Redding, California, Nov. 16, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Plasma Therapy Market by Type (Pure Platelet-rich Plasma, Platelet-rich Fibrin), Application (Orthopedics, Dermatology, Cosmetology, Rheumatology, Ophthalmology), End User (Hospitals and Clinics, Research Institutes) - Global Forecast to 2028”, published by Meticulous Research®, the plasma therapy market is expected to grow at a CAGR of 12.2% from 2021 to reach $882.5 million by 2028.
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The growth of the overall plasma therapy market is mainly attributed to factors, such as the advantages offered by PRP treatment; increasing awareness towards PRP therapies; the rising prevalence of musculoskeletal, sports, & orthopedic injuries; and the growing number of cosmetic procedures worldwide. In addition, increasing PRP treatments and advancing healthcare in emerging economies are likely to offer significant growth opportunities for plasma therapy providers.
However, the availability of alternatives for PRP treatment and side-effects associated with PRP is expected to restrain the growth of the overall plasma therapy market to some extent during the forecast period. Also, the stringent regulatory framework for PRP use is the major challenging factor observed in this market.
Impact of COVID-19 on the Platelet Rich Plasma Therapy Market
Manufacturers, business owners, and suppliers of PRP therapy products within all the developed and developing economies were impacted severely due to the increase in the number of patients affected by COVID-19. During the outbreak, low- and middle-income countries faced more challenges due to underdeveloped health infrastructures and restrictions imposed by the authorities on suppliers and industries. The pandemic led to a significant decrease in PRP therapies demand in regenerative medicine and pain management, such as tennis elbow, arthritis, torn ligaments, cosmetic & plastic surgeries, and others.
The COVID-19 outbreak severely impacted the countries in the Southeast Asian region as several countries from this region depend on export and tourism for revenue generation. Also, medical tourism suffered significant losses due to travel restrictions. For instance, according to the Malaysian Health Tourism Council (MHTC), medical tourism in the country reported a decline by 75% in revenues in 2020 ($120 million) compared to 2019. The negative impact on health tourism due to the pandemic resulted in the decrease in the adoption of PRP treatments, decreasing the usage of PRP products.
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However, there has been an increase in the research on PRP for COVID-related treatments. For instance, in July 2021, a research was published in a Scientific journal conducted in Indonesia in collaboration with various universities and hospitals. The research was based on intravenous autologous activated platelet rich plasma therapy on profibrotic cytokine in severe and critical COVID-19 patients. The research indicated an increase of proinflammatory cytokines with hyper inflammation in patients with severe cases of COVID-19, resulting in lung injury and pulmonary fibrosis in the long run or after recovering from COVID-19 if not treated properly. They concluded that the use of PRP in severe COVID-19 patients helps in the prevention of pulmonary fibrosis after recovery and also helps in improving lung functions. This research on PRP helped the market revive and resulted in the growth of this market.
Plasma Therapy Market: Future Outlook
The plasma therapy market is mainly segmented based on type (pure platelet-rich plasma, leukocyte-rich prp, pure platelet-rich fibrin and leukocyte & platelet rich fibrin), application (orthopedics and traumatology, dermatology and cosmetology, rheumatology, stomatology and odontology, ophthalmology, others), end user (hospitals & clinics, research institutes), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes their market share at the global and regional levels.
Based on type, the plasma therapy market is segmented into pure PRP, leukocyte–rich PRP, pure platelet rich-fibrin, and leukocyte & platelet rich fibrin. In 2021, the pure PRP segment is estimated to account for the largest share of the overall plasma therapy market. Pure PRP is advantageous over conventional PRP as it undergoes a two-step concentration process that eliminates red blood cells and neutrophils. Thus, the advantages offered by pure PRP treatment over other pain-relieving and cosmetic treatments are likely to augment the segment's growth during the coming years.
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Based on application, the platelet rich plasma therapy market is segmented into orthopedics & traumatology, rheumatology, dermatology & cosmetology, ophthalmology, stomatology & odontology, and other applications. In 2021, the orthopedics & traumatology segment is estimated to account for the largest share of the overall plasma therapy market. The growing number of patients with musculoskeletal disorders and increasing recommendation of PRP therapy as a parallel treatment for various disorders such as fractures and chronic pain is expected to drive the demand for PRP for orthopedics and traumatology application in the market.
Based on end user, the plasma therapy market is segmented into hospitals & clinics and research institutes. In 2021, the hospitals & clinics segment is estimated to account for a larger share of the overall plasma therapy market. The large share of this segment is primarily attributed to the utilization of platelet rich plasma therapy by hospitals and clinics for pain management, regenerative medicines, joints & bone surgeries, cosmetic enhancements, hair growth, sports injuries. PRP treatments are mostly used for accidents and trauma, infectious diseases, orthopedic treatments, cosmetics, dermatology, and hair growth & transplant.
Based on geography, the global plasma therapy market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, North America is estimated to account for the largest share of the global plasma therapy market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The large market share of North America in the global plasma therapy market is primarily attributed to the presence of leading PRP providers in the region, a large number of patients suffering from orthopedic problems, the presence of leading PRP manufacturers, support from the government, and rising usage of PRP in cosmetic & dermatologic applications.
Key companies operating in the global plasma therapy market are Arthrex, Inc. (U.S.), DePuy Synthes Inc. (U.S.), Dr PRP USA LLC (U.S.), EmCyte Corporation (U.S.), Exactech Inc. (U.S.), Global Stem Cells Group, Inc. (U.S.), Celling Biosciences, Inc. (U.S.), Terumo Corporation (Japan), Regen Lab SA (Switzerland), Stryker Corporation (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), and Juventix Regenerative Medical LLC (U.S.) among others.
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Scope of the Report
Plasma Therapy Market, by Type
- Pure PRP
- Leukocyte-rich PRP
- Pure Platelet Rich Fibrin
- Leukocyte and Platelet Rich Fibrin
Plasma Therapy Market, by Application
- Orthopedics and Traumatology
- Dermatology and Cosmetology
- Rheumatology
- Stomatology and Odontology
- Ophthalmology
- Others
(Note: Other applications include sexual health, infertility support, migraine, and neurological issues)
Plasma Therapy Market, by End User
- Hospitals & Clinics
- Research Institutes
Plasma Therapy Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Japan
- China
- India
- Rest of APAC (RoAPAC)
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM (RoLATAM)
- Middle East & Africa
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