Blood Plasma Market to grow at a CAGR of 8.6% during 2024-2028
The Blood Plasma Market is expected to grow at a CAGR of 8.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 15896.9 million. The global blood plasma market is experiencing a significant shift, driven by the increasing adoption of microbial enzymes in blood transfusion technology. In a groundbreaking development, a Scandinavian collaboration has made considerable progress towards creating universally compatible blood for all transfusion and organ transplant recipients. This innovation harnesses microbial enzymes derived from gut bacteria, which can efficiently remove A and B antigens from red blood cells. These antigens are determined by the presence of specific enzymes encoded by the ABO gene, with the A gene producing N-acetylgalactosaminyl-transferase and the B gene producing -galactosyltransferase. These enzymes add A- and B-specific sugars to the glycolipids and glycoproteins in red blood cells, respectively. By eliminating these antigens, the resulting blood can be transfused safely into individuals with any blood type. This development represents a major advancement in the field of blood transfusion technology and holds immense potential for improving patient outcomes and expanding the donor pool.
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Technavio analysts predict that the Therapeutic use subsegment will lead the Application segment during 2024 and 2028 In the realm of regenerative medicine, Platelet-Rich Plasma (PRP) has emerged as a preferred preparation due to its widespread application in both cosmetic and medical sectors as of May 14, 2024. PRP's popularity stems from its safety, cost-effectiveness, natural composition, and minimally invasive nature. In the cosmetic industry, PRP is utilized for procedures such as vampire facials and hair growth treatments. In the medical field, it is employed as an adjunct treatment for various gynecological conditions, including thin endometrium, premature ovarian failure, urinary incontinence, genitourinary fistulas, and Asherman syndrome. PRP's therapeutic potential arises from its rich concentration of growth factors and proteins, which facilitate the regeneration and repair of damaged cells, tissues, and organs within the human body.
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There are several factors that are causing the market to flourish innovative solutions targeting global blood shortage crisis
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The Blood Plasma Market is a significant segment of the global blood components industry, driven by the increasing demand for plasma-derived proteins and blood plasma derivatives. Plasma is a vital blood component that contains essential proteins such as clotting factors, immunoglobulins, albumin, and other blood constituents. Plasma is sourced from plasma donors through a process called plasmapheresis, which separates the plasma from the other blood components, including platelets, white blood cells, and red blood cells. Blood Plasma Derivatives find extensive therapeutic indications in various medical conditions such as trauma patients, shock treatment, burn treatment, and blood disorders. These derivatives include Convalescent Plasma, Immunoglobulin, Factor IX, Factor VIII, and Albumin, among others. Pathogens and immune system disorders are also targeted indications for plasma-derived therapies. The market for Blood Plasma and its derivatives is vast and diverse, with applications in Rheumatology, Pulmonology, Oncology, Immunology, and Biomedical Sealants. The patient epidemiology for these indications is substantial, driving the demand for plasma-derived therapies. The market includes various forms of plasma-derived products, such as Sprays, Gels, Infusion Solutions, and Hyperimmune Globulin. Overall, the Blood Plasma Market is expected to grow significantly due to the increasing prevalence of various medical conditions and the ongoing research and development in this field.
The global pharmaceuticals market encompasses businesses involved in the research and development (R&D) or production of various categories, including generic drugs, non-generic drugs, and veterinary drugs. According to Technavio, the healthcare industry's total revenue is determined by the combined earnings of manufacturers and providers of medical equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. The expansion of the global pharmaceuticals market is anticipated to be influenced by several key factors, such as the increasing aging population. By 2050, approximately one-quarter of the US population and Europe's population ratio is projected to be over 60 years old. This demographic shift will drive the demand for pharmaceutical solutions to cater to the healthcare needs of the elderly population.
The Blood Plasma Market is experiencing significant growth, fueled by the innovative solutions targeting global blood shortage crisis. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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