Bovine plasma contains proteins that are used to manufacture life-saving medications. It is a byproduct of beef industry collected from licensed slaughterhouses. The proteins found in bovine plasma are used to develop therapies for immune deficiencies, bleeding disorders, and other medical conditions.
Bovine plasma market is driven by rising demand for plasma derived proteins.Plasma proteins play a vital role in various therapeutic areas due to their unique biochemical properties and physiological functions. Growing use of plasma proteins in various biopharmaceutical applications such as immune globulins, thrombin, factor VIII, albumin and others is expected to boost the bovine plasma market growth over the forecast period. Moreover, investments by key players for expanding plasma derived therapeutics production is also expected to fuel the market growth during 2023-2030.
Increasing Demand for Plasma Derived Products from Pharmaceutical Industry
The global bovine plasma market is primarily driven by the increasing demand for plasma derived products from the pharmaceutical industry. Plasma derived products such as immunoglobulins, albumin, fibrinogen concentrates, and protease inhibitors are extensively used in various therapeutics areas including infectious disease, bleeding disorders, immunology, and metabolic disorders. Rising prevalence of chronic diseases globally has further augmented the demand for plasma derived pharmaceutical products. According to estimations, diseases requiring plasma therapies are increasing at annual rate of approximately 5% worldwide. Additionally, advancements in plasma fractionation technologies have enabled efficient plasma separation and blood-derived product development, thereby expanding the production capabilities of plasma derived pharmaceuticals. Growing aging population prone to chronic illnesses also acts as a favorable factor for bovine plasma market growth.
Stringent Regulations Regarding Safety and Quality Standards of Plasma Collection and Derivative Products
Stringent regulations imposed by regulatory authorities regarding the safety, quality, and standardization of bovine plasma collection and derivative products act as a major market restrain. The collection, testing, manufacturing, and distribution of bovine plasma products are highly regulated by international organizations as well as local regulatory bodies. Regulatory agencies focus on adherence to current good manufacturing practices, proper donor selection criteria, pathogen inactivation and removal steps, product shelf life and labeling requirements. Strict quality process controls and sterility testing during plasma fractionation ensure generation of safe therapy-grade plasma derivatives. However, continuous updates in existing guidelines and compliance with varied regulatory frameworks across countries increase the manufacturing and production costs for plasma companies. Resource intensive regulatory compliance procedures thus add operational challenges for players in bovine plasma market.
Opportunities in Developing Markets Fueled by Growing Healthcare Infrastructure
Developing economies in Asia Pacific and Latin America present lucrative opportunities for participants in the global bovine plasma market. Rapid economic growth and improving consumer disposable incomes in these regions have augmented healthcare spending. Concurrent government focus on enhancing healthcare infrastructure and access to modern medical facilities also supports the clinical demand for plasma derived products. Emerging nations now account for over 80% of the global disease burden, indicating vast unmet need for therapies derived from bovine plasma. Moreover, several multinational companies are shifting their manufacturing units to developing markets owing to availability of relatively cheaper resources and talent pool. This allows production and supply of affordable plasma therapies further driving bovine plasma usage. Initiatives toward increasing plasma collection centers and fractionation facilities especially in densely populated developing countries will stimulate bovine plasma market revenues during the forecast period.
Rising Penetration of Recombinant and Biosimilar Therapy Alternatives
While the demand for bovine plasma derived therapeutics continues growing, rising penetration of recombinant and biosimilar therapy alternatives also poses a notable trend. Increasing R&D investments by leading pharmaceutical corporations in cell culture and bioprocess technologies have enabled production of recombinant therapy substitutes on industrial scale. For instance, genetically engineered versions of albumin and clotting factors are being developed as safer alternatives to bovine plasma derivatives. Biosimilars and follow-on biologics are also emerging as cost-effective options in therapeutic areas including immunology and hematology. Regulatory approvals and favorable pricing of biosimilars compared to reference plasma therapies will likely encourage their uptake in coming years. This shifts a part of the demand away from conventional bovine plasma products impacting their sales potential. Nonetheless, the growing disease burden and need for immune globulins worldwide will sustain substantial requirements for bovine plasma market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it