Blood Plasma Market Size is slated to grow at a notable pace between 2021 to 2027 due to the increasing instances of life-threatening disorders. The growth in the number of liver diseases along with the expanding geriatric population has made way for the surge in blood plasma transfusions. In addition, the influx of technological advancements, such as therapeutic protein development along with the increase in plasma collection centers will add positive impetus to the overall industry growth.
The surging costs related to plasma derivative-based therapies is another impact rendering factor for the market expansion. However, the dearth of blood plasma transfusion services in most developing countries and the post-operative risks of plasma replacement therapy may restrain the market growth to some extent.
In terms of application, hemorrhage is anticipated to capture a substantial share in the blood plasma market led by the increasing cases of trauma-related mortality. It has been estimated that hemorrhaging, or blood loss resulted in the death of over 60,000 Americans per year. Taking note of this, plasma, platelets, as well as red blood cells (RBCs), are increasingly utilized to curb the effects of hemorrhage, further adding to the market progression.
With regards to distribution channels, the blood plasma market is bifurcated into hospitals, ambulatory surgical centers, and others. Out of these, the demand for blood plasma in ambulatory surgical centers (ASCs) is expected to grow commendably owing to the lower infection rate in these settings in comparison to hospitals. Furthermore, the ease of access to well-equipped facilities to facilitate proper blood plasma transfusion activities will drive the industry progression in ASCs.
Asia Pacific blood plasma market is set to gain momentum through 2027 impelled by the higher consumer household incomes and the rising patient awareness in the region. The surge in the number of R&D activities and the escalating government funding will also contribute to the regional expansion.
Strategic collaborations, that include acquisitions, partnerships, and mergers along with investments, technical progressions, and novel product launches are some of the key strategies employed by major blood plasma industry participants in order to strengthen their market position.
For instance, in January 2019, JRC (The Japanese Red Cross Society) signed an eight-year contract with Abbott to make the company an exclusive supplier of immunoassay serological instrumentation, tests, as well as consumables for blood and plasma screening across Japan.
In another instance, in May 2020, the European Blood Alliance (EBA) joined forces with the European Commission, consisting of DG SANTE, DG CNECT, and DG DIGIT. This partnership helped to build as well as manage an EU-wide, open-access platform that gathers data on the COVID-19 convalescent plasma therapy.
Red Cross Society of China, Spanish Red Cross, Saudi Red Crescent Authority, German Red Cross, South African Red Cross Society, American Association of Blood Banks, Canadian Red Cross (International Red Cross and Red Crescent Movement), Brazilian Red Cross, French Red Cross, Italian Red Cross, American Red Cross, Japanese Red Cross, Indian Red Cross, and Blood Centers of America are some major players in the market.
The present COVID-19 outbreak created tremendous hurdles in the global economic landscape and gave rise to numerous roadblocks for a gamut of end-user industries. However, the alarming rise in the infection rate massively bolstered the demand for blood plasma. This is mainly ascribing to the incessant need for helping with the recovery of critically ill COVID-19 patients with the infusion of blood plasma of individuals recovered from the infection.
This factor has compelled numerous industry players to come up with various initiatives. For instance, The American Red Cross is encouraging COVID-19 survivors to donate their blood plasma for hospital patients to increase the recovery rate.
Market by Application, 2013-2024 (USD Million)
Market by Distribution Channel, 2013-2024 (USD Million)
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