pancreas Foundation, every year in the United States, nearly 220,000 people will be affected with acute pancreatitis, and more than 80,000 people will be diagnosed with chronic pancreatitis. Therefore as the incidence of the diseases increases the albumin treatment also increases.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall plasma protein therapeutics market, throughout the forecast period. The market growth is due to factors like increasing prevalence and incidence of autoimmune and neurological diseases.
Increasing geriatric population in this region also increases the patient pool like the old age people are more prone to neurological diseases. Furthermore, beneficial government initiatives, escalating awareness levels among the blood donors, existence of advanced protein fractioning procedures, greater per capita income in the developed countries, increase in the number of research partnerships are some of the drivers expected to increase the market growth in the region.
The plasma protein therapeutics market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market Takeda Pharmaceutical Company Ltd, Octapharma USA Inc., Grifols, S.A., CSL Behring, Biotest AG, Baxter, and China Biologic Products Holdings, Inc.
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