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. Rising incidence of haemophilia, thrombocytopenia, autoimmune diseases as well as other infectious and rare disease will serve to be a key driver for the platelet and plasma market growth. According to American Academy of Neurology, plasma can be used for treatment of various neurological conditions. Plasma exchange process involves replacing plasma in a person’s blood. This process can be used for treatment of conditions such as inflammatory dysimmune neuropathies, multiple sclerosis, myasthenia gravis and other disorders will accelerate industry growth during the forecast period.
Platelet is a critical component in blood that assists in blood clotting. The grant is of significance in the platelet and plasma market as it will act a contribution to the development of donor independent, fully functional platelets. The synthetic development of platelets is being encouraged rapidly of late, as unlike platelets sourced from human blood, synthetically developed platelets can last longer, are free from disease and much cheaper which is a major blessing for platelet and plasma industry, as platelets cannot be frozen and have a rather short shelf life.
The military has also received a boost from the U.S. Food and Drug Administration for the treatment of wounds as it has approved the use of an experimental freeze-dried blood plasma. The freeze-dried blood plasma is being hailed as a lifesaver in war zones as such blood plasma does not need refrigeration or thawing which is a big deterrent in the case of regular frozen blood plasma.
Apart from widespread military usage, plasma and platelets form a kind of a basic infrastructure for medical treatments. Right from treatment of severe injury to side effects of cancer treatment, the demand for platelets has been soaring high. Due to the vivid therapeutic and prophylactic applications of platelets, platelets and plasma market size was dominated by the platelet segment in 2017 with a revenue of $3.6 billion, a trend that is expected to be continued over 2018-2024.
According to the American Red Cross, a subject needs platelets every 30 seconds in the United States. The World Health Organization also claims that the shortage of blood and blood products puts millions of lives at risk every year and suppliers have been estimated to provide nearly 835,000 platelet bags of platelets per annum. An ever-growing geriatric population base will encourage governments to not only invigorate blood donation but to develop new technologies that can synthesize platelets without human donors thus augmenting platelet and plasma industry trends further.
The human blood consists of roughly 55% of plasma by volume and has unparalleled healing properties. Plasma derived therapies are being used to treat an expanding list of life threatening disorders adding greater traction to platelet and plasma industry especially with plasma-fractionation techniques being on the rise. As per estimates, platelet and plasma market share from plasma is anticipated to witness a growth rate of 2.1% over 2018-2024. Immunoglobulin, which is used for patients suffering from primary and secondary immunodeficiency disorders and viral and bacterial infections has emerged as a primary driver for platelet and plasma market.
Intravenous immunoglobulin is used in a range of neurological diseases including post-polio syndrome, multiple sclerosis, chronic fatigue syndrome and neuropathic pain. A recent study indicated that intravenous immunoglobulin can have significant value in the treatment of Alzheimer’s. If the study is confirmed, the therapeutic market is expected to expand even further.
U.S. platelet and plasma market dominated industry by holding the global revenue share of over 34% of in 2017. Rising incidences of neurological conditions such as myasthenia gravis, multiple sclerosis and inflammatory dysimmune neuropathies coupled with increasing number of patients suffering from cardiothoracic disorders and orthopedic injuries will serve to be a major impact rendering factor. Moreover, various initiatives undertaken by American Red Cross for creating awareness pertaining to significance of blood donation, availability of advanced healthcare facilities as well as existence of compensated and non-compensated blood donation systems in the U.S. will further fuel the regional growth.