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Platelet and Plasma Market is Anticipated to cross $6.5 bn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-04-11 

The Platelet and Plasma Market is set to exceed USD 6.5 billion by 2024; according to a new research report by Global Market Insights. Advent of technologically advanced platelet and plasma products is another major driver that will augment the market growth. Use of platelets and plasma in treatment of rare, debilitating, life-threatening conditions and chronic diseases such as Hepatitis B heavily influences growth of the market. Plasma derived from blood can be used in treating rare diseases wherein no other alternative treatment is available. For instance, use of plasma for treatment of Ebola virus during its outbreak in West Africa. Aforementioned factors will augment the market growth during the forecast period.

Increasing blood transfusion rates in Europe will drive the global platelet and plasma market growth over the forecast period. Blood transfusion process is primarily done to isolate the desired blood components such as red blood cells, plasma, platelets and other vital components of the blood. Government initiatives to create awareness regarding source plasma collection as well as use of lifesaving plasma protein therapies in rare diseases will positively impact the market growth. Advancements in healthcare infrastructure coupled with increasing number of blood transfusions will directly impact growth of platelet and plasma market in coming years.

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Plasma segment of platelet and plasma market accounted for more than 33% of industry share in 2017.The segment is forecasted to witness robust growth due to increasing prevalence of rare diseases such as hemophilia, hereditary angioedema, autoimmune diseases, and other infectious diseases. Use of plasma as the only therapeutic strategy available for treatment of certain diseases in case of unavailability of vaccines, drugs or other specific treatments will fuel the demand for plasma. For instance, use of plasma for treatment of Ebola virus during its outbreak in West Africa. Furthermore, use of plasma in patients suffering from burns, shock, trauma and other emergencies will augment the segment growth during the forthcoming years.

Hemophilia segment of platelet and plasma market accounted for a revenue of more than USD 320 million in 2017 and is estimated to grow considerably over the analysis period. Hemophilia is a bleeding disorder that prevents normal clotting of blood. According to National Hemophilia Foundation, more than 4,00,000 people across the world suffered from hemophilia in 2017. Around 75% of patients with hemophilia have no access to treatment or receive inadequate treatment. Use of platelets and plasma for treatment of hemophilia will boost the segment growth during the forthcoming years.

The incidence of immune thrombocytopenia among U.S. adults is also quite alarming – approximately 3.3 per 100,000 adults in a year. As per experts’ opinion, platelet transfusion, in the true sense, has brought a disruption in the treatment of hypoproliferative thrombocytopenia. In fact, American Academy of Neurology even claims that plasma can be used for treating various neurological disorders as well. Ergo, it can be stated that platelet and plasma industry’s penetration in the healthcare space has changed the conventional therapeutic model in ways more than one. The aforementioned estimates vividly depict the humongous growth prospect of U.S. platelet and plasma market, which dominated the overall business space in 2017 with 34% of the global share.

Decades back, ABO-incompatibility in platelet transfusion was not considered a hindrance in normal response. In fact, ABO-mismatched platelet transfusion was very much in practice for a long period. However, the issue became apparent when ABO incompatibility between donor and recipient ultimately led to a deterioration in the effectiveness of the transfusion and its adverse impact on the recipient. As per the latest study, ABO- compatible platelet transfusion is claimed to be the safest and most effective approach present today in platelet transfusion practice.

In fact, proper identification of high-risk patients and their treatment by ABO-identical platelets transfusion has shown better results, cite experts. In case of negligible ABO-incompatibility, single donor platelet concentrates or random donor platelets concentrates from A2 “universal” PLT donors might be other alternative approach. These extensive research work coherently validates the underlining expansion of platelet and plasma industry over the recent years. As per estimates, platelets segment having reigned the overall business space in 2017 with USD 3.6 billion revenue, would continue to dominate platelet and plasma market over the ensuing years.

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Some of the notable industry players operating in global platelet and plasma market are America’s Blood Centers, American Red Cross, Blood Centers of America, European Blood Alliance, Indian Red Cross Society, Japanese Red Cross Society, Red Cross Society of China, Spanish Red Cross, Saudi Red Crescent Authority and South Africa Red Cross Society. Key strategy adopted by most of the industry players include collaborations and partnerships to encourage blood donation.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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