Jul 25, 2019   SOURCE: PR NewsWire

Plasma Protein Therapeutics Market to Expand at 6.3% CAGR due to Rising Investment for Products Advancements, Says TMR

ALBANY, New York, July 25, 2019 /PRNewswire/ -- The global Plasma Protein Therapeutics Market is estimated to expand at a CAGR of 6.3% from 2017 to 2024. At this growth rate, the market is estimated to reach a value of US$31.8 bn by 2024. This is primarily attributable to the rising prevalence of diseases and rising geriatric population. The factors such as the extensive investment in the extensive research to cater to the growing demand for the immunoglobulin capturing globally is benefiting growth of the global plasma protein therapeutics market. In addition, the newer product launches and approvals from the FDA and other governmental agencies are fuelling growth of the global plasma protein therapeutics market.

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Further, growing focus on inventing the effective drugs on primary immunodeficiency diseases (PIDs) are leading to account for substantial share, which are benefiting growth. On global level, approximately, 6 million people are prophesied to live with PID, of which, 27,000 to 60,000 are screened. Thus, in order to treat and raise awareness about the disease, the investment in the sector is surging. This investment coupled with awareness is driving growth of the global plasma protein therapeutics market. All encompassing, the segment is estimated to be worth for US$5,880.68 mn by 2024.

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Risks of Complexities in Therapeutics to Restrain Market Growth

However, the global plasma protein therapeutics market is estimated to face issues for a substantial growth owing to concerns related to the medical reimbursements coupled with the implementation of stringent policies. Additionally, the complexity in biologics manufacturing along with high costs associated with therapeutics is restraining growth of the global plasma protein therapeutics market. Nonetheless, increasing healthcare expenditure globally coupled with approvals from FDA, the European Commission and the Ministry of Health, Labor and Welfare (Japan) and its keen observations with clear guidelines are estimated to offer most lucrative opportunities for growth in the global plasma protein therapeutics market.

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Transparency Market Research (TMR) predicts that the global plasma protein therapeutics market is dominated by the North America region followed by Europe. This is primarily attributable to the vast production and easy availability of plasma protein products, which are collected from more than 450 collection centers in both the regions. However, rising health awareness coupled with investment in the healthcare for improving technologies to treat the primary immunodeficiency diseases (PIDs) in Asia Pacific region is benefiting the growth. Thus, the region is estimated to expand at a most lucrative rate during forecast period from 2017 to 2024.

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The global plasma protein therapeutics market is assessed by Transparency Market Research (TMR), which found to be fairly consolidative nature in terms of competition as the some of the key players are accounting for handsome share in the revenue. The key players such as Octapharma, Grifols, Baxalta, and CSL Behring are amongst the players, which set their dominance in the market from past few years. These companies are providing wide scope for products pertaining to be used in wound healing, coagulation, immunology, and critical care. The competition is getting highly intensified due to increasing number of players in the market. Many companies also pouring extensive investments in the market. Additionally, the market is getting benefit from the newer products and services launches. For instance, Grifols held a substantial share due to extensive stress of the company on the segments such as alpha-1 antitrypsin and intravenous immunoglobulin (IVIG).

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This information is encompassed in the report by TMR, titled, "Plasma Protein Therapeutics Market (Product - Coagulation Factors, Immunoglobulins, Albumins, C1-esterase Inhibitors, and Alpha-1 Proteinase Inhibitors and Hyperimmune Globulins; Application - Hemophilia, Primary Immunodeficiency Disorder, Idiopathic Thrombocytopenic Purpura, Secondary Immunodeficiency (CLL, Multiple Myeloma, and Congenital AIDS), and Hereditary Angioedema, Kawasaki Disease, GBS, and CIDP) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2024."

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