Platelet Rich Plasma Market
Platelet Rich Plasma Market – Asia Pacific Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023
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Platelet Rich Plasma Market - Snapshot
Plasma is the liquid part of one’s blood containing red blood cells, salt, white blood cells, and vitamins are found. Water comprises most part of the plasma content. Once blood cells are removed from plasma, it turns yellow in color. The global platelet rich plasma market is estimated to be driven by the rising incidences of arthritis and bone-related disorders. In accordance with the US Arthritis Foundation, it is revealed that one of the leading causes of adult disability is arthritis in the country.
The growth of the global platelet rich plasma market is estimated to be influenced by rising utilization of platelet-rich plasma in many therapeutic areas, number of surgical and cosmetic procedures, and increased sports injuries.
Increased Demand for Cosmetic Surgery is Likely to Spur Market Growth
Platelet-rich plasma combines the ability of modern-era technology with the capability of body to heal itself. Several applications such as orthopedics, ophthalmology, neurosurgery, and cosmetic surgery are making increasing utilization of this product, which is estimated to propel growth of the global platelet rich plasma market. The therapy of platelet rich plasma includes a tiny sample of blood of an individual with existing technology to cure one’s shelf. Increased use of the technology in several end use industries such as cosmetic surgery is expected to drive the global platelet rich plasma market in the years to come.
With the help of this therapy, placement of blood of an individual in a centrifuge is used to split up platelets from many other substances. The platelet is injected into and around the site of injury for enabling speedy recovery. This process, however, does not inflict any infection and allergy on a patient as it the blood of the patient that is being used. This factor is likely to encourage developments in the global platelet rich plasma market over the years of projection. In addition, rising prevalence of orthopedic conditions is likely to further drive the demand for platelet rich plasma therapy.
The rising incidence of orthopedic diseases, neurological disorders, cardiovascular diseases, sports injury, and obesity has proven crucial in keeping demand for platelet rich plasma (PRP) high in Asia Pacific. The introduction of advanced devices for better efficiency in PRP preparation has also bode well for the market. These factors are expected to boost the Asia Pacific platelet rich plasma market at a CAGR of 15.4% between 2015 and 2023, as per Transparency Market Research (TMR).
TMR pegs the overall value of the market at US$30 mn in 2014, and has projected it to reach US$110.0 mn by the end of 2023. With millions opting for non-invasive cosmetic surgery every year, and the number exhibiting a robust increase, demand from the Asia Pacific platelet rich plasma market is expected to rise considerably in the forthcoming years.
Among other market drivers, the increasing awareness about PRP products and devices across emerging economies will prove extremely beneficial for the market. However, the rising commercialization of these treatments has fueled their prices. This acts as a major bottleneck restraining the market’s trajectory. Threat associated with therapy failure also limits the market to an extent.
Nevertheless, the emergence of new application areas of the PRP technologies will open newer avenues for the market to explore. The leading companies operating in the Asia Pacific PRP market will also gain from the development of technologically advanced devices.
Rising Investment in Healthcare Puts China at the Fore of Asia-Pacific PRP Market
Regionally, the Asia Pacific platelet rich plasma market comprises 11 major segments, comprising the Philippines, India, Australia, China, Thailand, Singapore, Malaysia, Hong Kong, Taiwan, South Korea, Japan, and Rest of Asia Pacific. Of these, China held the leading share of 36.1% in the Asia Pacific PRP market based on revenue, trailed by Australia. The China market for platelet rich plasma is expected to exhibit a CAGR of 17.0% between 2015 and 2023. The high awareness about the PRP technology across various treatments, the rising investment in healthcare, and research and development activities are the key factors bolstering demand from the aforementioned countries.
Currently, South Korea holds the third-largest share in the Asia Pacific PRP market. However, the market in India is expected to rise at a faster pace. Currently India holds a smaller share in the Asia Pacific PRP market compared to other developed markets in the region. However, the increasing geriatric pool in the country, presence of skilled doctors, and increasing awareness will boost demand for PRP in India.
