Impact on Global Plasma Therapy Market in Wake of COVID-19 Crsis
Coronavirus is a large family of viruses known for diseases ranging from the common cold to even more serious diseases such as Severe Acute Respiratory Syndrome (SARS) and Middle East Respiratory Syndrome (MERS). The virus has spread to almost all regions of the world, affecting both developed and developing countries which have heavily affected pharmaceutical and biotechnology companies.
The epidemic spread rapidly across the globe within three months and was characterized by the VHO as a pandemic on March 11, 2020. According to the Worldometers.info statistics, as of 27th April 2020, there are 3,064,225 people are already affected and 211,537 patients are died due to the coronavirus. There are currently no approved specific antiviral agents targeting the new virus, while some drugs are still under investigation, including remdesivir and lopinavir / ritonavir. It is urgent to look for an alternative strategy to treat COVID-19, especially among severe patients, as an effective vaccine and specific antiviral medicines are not available till the date.
Plasma medications are produced from human blood plasma (plasma). Plasma can be obtained from administration of whole blood (recovered plasma) or apheresis procedures (plasma source). The source is plasma a wide range of medicinal therapies products used for treatment and the prevention of various treatment-causing injuries and diseases often associated with a protein deficiency state. Convalescent Plasma Therapy (CP), a classic adaptive immunotherapy, has been used in the prevention and treatment of many infectious diseases for over a century. In the past two decades, CP therapy has been successfully used in the treatment of the 2009 SARS, MERS and H1N1 pandemic with satisfactory efficacy and safety. In 2014, the World Health Organization (WHO) recommended the use of convalescent plasma therapy for the treatment of patients with antibody-rich plasma in those recovering from Ebola virus disease.
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The global plasma therapy market is expected to reach US$384.94 million in 2024, witnessing growth at a CAGR of 7.24%, over the period 2020-2024. Factors such as rising healthcare expenditure, increasing occurrences of orthopedic disorders, growing geriatric population, rising prevalence of chronic diseases, expanding urbanization and growing preference towards non-surgical procedures are expected to drive the market. The growth of the market would be challenged by severe side effects of plasma therapy and barriers to implementation. A few notable trends may include escalating androgenic alopecia patients, huge demand due to coronavirus, better healthcare provision in developed countries and advancements in technology.
According to this study, over the next five years the Plasma Therapy market will register a 10.4%% CAGR in terms of revenue, the global market size will reach $ 317.5 million by 2025, from $ 213.9 million in 2019. In particular, this report presents the global revenue market share of key companies in Plasma Therapy business, shared in Chapter 3.
This report presents a comprehensive overview, market shares, and growth opportunities of Plasma Therapy market by product type, application, key manufacturers and key regions and countries.
Market Analysis: Global Plasma Therapy Market
Global plasma therapy market is registering a healthy CAGR of 15.7% in the forecast period of 2019-2026. This rise in the market value can be attributed to the growth in the use of planet rich plasma for the treatment of various diseases that drives the growth of the industry and increasing incidents of sports injuries.
Thus, companies operating in the plasma therapy manufacturing adopt a number of strategies, including collaborations, agreement, contracts, pipeline development, cooperation and market expansion to enhance their business. These strategic decisions by the companies are expected to provide significant opportunities for the market players operating in the plasma therapy market.
These studies have aroused hope. However, researchers warn that it is too early to think of plasma therapy as an effective treatment. For example, the sample sizes in Covid-19 plasma therapy trials are too small to draw definitive conclusions.
Segmentations in the report:
By Source:
· Autologous
· Allogenic
By Applications:
· Orthopedic
· Dermatology
· Cardiac Muscle Injury
· Dental
· Nerve Injury
· Others
By End User:
· Hospitals & Clinics
· Research Institutes
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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