by The global Plasma Expander Market is estimated to be valued at US$ 28.28 Billion In 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Plasma expanders are used to increase the volume of plasma in the blood, thereby helping in the treatment of hypovolemic shock. They are extensively used in cases of blood loss due to trauma, surgery, or other medical conditions. The key use cases of plasma expanders include blood transfusion, fluid replacement therapy, and resuscitation. With the increasing number of surgeries and trauma cases, the demand for plasma expanders is expected to witness high growth in the coming years.
Market Dynamics:
The Plasma Expander Market dynamics of the global plasma expander market are driven by the increasing demand for blood transfusion and the rising number of surgeries. Blood transfusion is a common medical procedure required for patients with blood disorders, trauma, or surgical complications. The use of plasma expanders in blood transfusion helps in increasing the volume of plasma and improving the overall blood circulation in the body.
In addition, the increasing number of surgeries, both elective and emergency, further drives the demand for plasma expanders. Surgical procedures often require blood transfusion and fluid replacement therapy, where plasma expanders play a crucial role in maintaining the blood volume and preventing hypovolemic shock.
Furthermore, advancements in plasma expander products, such as the development of synthetic plasma expanders with improved efficacy and safety profiles, are expected to boost market growth. For instance, companies like Baxter International Inc. and Fresenius SE & Co. KGaA are focusing on developing innovative plasma expanders for better patient outcomes.
Segment Analysis:
The global plasma expander market can be segmented based on type and end-user. Based on type, the market can be divided into crystalloids, colloids, and others. Crystalloids are expected to dominate the market due to their wide availability, lower cost, and easy administration. Crystalloid solutions, such as saline and lactated Ringer’s solution, are commonly used in fluid replacement therapy and resuscitation.
PEST Analysis:
– Political: The government regulations and policies related to blood transfusion and medical devices play a crucial role in shaping the plasma expander market. Stringent regulations regarding the safety and efficacy of plasma expanders ensure the quality of products in the market.
– Economic: The economic factors, such as healthcare expenditure, reimbursement policies, and healthcare infrastructure, impact the adoption of plasma expanders. Higher healthcare spending, favorable reimbursement policies, and improved healthcare facilities drive market growth.
– Social: The increasing awareness about blood donation, emergency medical services, and the importance of timely intervention in cases of trauma and surgeries contribute to the growth of the plasma expander market.
– Technological: Technological advancements in plasma expander products, such as the development of synthetic plasma expanders with improved properties and safety profiles, drive market growth. Moreover, advancements in manufacturing processes and packaging technologies also impact the market.
Key Takeaways:
– The global plasma expander market is expected to witness high growth, exhibiting a CAGR of 6.7% over the forecast period, due to the increasing demand for blood transfusion and the rising number of surgeries.
– North America is anticipated to be the fastest-growing and dominating region in the plasma expander market, owing to the well-established healthcare infrastructure, increasing prevalence of chronic diseases, and advancements in medical technologies.
– Key players operating in the global plasma expander market include Baxter International Inc., Fresenius SE & Co. KGaA, CSL Limited, Grifols, S.A., B. Braun Melsungen AG, Hikma Pharmaceuticals PLC, Octapharma AG, Kedrion S.p.A., Shanghai RAAS Blood Products Co., Ltd., Terumo Corporation, JW Life Science, Celgene Corporation, Pentapharm Ltd., Haemonetics Corporation, and Macopharma.
In conclusion, the global plasma expander market is expected to witness significant growth in the coming years, driven by the increasing demand for blood transfusion and the rising number of surgeries. The market is also influenced by advancements in plasma expander products and favorable government regulations. North America is expected to dominate the market, supported by its well-established healthcare infrastructure and technological advancements. Key players in the market are actively engaged in product development and expanding their market presence to capitalize on the growing demand for plasma expanders.