Demand for PRP in Orthopedic Surgeries Continues to Gain Momentum
Based on application, the demand for platelet rich plasma was highest in orthopedic surgeries. The segment led the Asia Pacific market with a share of 36% in 2014. The increasing use of platelet rich plasma in the treatment of various orthopedic diseases including osteoporosis cracks, osteoarthritis, ligament injuries, and bone fractures has been supporting the expansion of the PRP market in Asia Pacific. Since the aged population is more prone to osteoporosis, the increasing geriatric population in Asia Pacific also prove lucrative for the PRP market in the region
Apart from this, the cosmetics surgery segment is also expected to hold a considerable share in the market during the forecast period. The increasing utilization of platelet rich plasma for aesthetically improving a person’s facial appearance aids the segment’s growth. The use of PRP as a substitute of derma fillers will also bring market enough opportunities to gain from during the forecast period. Other than this, the use of PRP in neurosurgery and general surgery is also increasing at a rapid pace.
Some of the leading enterprises operating in the Asia Pacific PRP market include Harvest Technology, Stryker Corporation, Arthrex, Inc., Zimmer Biomet, AdiStem Ltd., DePuy Synthes, Exactech, Inc., Cesca Therapeutics, Inc., and Rmedica Co. Ltd.
This report provides a comprehensive analysis of the platelet rich plasma market in Asia Pacific considering various macro as well as microeconomic factors such as regulations, applications of platelet rich plasma, and advantages and disadvantages of type of platelet rich plasma, and cost. The report studies the platelet rich plasma market from four perspectives: type of platelet rich plasma, origin of platelet rich plasma, application of platelet rich plasma, and country wise market.
Based on the type of platelet rich plasma, the market in Asia Pacific has been segmented into pure platelet rich plasma, leucocytes and platelet rich plasma, and platelet rich fibrin. Based on origin, the market has been segmented into autologous platelet rich plasma, allogeneic platelet rich plasma, and homologous platelet rich plasma. In terms of the application of platelet rich plasma, the market has been segmented into orthopedic surgery, cosmetic surgery, general surgery, neurosurgery, and other surgeries. In terms of country, the market has been studied for eleven major geographies: Australia, the Philippines, China, India, Singapore, Thailand, Malaysia, South Korea, Hong Kong, Taiwan, and Rest of Asia Pacific. Additionally, each segment of the platelet rich plasma market has been further subdivided into national markets.
The market size for each of the segments and sub-segments mentioned above is provided in US$ Mn considering 2013 and 2014 as base years and forecast from 2015 to 2023. The forecast model considers various factors such as number of surgeries, health care expenditure of the country, advantages of the individual segment, penetration of platelet rich plasma therapy in the country, the cost of platelet rich plasma in various countries, and government regulations. The research methodology is a blend of primary as well as secondary market research, where market estimates based on desk research are further refined considering inputs from expert interviews.
This report on the platelet rich plasma market in Asia Pacific also provides qualitative information on major players in the market. It also includes details on current regulatory policies for platelet rich plasma and devices. Major factors driving and restraining the platelet rich plasma market are also discussed in the report, while opportunities from the future perspective are also mentioned. Furthermore, the platelet rich plasma market report provides value chain analysis for comprehensive analysis. Porter’s Five Forces Analysis will provide the idea of bargaining power of buyers, bargaining power of suppliers, threat of new entrants in platelet rich plasma market, threat of substitutes, and competitive rivalry in platelet rich plasma market. Additionally, market share analysis of the platelet rich plasma market in Asia Pacific provides detailed information on current competitive landscape of the market. Market attractiveness analysis provides information on most attractive countries for platelet rich plasma.
Finally, the report profiles major players in the platelet rich plasma market in Asia Pacific including Harvest Technology, Arthrex, Inc., Stryker Corporation, Zimmer Biomet, DePuy Synthes, AdiStem Ltd., Cesca Therapeutics, Inc., Exactech, Inc., and Rmedica Co. Ltd. Each of the companies is profiled for parameters such as company overview, financial overview, product portfolio, business strategies, and recent developments. The report on the platelet rich plasma market estimation and forecast comprises 128 slides and 68 graphs.