Plasma derived proteins refer to biologics derived and purified from human plasma. Plasma derived proteins are widely used in a vast variety of therapies for conditions such as hemophilia, primary immunodeficiency, alpha-1 antitrypsin deficiency, and several rare, chronic, genetic, and life-threatening diseases. In the past few years, advancements in plasma separating and collecting equipment, services, and quality control procedures have boosted the usage of plasma protein therapeutics across a number of applications. The usage of plasma derived protein in many novel indications is also propelling the global plasma protein therapeutics market.
The global market is expected to witness an upward growth trajectory in the next few years. Over the period between 2016 and 2024, the market is expected to exhibit a 7.0% CAGR. Expanding at this pace, the market, which valued US$18.5 bn in 2015, is expected to rise to US$31.84 bn by 2024. Despite the positive growth prospects, the market’s growth is expected to be hindered to a certain extent in the next few years owing to factors such as the lack of standard reimbursement policies and stringent approval processes.
Rising Prevalence of Immunodeficiency Diseases to Expedite Market’s Growth
Of the key sectors of application of plasma protein therapeutics, including hemophilia, idiopathic thrombocytopenic purpura, primary and secondary immunodeficiency disorders, and hereditary angioedema, the demand for plasma protein therapeutics for the treatment of primary immunodeficiency disorder (PID) will earn the global market its largest share of revenues in the next few years. The PID segment will exhibit a 7.6% CAGR from 2016 to 2024.
The rising global prevalence of secondary immunodeficiency disorders will also have a sizeable positive impact on the development of the global plasma protein therapeutics market in the next few years. Rising awareness regarding the available treatment methods for secondary immunodeficiency disorders such as myeloma, diabetes, HIV infection, and undernutrition is expected to further drive the market for plasma protein therapeutics in the near future.
Asia Pacific to Exhibit Most Promising Growth Prospects for Global Market
Presently, North America is the dominant regional market for plasma protein therapeutics, trailed by Europe. The vast rise in the region’s geriatric population, rising prevalence of chronic diseases and several new indications, and rising investment in the field of research and development of new products are the factors boosting the consumption of plasma proteins in the region. The North America is also expected to hold a dominant position in the global plasma protein therapeutics market in the next few years, exhibiting a healthy 7.9% CAGR from 2016 to 2024.
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However, the plasma protein therapeutics market will achieve the most promising development across Asia Pacific in the next few years. The vast rise in consumption of immunoglobulin and albumin in Asia Pacific is bolstering the growth prospects of the plasma protein therapeutics market in the region. Countries in Asia Pacific such as China import a substantial share in their overall albumin supply from regions such as North America and Europe. The albumin product segment is thus expected to witness expansion at a rapid pace in Asia Pacific in the next few years.