Global platelet and plasma market size is anticipated to reach the market value of around USD 8.1 Billion by 2028 and is anticipated to grow at a CAGR of around 3.4% in terms of revenue during the forecast period 2021 - 2028.
Platelet and Plasma Market Insights
The increased incidence of a number of chronic diseases, for which care includes blood and transfusion of blood components or surgery, are two of the main reasons expected to move against the market. One significant factor of the increasing market for plasma is the substantial increase in the prevalence of many neurological disorders. The demand will also be driven by a significant growth in voluntary blood donations worldwide, a major role played by governments and non-profit organizations in fostering the need for the same and the investment to improve the blood storage capacity in developing economies. Throughout the near term, increasing appetite for the innovative diagnosis of a variety of disorders, expanded spending from leading players into R&D for chronic disease therapies, and increased support for successful treatments of genetic diseases are likely to be major advantages for the increasing. However, owing to the lack of adequate storage facilities in several low-income countries, the tight plasma collecting legislation and low-accessibility technologies and equipment for the isolation of blood components in many countries around the globe, the demand could be hampered.
Hospitals segment will garner a significant share over the forecast timeframe
In 2020, hospitals accounted for some 62% of the market and are expected to rise steadily over the next few years. The growth in this group is due to increased blood supply in hospitals, such as platelet and plasma, which increases segmental development and the rise in the number in operations involving blood transfusion. Such operations are typically carried out in hospital settings, which allow the section to expand. Furthermore, a increasing number of well-established hospitals and expanded healthcare availability have a positive effect on business growth.
The North America plasma and platelets market is expected in 2020 to be strongly included in the study and over 1.5% CAGR. Regional development is largely due to favorable laws surrounding the use of platelets and related plasma materials. In addition, the elevated demand for platlets and plasma is growing, and the global business development is booming, with the rising number of patients with obesity, cancer, cardiothoracic diseases, as well as growing incidences of neurological disorders. However, the development of regional demand growth will be further enhanced by increasing health spending and many acts by organizations including setting-up blood donation campaigns. Growing demand for European blood transfusion processes would fuel business growth during the projected period. The rise in demand for platelet and plasma that drives business development in European countries has seen an increasing number of blood banks in recent years. Across these nations, blood transfusion is also a complex form of healthcare. Of example, more than 60 blood banks currently supply all blood components, including platelets and plasma in Norway's hospitals. Most licensed and qualified blood banks donate blood. The demand growth will be driven by the projected timetable. More than 115 million units of donated blood is collected globally annually, as well as approximately 42 per cent in high-income countries in the Americas and Europe, according to the World Health Organization (WHO). Increasing numbers of blood donor camps would raise patient demand dramatically over the expected period.
Platelet and Plasma Market Key Players
Major players included in this report are Spanish Red Cross, American Red Cross, America’s Blood Centers, Blood Centers of America, European Blood Alliance, Indian Red Cross Society, Japanese Red Cross Society, Red Cross Society of China, Saudi Red, Crescent Authority, Arthrex, Inc., South Africa Red Cross Society., AdiStem Ltd., and others. The players in the industry engage in numerous strategic contracts such as alliances and fusions to produce significant revenue shares in the plasma and plasma business. OneBlood merged in April 2020 with the Carolinas Inc 's Community Blood Center. The formula helped the corporation deliver over one million blood products in more than 250 hospitals throughout South Carolina, North Carolina, Alabama and Georgia.
The global platelet and plasma market is segmented as below:
Platelet and Plasma Market Segmentation
Platelet and Plasma Market By Component
Platelet and Plasma Market By Distribution Channel
Platelet and Plasma Market By Application
Platelet and Plasma Market By Geography
Middle East & Africa
The market value of platelet and plasma is anticipated to be around US$ 8,000 Mn in 2027.
It is anticipated to grow around 3% CAGR amid the forecast period 2020-2027
North America held maximum share in 2019.
Europe is projected to grow at a fast pace during forecast period from 2020-2027.
Increasing prevalence of liver diseases in elderly population is expected to drive the growth of the platelet and plasma market.
Stringent regulatory policies are a major factor expected to restraint the growth of the market.
Spanish Red Cross, American Red Cross, America’s Blood Centers, Blood Centers of America, European Blood Alliance, Indian Red Cross Society, Japanese Red Cross Society, Red Cross Society of China, Saudi Red, Crescent Authority, Arthrex, Inc., South Africa Red Cross Society., AdiStem Ltd., and others are the prominent players in the platelet and plasma market.