Plasminogen Market to Grow with a CAGR of 6.12% through 2028
Expanding therapeutic applications are expected to
drive the Global Plasminogen Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Plasminogen Market
– Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Plasminogen Market stood at USD 1.45
billion in 2022 and is anticipated to grow with a CAGR of 6.12% in the forecast
period, 2024-2028. The global plasminogen market is experiencing a surge in
growth, driven by several key market drivers that underscore the therapeutic
potential and commercial viability of this naturally occurring protein.
Plasminogen, a critical player in the body's fibrinolysis process, has gained
prominence in recent years due to its applications in various medical conditions. One of the most
significant drivers of the plasminogen market is the rising prevalence of
clot-related disorders. Conditions like venous thromboembolism (VTE), deep vein
thrombosis (DVT), and pulmonary embolism are becoming more common, primarily
due to sedentary lifestyles, obesity, and aging populations. Plasminogen plays
a pivotal role in fibrinolysis, the body's natural process of breaking down
blood clots. As such, plasminogen-based therapies have emerged as a promising
approach to manage and treat these life-threatening conditions. The increasing
incidence of these disorders is fueling the demand for plasminogen products.
Advancements in biotechnology and genetic engineering
have revolutionized the production of plasminogen. Recombinant plasminogen,
produced through biotechnological processes, has become a game-changer in the
market. Unlike traditional plasma-derived plasminogen, recombinant plasminogen
offers several advantages, including reduced risk of contamination, a stable
and consistent supply, and improved scalability. This has not only broadened
the scope of plasminogen therapy but also addressed the challenges related to
supply shortages and quality control associated with plasma-derived products.
Biotechnology-driven innovations have significantly boosted the attractiveness
of the plasminogen market.
The potential therapeutic applications of plasminogen
are not limited to clot-related disorders alone. Plasminogen has shown promise
in addressing a diverse range of medical conditions. For instance, it can be
employed in the treatment of chronic wounds, where abnormal fibrin buildup
impedes the natural healing process. Plasminogen's ability to dissolve fibrin
clots makes it a valuable tool in managing such non-healing wounds, and this
expanding field of application is contributing to the market's growth.
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The evolving regulatory landscape is another driver of
growth in the Clinical Trial SMO Market. Regulatory requirements for clinical
trials are becoming increasingly complex and stringent, varying from region to
region. SMOs have developed expertise in navigating this regulatory maze,
ensuring that trials are conducted in compliance with local and international
standards. Their ability to streamline regulatory processes and ensure
adherence to guidelines has become a significant asset for sponsors.
The Global Plasminogen Market is segmented into Type, Application,
Regional Distribution, And Company.
Based on the Type, the Intravenous
injection emerged as the dominant segment in the global market for Global
Plasminogen Market in 2022. intravenous injection allows for the systemic
delivery of Plasminogen throughout the body. This is particularly crucial for
treating clot-related disorders such as venous thromboembolism (VTE) and deep
vein thrombosis (DVT), where blood clots can occur in various locations within
the circulatory system. Intravenous administration ensures that Plasminogen is
distributed evenly, reaching clot sites regardless of their location.
Intravenous administration provides a rapid onset of action, which is crucial
in emergency situations where immediate clot dissolution is necessary to
prevent life-threatening complications. Eye drops, on the other hand, may not
offer the same speed of action and are more suitable for localized ocular
conditions. Intravenous injection allows for precise control of the dosage
administered, ensuring that patients receive the appropriate amount of
Plasminogen for their specific medical condition. This level of control is
essential in clot-related disorders where underdosing or overdosing can have
serious consequences.
Based on the Application, the Diabetic
Foot segment emerged as the dominant player in the global market for Global
Plasminogen Market in 2022. Diabetic foot ulcers are a common and serious
complication of diabetes, affecting a substantial portion of the diabetic
population. These ulcers can be slow to heal and are associated with a high
risk of infection and amputation if not properly managed. Due to the
significant prevalence of diabetic foot ulcers, there is a consistent and
growing demand for effective treatments like Plasminogen.
The use of Plasminogen for diabetic foot
ulcers has gained recognition within the medical community. Clinical studies
and trials have demonstrated its efficacy in promoting wound healing, thereby
contributing to its increasing utilization. Diabetic foot ulcers can become
severe and lead to life-threatening complications if left untreated. This
clinical urgency drives the demand for prompt and effective therapies.
Plasminogen's potential in promoting tissue repair and wound healing makes it a
valuable option for healthcare providers managing diabetic foot ulcers.
North America emerged as the dominant player in the
global Plasminogen Market in 2022, holding the largest market share. North
America, particularly the United States, has one of the highest healthcare
expenditures in the world. This substantial investment in healthcare
infrastructure and resources creates a favorable environment for the adoption
of advanced medical treatments, including plasminogen-based therapies. North
America has a significant patient population, including a substantial number of
individuals affected by clot-related disorders, chronic wounds, and other
medical conditions that can benefit from plasminogen treatments. The sheer size
of the patient pool contributes to the region's high demand for plasminogen
products.
Major companies operating in Global Plasminogen
Market are:
- Boehringer Ingelheim Inc. GmbH
- Kedrion S.p.A
- Genentech
- Prometic Life Sciences Inc
- Grifols, S.A
- Octapharma AG
- Green Cross Corporation
- Baxter International Inc.
- CSL Behring LLC
- Renaissance Acquisition Holdings LLC
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“The Global Plasminogen
Market is poised for significant growth in the coming years. Plasminogen, once
primarily associated with clot management, has found applications in wound
healing, fibrotic disorders, and ophthalmology, broadening its scope and
reaching a wider patient population. Furthermore, advancements in biotechnology
have improved the safety and scalability of plasminogen production, making it
more accessible and cost-effective. Collaborations between pharmaceutical
companies and research institutions are driving innovation, while regulatory
support ensures safe and efficient market entry. Growing awareness among
healthcare providers and patients, coupled with the development of targeted
drug delivery systems, will enhance the adoption of plasminogen-based
therapies.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Plasminogen Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028 Segmented Type (Intravenous
Injection, Eye Drops), By Application (Ligneous Conjunctivitis, Diabetic Foot,
Wound Healing, Others) By Region and Competition”, has evaluated
the future growth potential of Global Plasminogen Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Plasminogen Market.
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