The global intravenous immunoglobulin (IVIG) market is largely
consolidated, with top four players: Grifols S.A., CSL Behring LLC,
Baxalta Incorporated, and Octapharma AG, accounting for more than
two-third of the total shares as of 2017. Among these, Grifols S.A.
accounted for the dominant share on account of the company’s strong
geographic penetration.
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Oligopoly in the market has led to intense competition among top
players and has compelled companies to take course of strategic
mergers and acquisitions and geographic expansions. Point in case is
the CSL Behring LLC’s geographic expansion by opening operations in
Russia in December 2015. The company stated that the expansion was
driven by large unmet need of quality biotherapeutics and blood
plasma products in the country.
Transparency Market Research estimates that the global intravenous
immunoglobulin (IVIG) market, which was valued at US$8,419.7 million
in 2017, is projected to expand at a CAGR of 8.5% from 2017 to 2024
and reach US$14,923 million in 2024. In terms of end users, the
hospitals segment is presently leading, accounting for a more than
60% of the overall market in 2017. The segment is, however, expected
to lose prominence to the home care segment and reflect a loss in its
overall share by 2024. In terms of geography, North America, which
presently accounts for over 45% of the global market, is expected to
retain dominance by 2024 as well.
The rapidly rising prevalence of a variety of hematological and
neurological disorders such as alloimmune thrombocytopenia,
idiopathic thrombocytopenic purpura (ITP), and myasthenia gravis is
the chief factor driving the intravenous immunoglobulin (IVIG)
market. For instance, the occurrence of myasthenia gravis in the U.S.
has been assessed at 14 to 20 cases out of 100,000 people, which
comes to around 36,000 to 60,000 cases in the country. This
neuromuscular transmission has a high probability of remaining
undiagnosed and thus the prevalence of this disease is actually much
higher. Over 40% of the world’s IVIG products are used to treat
neurological diseases, thus the rising prevalence of neurological
disorders is a highly significant factor of growth for the global
IVIG market.
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Moreover, the mounting global population of geriatrics, which is more
vulnerable to diseases due to poor immunity, is also a key factor
driving the IVIG market. According to the WHO, the global geriatric
population is expected to increase from 524 mn in 2010 to 1.5 bn by
2050. This is anticipated to drive the increased demand for better
immunological treatments, which in turn would provide opportunities
for companies operating in the global intravenous immunoglobulin
market. The steady rise in the use of intravenous immunoglobulin for
the treatment of off-label indications a significant rise in the
blood plasma yield across the globe are also likely to drive the
intravenous immunoglobulin (IVIG) products market.
One of the key challenges that could hamper the overall development
of the global IVIG market is the comparatively much higher cost of
plasma collection and manufacturing processes as compared to
conventional pharmaceutical manufacturing and processing products.
Moreover, immunoglobulin products being derivatives of blood, they
require highly sophisticated methods and equipment for collection,
purification, and storage. This scenario adds to the overall cost and
complexity of IVIG products and therapies.
Intravenous immunoglobulin (IVIG) preparations also have several
related side effects, which could lead to serious health problems in
some patients. Owing to this, patients are sometimes discouraged from
continuing IVIG therapies. Side effects associated with the use of
IVIG also sometimes encourage clinicians to opt for alternate
therapies. This factor is likely to restrain the overall development
of the intravenous immunoglobulin (IVIG) market in the next few
years.
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