Asia Pacific Platelet Rich Plasma Market: High Incidence Rate of Orthopedic Injuries will Drive Demand for PRP, Says TMR
The Asia Pacific platelet rich plasma (PRP) market is semi-consolidated in nature and therefore there is an immense competitive rivalry seen in this market. The top companies dominant in the market are HarvestTechnologies (SmartPrepPRPSystem), ArteriocyteMedicalSystems, Inc. (Magellan), Dr.PRPAmericaLLC (Dr.PRPKit), and Arthrex,Inc.(AngelPRPSystem). Owing to these players being the market leaders, products are being promoted by them through numerous marketing strategies. There is a meagre threat from substitutes in this market owing to PRP products being more proficient in comparison to other treatments. The soaring demand for PRP products and the rising awareness on the same may attract more players into the market, thus raising rivalry.
The Asia Pacific PRP market stood at US$30.0 mn in 2014 and is predicted to touch US$110.0 mn by 2023, rising at a CAGR of 15.4% between 2015 and 2023. In terms of product type, the segment of pure PRP led the market in Asia Pacific in the past owing to its increasing employment in numerous applications and high platelet content. This segment is predicted to maintain its superiority all through 2023, while the rapid healing properties associated with the usage of leukocyte-rich PRF (L-PRF) segment will also increase its demand in the coming years
Extensive Use of PRP in Orthopedic Surgeries to Balloon Market Growth
On the basis of application, orthopedic surgery constituted a dominant share of approximately 36.0% in the Asia Pacific PRP market in 2014. This is due to the increasing aging population, soaring count of sports and orthopedic injuries, and enhanced efficiency of PRP in the treatment of orthopedic injuries. This segment was followed by the segment of cosmetic surgery.
Geographically, China led the market in the past and is trailed by Australia. These two nations are predicted to maintain their dominance all through the forecast period and will represent shares of 40.8% and 16% by 2023. The swiftly growing awareness regarding PRP products, the rising count of individuals suffering from cardiac, bariatric, and neurological diseases are amongst the prime factors fuelling the growth of the market in both Australia and China.
Increasing Cosmetic Surgeries to Raise Demand for PRP Therapy
The increasing count of sports-related injuries and orthopedic disorders and the subsequent rise in the count of surgeries will provide impetus to the growth of the Asia Pacific platelet rich plasma market. In addition, the soaring count of cosmetic surgeries taking place globally will also positively impact the development of the market as PRP therapy is broadly employed in cosmetic surgeries because it provides swift injury healing properties, is a good alternative to hyaluronic acid, and can be employed as dermal fillers. “The increasing awareness regarding PRP products in developing nations will also bolster the development of this market in Asia Pacific”, says a TMR analyst. This awareness is the result of promotion of PRP therapy by a number of renowned national sports celebrities.
Huge Cost of PRP Therapies may Dampen Demand
On the other hand, the growing peril of disease transfer and therapy failure may inhibit the growth of this market. A number of studies opine that PRP therapy is just like placebo and thus doesn’t accompany any improvement in the time taken to heal wounds and the management of pain, thus impeding the growth of this market in Asia Pacific, states a TMR analyst. In addition, the skyrocketing cost of PRP therapy is a prime factor impeding the development of this market in Asia Pacific.
Nonetheless, reimbursement is being provided by private and national insurance organizations in some nations of Asia Pacific for the use of PRP therapy in order to treat chronic diseases. This is a key opportunity seen in the Asia Pacific platelet rich plasma market.
This information is based on the findings of a report published by Transparency Market Research titled, “Platelet Rich Plasma Market - Asia Pacific Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023”
The Asia Pacific platelet rich plasma market has been segmented as follows:
- L-PRP (leucocyte-PRP)
- Platelet-rich fibrin (P-PRF/L-PRF)
- Orthopedic Surgery
- Cosmetic Surgery
- General Surgery
- Neuro Surgery
- South Korea
- Hong Kong
- Rest of Asia Pacific
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