PLASMA EXPANDER MARKET ANALYSIS

Market Challenges And Opportunities

Global Plasma Expander Market Drivers

• Rising prevalence of chronic diseases: Chronic diseases, such as cardiovascular disorders, kidney diseases, and liver diseases are becoming increasingly prevalent worldwide. Patients with these conditions often require surgical procedures or ongoing medical interventions, which may involve the use of plasma expanders to manage fluid volume. For instance, in September 2020, according to an article published by Preventing Chronic Disease states that, in 2018, 51.8% of civilian, adults had been diagnosed with at least 1 of 10 selected chronic conditions. More specifically, 24.6% of adults have 1 chronic condition, and 27.2% have more than two chronic conditions.
• Trauma and emergency cases: Trauma cases resulting from accidents or injuries require immediate medical attention and often involve significant blood loss. Plasma expanders are used to replace lost blood volume and stabilize patients in emergency situations. The growing number of trauma cases globally is driving the demand for plasma expanders. For instance, in July 2023, according to article published by PubMed Central by Marin Health Medical Center in U.S., there was a 13% increase in trauma patients presented during the study period in 2020 as compared to 2019, and the total number of trauma patients as a percentage of total Emergency Department (ED) patients also increased by 269 out of 9235.
• Increasing surgical procedures: The rising number of surgical procedures, including organ transplants, cardiovascular surgeries, and trauma cases, is a significant driver for the plasma expander market. Plasma expanders are commonly used during surgeries to maintain blood volume and prevent hypovolemia.

Global Plasma Expander Market Opportunities

• Emerging markets: There is a significant opportunity for global plasma expander market growth in emerging markets, particularly in developing countries with improving healthcare infrastructure. These regions often experience a growing demand for surgical procedures and trauma care, which drives the need for plasma expanders. As healthcare systems in these markets continue to evolve, there is an increasing opportunity for market players to penetrate these regions and address the unmet needs.
• Product innovation: There is a continuous need for innovative plasma expanders that offer improved properties, such as extended shelf life, reduced adverse reactions, and provides compatibility with a wide range of blood types. Companies investing in research and development (R&D) to develop novel plasma expanders, have the opportunity to gain a competitive advantage and capture a larger market share. Moreover, incorporating advanced technologies, such as nanotechnology or biocompatible materials, can open up new avenues for product development.
• Customized solutions: The demand for personalized medicine is growing across various healthcare sectors. In the global plasma expander market, there is an opportunity to develop customized solutions for the specific patient populations or medical conditions. Customized plasma expanders can provide optimized outcomes and improved patient safety, thereby addressing individual patient needs more effectively.
• Home healthcare settings: With the increasing focus on home healthcare and patient self-management, there is an opportunity to develop plasma expanders that can be administered outside traditional healthcare settings. This includes the development of user-friendly packaging, easy-to-use administration devices, and stable formulations that can be stored and used at home. With expansion into the home healthcare market, it can provide convenience for patients and reduce the burden on healthcare facilities.

Global Plasma Expander Market Restraints

• Regulatory challenges: The development, approval, and commercialization of plasma expanders involve complex regulatory frameworks. Stringent regulatory requirements, including clinical trials, safety evaluations, and compliance with quality standards, can result in lengthy approval processes and increased costs for market players. Adhering to these regulations and obtaining the necessary approvals can pose challenges and delay market entry.
• Product recalls and safety concerns: Adverse events associated with certain plasma expanders have led to product recalls and safety concerns. Reports of renal dysfunction, coagulation disorders, and allergic reactions have prompted healthcare professionals to exercise caution when using certain plasma expanders. Such safety concerns can impact the market's growth and erode consumer confidence. For instance, on October 18, 2023, American National Red Cross a organization recalled one unit of PF 24 plasma citing improper performance. The products affected by Class II recalls which may cause temporary or medically reversible adverse health consequences if used and serious harm also exists.
• Cost constraints: The cost of plasma expanders, especially those derived from human plasma, can be relatively high. This cost factor may limit their adoption, particularly in resource-constrained healthcare systems or regions with limited healthcare budgets. The availability of cost-effective alternatives, such as synthetic plasma expanders, can influence purchasing decisions and impact the market's growth.
• Limited awareness and education: Despite the importance of plasma expanders in maintaining blood volume and managing hypovolemia, there may be a lack of awareness and education among healthcare professionals. Insufficient knowledge about the appropriate use, indications, and benefits of plasma expanders can result in underutilization or inappropriate usage. Efforts to improve awareness and provide education on proper usage can help overcome this restraint.
• Counterbalance: To overcome the challenge of product recall, the manufacturing companies should standardize the manufacturing and production processes of the plasma expander to ensure product quality and stability. Also, proper awareness programs need to be carried out to provide proper education of using plasma expanders.