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. Plasma expanders are extensively used in the healthcare sector for various applications, including blood transfusions, surgeries, and emergency trauma cases. These products play a crucial role in maintaining adequate blood circulation and volume, making them an essential component in patient care and critical medical procedures.
The Plasma Expander Market for plasma expanders is driven by two key factors. Firstly, the increasing prevalence of chronic diseases such as cardiovascular disorders, renal diseases, and blood-related conditions has led to a rise in the demand for these products. Additionally, the growing number of surgical procedures, especially in emerging economies, has further fueled the market growth.
For example, the rising incidence of cardiovascular diseases, combined with the aging population, has significantly increased the need for plasma expanders to support blood circulation during cardiac surgeries. Moreover, advancements in surgical techniques and technological innovations have also driven the demand for these products.
Market Key Trends:
One key trend observed in the plasma expander market is the increased adoption of synthetic plasma expanders over natural ones. Synthetic plasma expanders offer advantages such as longer shelf life, reduced risk of allergic reactions, and minimized risk of transmission of diseases. This trend is driven by the rising concerns regarding the safety and efficacy of natural plasma expanders.
For instance, hydroxyethyl starch (HES), a synthetic plasma expander, is gaining popularity due to its ability to maintain plasma volume effectively. The use of HES has shown favorable outcomes in conditions requiring aggressive fluid resuscitation, such as trauma cases and severe sepsis.
– Strength: The growing demand for plasma expanders due to the increase in surgical procedures and the prevalence of chronic diseases is a significant strength in this market.
– Weakness: The potential side effects and safety concerns associated with certain plasma expanders, such as natural ones, can be considered as weaknesses.
– Opportunity: Ongoing research and development efforts to develop safer and more effective plasma expanders present an opportunity for market growth. Additionally, the emerging economies offer untapped market potential.
– Threats: Increasing regulatory scrutiny and the presence of alternatives to plasma expanders, such as blood substitutes, pose threats to the market.
The global Plasma Expander Market is expected to witness high growth, exhibiting a CAGR of 6.7% over the forecast period. The increasing demand for plasma expanders can be attributed to the rise in surgeries and the prevalence of chronic diseases. Regionally, emerging economies are expected to experience the fastest growth due to improving healthcare infrastructure and rising healthcare expenditure.
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, and others. These companies are focusing on strategic partnerships, product innovations, and geographical expansions to strengthen their market position.
In conclusion, the Plasma Expander Market holds promising growth prospects due to the increasing demand for these products in surgical procedures and the treatment of chronic diseases. Advancements in synthetic plasma expanders and ongoing research efforts provide opportunities for market expansion. However, stringent regulations and the presence of alternative products pose challenges for market players.