The global intravenous immunoglobulin (IVIG) market is anticipated to register a strong 8.5% CAGR from 2016 to 2024, with the opportunity in the market slated to reach US$14.92 bn by 2024. This positive stride can be attributed to the many advantages IVIG provides to clinicians around the globe. Improving healthcare infrastructure across developing economies and technological advancements in production and purification methods for IVIG will ensure that the market continues to expand at a healthy pace in the coming years.
Developed Regions Emerge as Leading Markets for Intravenous Immunoglobulin
Geographically, North America is the clear leader in the global intravenous immunoglobulin market and is slated to exhibit strong growth over the course of the forecast period, powered by the U.S. This lucrative IVIG market has been witnessing rising demand for intravenous immunoglobulin infusion therapy owing to growing prevalence of various immunological disorders and increasing geriatric population. Other factors benefiting the U.S. IVIG market include major advancements in technology, a strong economy, and abundant supply of plasma. In addition to this, increased investments in R&D and favorable reimbursement policies will continue to support the North America intravenous immunoglobulin market. In order to boost plasma donation, the U.S. FDA has been approving payments to plasma donors across the country, which has enabled it to become a self-reliant and key global exporter of plasma-derived products.
Europe is also major market for IVIG and owes its growth to an expanding patient and geriatric pool. As a developed region, Europe has been just as accepting of new products and innovative technologies as North America. Various clinical trials to test the viability and efficacy of new IVIG products and therapies have also boosted this regional market.
Common Side Effects of IVIG Likely to Deter Patient and Clinical Adoption
One of the major factors limiting the widespread acceptance of intravenous immunoglobulin is the side effects associated with it. Common side effects include muscle cramps, flushing, chills, nausea, fever, vomiting, chest pain, back/joint pain, sudden cough, shortness of breath, and wheezing. This can not only discourage patients from continuing IVIG therapies but also compel clinicians to choose alternate therapies.
The higher cost of plasma collection and manufacturing processes is another factor hampering the growth of the intravenous immunoglobulin market. Conventional methods of pharmaceutical manufacturing and processing are relatively cheaper as they do not require sophisticated equipment for collection, purification, and storage.
Consolidated Nature of Vendor Landscape Results in Intense Competition
The nature of the global intravenous immunoglobulin market in extremely consolidated and the leading four companies together accounted for massive 70.0% share in 2015. Grifols S.A., CSL Behring LLC, Baxalta Incorporated, Octapharma AG, and Kedrion S.p.A. have been dominating the scene, with Grifols leading the pack.
Strong geographic penetration is the main factor driving the company to emerge as the largest contributor to the worldwide IVIG market in terms of revenue. In January 2015, the company received FDA approval to set up a purification plant for IVIG 10%, further strengthening its Gamunex and Flebogamma brands. The firm also invested US$360 mn in March 2016 in the expansion of one of its plasma products manufacturing units.
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CSL Behring, on the other, owes its success to an extensive product portfolio. In March 2016, the company received FDA approval for IDELVION, the first of its kind commercially available factor IX therapy.