Asia Pacific Platelet Rich Plasma Market

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.

Rising Sports Injuries to Spell Growth for the Global Platelet Rich Plasma Market

Along with scaffold and stem cells, platelet rich plasma or PRP has been shown to be a major contributor of autologous products in the domain of regenerative medicine and is a true precursor in the process of healing. The demand for platelet rich plasma treatment is expected to rise as the number of orthopedic diseases and sports injuries surge. Platelet rich plasma preparation items are predicted to see increased demand as research base expands. These factors are likely to support growth of the global platelet rich plasma market in the years to come.

In recent years, the adoption of platelet rich plasma products in treating sports injuries, orthopedic disorders, and musculoskeletal conditions has grown in popularity. The greater concentration of development factors in platelet rich plasma has been observed in many research studies, which is believed to have the capacity to significantly improve the process of healing. Improved process of healing is likely to benefit expansion of the global platelet rich plasma market in near future.

Increased Demand for the Product to Treating Skin Problems to Add Fillip to the Market                                  

Platelet rich plasma has been widely used in clinical settings in the last few years. In the profession of cosmetic surgery, it has garnered a lot of traction. The innate healing capabilities of these platelets are being used by dermatologists and plastic surgeons to enhance the appearance and general wellbeing of the skin. High demand for use in treating skin is expected to trigger growth of the global platelet rich plasma market in the forthcoming years. Several researchers have examined the use of platelet rich plasma for facial rejuvenation and found that it comes with positive aesthetic results.

These therapies have improved the texture, tone, and volume of the skin while also reducing appearance of wrinkles. The use of platelet rich plasma in oral and dental surgical procedures has shown to be effective. Platelet rich plasma has been suggested as a way to improve healing of wound and maturation of bone in bisphosphonate-related osteonecrosis of the jaw. Furthermore, the utilization of platelet rich plasma protocols in the alveolar socket following tooth extraction has been shown to hasten healing of soft tissue, thereby affecting bone regeneration processes further.