Plasma is a competent of blood, specifically the liquid part. About 55% of your blood is plasma, and plasma is over 90% water, so really, plasma is mostly just water with some proteins and electrolytes. When you donate plasma, a tube extracts blood from your body, and it separates the plasma from your red blood cells, white blood cells, and platelets. The plasma gets collected and everything else gets sent back into your body.
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