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Baxter continues its dominance of the plasma industry

Industry Sector

Healthcare and Medical

Published

16 April 2013

Author

Mike King

Type of News

Market

The plasma market has been forecast to increase at a compound annual growth rate (CAGR) of 10.31% through to 2016, driven by the increase in the aging population, and the trend of increasing market consolidation.

Consequently, the fundamentals of the industry currently are as strong as they have ever been. Plasma product companies are poised to generate growth in earnings per share of about 15% annually over the next two years.

With supplies of plasma now tight, the amount of plasma collected from donors is expected to rise going forward, from 16,152 International units in 2007 to 17,665 International units in 2010.

The plasma collected is converted not only into IVIG and albumin but also coagulation products, which treat bleeding disorders such as haemophilia. As with IVIG and albumin, prices for coagulation products are expected to rise.

Approximately 70% of the global supply of plasma comes from the US. In terms of consumption, North America constitutes 40% of the global plasma-products market, followed by Europe at 32% and Asia at 19%.

Demand for plasma products is rising most rapidly in the emerging nations, especially in China, the Middle East, and South America, reflecting the increasing standards of living there. Greater global affluence and economic growth are bringing about improvements in public health and reductions in the mortality rate, due in no small part to the greater use of plasma products and other sophisticated health-care therapies.

Over the years, the plasma market has been witnessing significant consolidation and as a result the positions of leading players have shifted dramatically over the past decade. This trend is expected to continue through to 2016 as vendors attempt to strengthen or hold their market position. Market consolidation has resulted in stronger competitors that are better able to compete as sole-source vendors to end-users.

Key players dominating the plasma market include CSL Behring LLC, Baxter International Inc., Grifols S.A., Octapharma AG, and Talecris Biotherapeutics.

Baxter (market capitalisation: about $36 billion) is the biggest and most diversified of the five competitors, deriving about 20% of its sales from plasma products. Baxter, a core holding in growth portfolios over the past two years, has benefited especially from the healthier fundamentals and pricing power of plasma products.

CSL Limited (market capitalisation: about $14 billion) is not only the world's largest producer of plasma products but the world's largest collector of plasma as well, receiving 4 million donations annually.

For more information on the plasma market, see the latest research: Plasma Market

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