New York, US, May 03, 2022 (GLOBE NEWSWIRE) -- Plasma Therapy Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Plasma Therapy Market By Type, Source, Application, End-User, and Region - Forecast till 2030”, the market is estimated to reach USD 895.45 Million by 2030 at a CAGR of 13.8%.
Market Scope:
Plasma therapy is used for replacing deficient or missing proteins that help the patients in leading disorder-free and healthy lives. Owing to the surging number of plasma-fractionation methods, human blood generates numerous plasma-derived therapies for chronic, life-threatening and debilitating disorders.
Plasma products have a vital role in medical treatment as well as prophylaxis. Plasma products are useful in the management of autoimmune disorders, chronic conditions and bleeding emergencies. The surging access to medical care, emergence of new applications and products, and diagnostic developments could ensure considerable growth of the plasma therapy industry.
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Market Competitive Analysis:
The prominent contenders in the plasma therapy market include:
- BioLife Plasma Services (US)
- Cambryn Biologics LLC (US)
- Biotest (Germany)
- CSL Ltd. (Australia)
- Grifols International S.A. (Spain)
- Kedrion S.p.A. (Italy)
- LFB S.A (France)
- Bio Products Laboratory Ltd. (U.K.)
- China Biologic Products, Inc. (China)
- Octapharma (Switzerland)
- Arthrex, Inc. (US)
- DePuy Synthes Companies (US)
- Grifols S.A (Spain)
- Global Stem Cells Group, Inc. (US)
- Juventix Regenerative Medical LLC (U.S.)
- Celling Biosciences, Inc. (U.S.)
Market USP Covered
Market Drivers
The plasma therapy industry is largely boosted by the surging burden of several life-threatening disorders, including numerous neurological disorders that include idiopathic thrombocytopenic purpura (ITP), multifocal motor neuropathy (MMN), and chronic inflammatory demyelinating polyneuropathy (CIPD).
Rising instances of contagious diseases including tetanus, rabies and hepatitis A&B, could encourage further industry growth in the years to come. Moreover, the expanding geriatric populace suffering from several diseases given their high susceptibility to infections in line with weak immunity should raise the demand for plasma therapy as well. With that said, significant costs of plasma therapy could work against the global market in the approaching years. But, the soaring number of individuals affected by androgenic alopecia and orthopedic disorders could provide great opportunities to the plasma therapy developers.
On the competitive front, various companies are spending lavishly on R&D activities for enhanced product ranges, which will favor the plasma therapy market. Other than this, these contenders take up numerous strategies including contractual agreements, mergers & acquisitions, partnerships, product launches, and business expansion for a higher worldwide footprint. For instance, in October 2021, BioLife Plasma Services set up its latest plasma unit in Worcester to cater to the soaring demand for a number of plasma therapies.
Market Restraints
High costs related to plasma therapy can hinder business growth. The price associated with plasma extraction from blood and then its storage is quite high and countries with limited healthcare budgets are unable to cope with it. This has restricted plasma’s use in developing as well as underdeveloped countries.
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COVID-19 Analysis
The COVID-19 outbreak, as well as the lockdowns implemented by the government for management of the pandemic spread, has had a huge impact on several industries. The surge in infected people has had a major effect on hospital management due to limited staff as well as resources in contrast to the sudden spike in the number of cases; causing delayed medical procedures as well as surgeries. There has been a delay in non-emergency medical procedures and only the emergency procedures that could lead to loss of life has been prioritized.
The pandemic also meant extra burden on plasma supply. Companies, business owners and suppliers of platelet-rich plasma (PRP) therapy products in various Asian countries have been affected by the sharp surge in the number of COVID-19 patients.
The middle-and low-income economies had to face issues thanks to the shortage of skilled staff and government regulations on suppliers and industries. During the pandemic spread, plasma therapy was touted as the first line of treatment given the absence of vaccines, specific drugs, as well as treatment.
Segment Overview
Types of plasma therapy are Leukocyte-Rich PRP, Pure PRP, Leukocyte-Rich Fibrin, and Pure Platelet-Rich Fibrin.
Sources are Autologous, as well as Allogenic.
Plasma therapies have applications in Dermatology, Orthopedic, Dental, Cardiac Muscle Injury, and Nerve Injury.
End Users in the worldwide market are Hospitals & Clinics along with Research Institutions.
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Regional Analysis
North America, in 2020, secured the top position in the worldwide market, resulting from the huge presence of highly renowned platelet-rich plasma therapy solution developers in the region. The surging involvement of the academic and research institutes in vigorous R&D activities, mounting awareness about the advantages of platelet-rich plasma therapy, and financial backing from the regulatory authorities as well as government encouraging the use of PRP for healthcare applications considerably bolster the market worth. The highly-developed medical infrastructure in the United States, paired with the extensive pool of skilled and well-trained healthcare professionals further contribute to the business growth.
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Given the booming population base affected by various chronic ailments, the Asia Pacific industry is bound to capture a significant CAGR in the next few years. Upgradations of the healthcare facilities along with the rise in government intervention in facilitating public health present massive opportunities to the players. The COVID-19 outbreak has further elevated the awareness level with regard to plasma therapy, which is now increasingly being used as a primary treatment. India is the frontrunner, when it comes to adopting the plasma therapy, in the wake of burgeoning population of infected patients in the country. Surging investments in research and development of new therapies by the contenders in the region push the market demand as well.
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