Global Plasma Protein Therapeutics Market Size & CAGR (2021 to 2026)
The global protein therapeutics market size is projected to be worth USD 40075 million by 2026, registering a CAGR of 8.97% during the forecast period.
Impact of COVID-19 on the global plasma protein therapeutics market:
The global pandemic COVID-19 has impacted the global economy in various growth aspects. It directly affects production and demand and creates supply chain and market disruption, with a financial impact on the firms and financial markets. In addition, the current COVID-19 pandemic has also temporarily impacted plasma donation globally, affecting the plasma protein therapeutics market growth.
However, researchers are focusing on plasma-based treatments to see whether these can help treat the COVID-19 virus. Pharmaceutical and biotech firms, in collaboration with governments throughout the world, are working to combat the COVID-19 outbreak, from vaccine research to medication supply chain planning. Approximately 115 vaccine candidates and 155 molecules are currently being developed in the R&D pipeline.
The Indian Council of Medical Research (ICMR) encouraged researchers’ involvement in a convalescent plasma therapy clinical trial to treat severely ill COVID-19 patients and launched a protocol for it in April 2020. As a result, BioAegis Therapeutics began researching its primary product, recombinant human plasma gelsolin treatment (rhu-pGSN), in May 2020, expecting it to be a potential therapeutic alternative for patients with severe COVID-19 lung injury. As a result of the demand for COVID-19 vaccines and treatment medicines, the pharmaceutical and biotechnology industries are projected to develop significantly in the future. This, in turn, is likely to have a significant influence on the market for plasma protein therapeutics.
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KEY DRIVING FACTORS:
Globally, the market penetration of plasma protein therapeutics is projected to rise as new products with therapeutic benefits such as enhanced effectiveness and simple sample plasma extraction procedures are developed. Furthermore, the senior population is considered one of the significant growth contributors to the plasma protein therapeutics market. The aging population is more vulnerable to various chronic disorders, cardiovascular diseases, and neurological disorders, influencing plasma protein therapeutics.
Other factors such as favorable reimbursement policies, increasing investments, and funding by the government across the developing countries are expected to boost the market growth. In addition, technological advancements in the healthcare sector and innovative therapeutics are expected to fuel market growth. Growing awareness among the people about protein therapeutics and the improving standard of living in developed countries such as the United States, UK, and some European countries are significantly expanding the plasma protein therapeutics market.
However, the increasing usage of protein therapeutics drugs in the treatments of many applications is expected to provide lucrative growth opportunities in the plasma industry. Therefore, the major market players in the market are focussing on research and development activities on plasma proteins, and it is estimated to provide lucrative growth opportunities to the market growth.
Over the forecast period, the market is expected to be driven by strong demand for albumin in the Asia Pacific and increased immunoglobulin usage in developed countries. Furthermore, key market players in the industry are implementing various market strategies to develop advanced protein therapeutics; the strategies include collaborations and partnerships. Plasma-derived immunoglobulin (IG) is used to treat a range of autoimmune and inflammatory disorders. On the other hand, the increased identification and treatment of immunological deficiencies in developing countries have increased the global demand for immunoglobulin (IG). In addition, the primary reason for the ongoing increasing demand for IG products is the rising use of high-dose treatment, particularly in autoimmune neurologic disorders. As a result, these factors boost immunoglobulin demand.
However, the stringent government regulations and reimbursement policies in some of the developed countries are expected to restrain the growth rate of the global plasma protein therapeutics market. In addition, lack of awareness and high price of the biological is the primary growth constraint of the market.
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KEY MARKET INSIGHTS:
- Based on the type, the albumin segment accounted for the largest share of the global plasma protein therapeutics market in 2020. The segment growth is attributed to the increasing focus on implementing several therapies for infectious diseases across the globe and the lower complexity of the therapies. In addition, the growing prevalence of advanced treatment procedures is further expected to drive the segment growth.
- Based on the application: The hemophilia segment dominated the global plasma protein therapeutics market in 2020. However, the segment is anticipated to account for a significant share during the forecast period. The high prevalence of life-threatening diseases, growing geriatric population, and increasing awareness are driving the market growth. In addition, increasing population-associated food habits and sedentary lifestyles are fuelling market growth. Furthermore, the growing investments and funding by the government and non-government organizations for the research & development activities are likely to influence market growth positively.
- Based on the region, North America and Europe accounted for the 70.0% share of the global plasma protein therapeutics market in 2020. In North American regional market growth, the US held a significant share of the market. The market growth is attributed to the availability of advanced healthcare infrastructure, technological advancement in healthcare sectors, and favorable reimbursement policies.
- On the other hand, the APAC is anticipated to witness a significant share of the protein plasma treatment market growth during the forecast period. The Asia Pacific market growth is expanded by emerging countries such as China, India, and Japan. The regional market growth is fuelled by the presence of the geriatric population, improving the healthcare sector, and high disease prevalence.
- A few of the notable companies operating in the global protein plasma therapeutics market. Baxter, Octapharma, Biotest, China Biologics, Chengdu Inst Grifols, Kedrion, Shire Plc, and CSL Behring.
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SEGMENTS COVERED IN THIS REPORT:
- Coagulation Factor
- Alpha-1 Proteinase Inhibitor
- Primary Immunodeficiency Disorder
- Idiopathic Thrombocytopenic Purpura
- Secondary Immunodeficiency
- North America
- Latin America
- Middle East and Africa
BROWSE REGIONAL REPORTS:
- North America Plasma Protein Therapeutics Market
- Europe Plasma Protein Therapeutics Market
- APAC Plasma Protein Therapeutics Market
- Latin America Plasma Protein Therapeutics Market
- MEA Plasma Protein Therapeutics Market
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