Newark, NJ, Feb. 26, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global platelet-rich plasma market is expected to grow from USD 197.27 Million in 2017 to USD 540.31 Million by 2025 at a CAGR of 12.21% during the forecast period 2018-2025. An increase in the number of orthopedic surgeries & sports injuries, a rise in the number of cosmetic surgeries, approval of new devices, discovery of new application areas and surge in awareness among the global population are the factors driving platelet-rich plasma market.
Platelet-rich plasma fraction of analogous blood, which contains more concentration of platelets than normally. Platelets contain bio proteins which help in healing, tissue regeneration, and blood loss. Platelet-rich plasma protein acts as cell adhesive molecules which include fibrin, fibronectin, and vitronectin. The use of platelet-rich plasma therapy is tremendously increased due to its wide application and no side effects. Platelet-rich plasma is used for the treatment of injured tendons, muscles, joints, and ligaments. To build up a plasma rich platelet arrangement, first blood should be drawn from a patient. The platelets are isolated from other platelets and their focus is expanded during a centrifugation procedure, after that the expanded centralization of platelets is consolidated with residual blood. Platelet-rich plasma helps in the early period of mending. This therapy on patients with low back pain helps them to recover. It is also widely used for the treatment of baldness to increase the blood flow and also helpful in tendon and ligament wounds, knee osteoarthritis, degenerative knee ligament, and incessant elbow necessities, muscle strain, and tears. PRP therapy can be used for various procedures, such as cosmetic surgery, orthopedics, and pain-relieving treatment. Pharmaceutical waste management is a serious issue worldwide. Several government organizations such as the Food and Drug Administration, the Environment Protection Agency and the Drug Enforcement Administration (DEA) have introduced various programs for proper waste disposal To ensure safety from hazardous waste. For instance, the Drug Enforcement Administration (DEA) presented the 11th National Prescription Drug Take-back Day in April 2016. The program was intended for providing a safe and convenient means of disposal of unwanted, controlled substance prescription drugs. Rapidly growing health care sector in developed and developing economies, rise in research and development activities for treatment of chronic diseases, and rapidly growing pharmaceutical industries across the world propelling demand for pharmaceutical waste management. According to the Environmental Protection Agency (EPA), the U.S. is the leading producer of medical waste in the world.
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Rise in government initiatives for safe disposal of unused medications and awareness about safe disposal of pharmaceuticals and environmental conservation are boosting the demand of the market in the forecast period. Besides, growth in health care infrastructure is also augmenting the growth of the market. The high cost of disposal of pharmaceutical waste may restrict the growth of the market. However, research and development activities across the globe to support and facilitate medical advancements are propelling the growth of the market in the forecast period.
Key players operating in the global pharmaceutical waste management market include Stericycle, Waste Management, Inc., BioMedical Waste Solution, LLC, Daniels Health, Stryker, Covanta Holding Corporation, Cardinal Health, MedWaste Management, Veolia Environmental Services North America Corp, Suez Environment S.A, Clean Harbors Environmental Services and Republic Services, Inc. among others. To enhance their market position in the global Pharmaceutical Waste Management market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Pharmaceutical waste management is a serious issue worldwide. Several government organizations such as the Food and Drug Administration, the Environment Protection Agency and the Drug Enforcement Administration (DEA) have introduced various programs for proper waste disposal To ensure safety from hazardous waste. For instance, the Drug Enforcement Administration (DEA) presented the 11th National Prescription Drug Take-back Day in April 2016. The program was intended for providing a safe and convenient means of disposal of unwanted, controlled substance prescription drugs. Rapidly growing health care sector in developed and developing economies, rise in research and development activities for treatment of chronic diseases, and rapidly growing pharmaceutical industries across the world propelling demand for pharmaceutical waste management. According to the Environmental Protection Agency (EPA), the U.S. is the leading producer of medical waste in the world.
Rise in government initiatives for safe disposal of unused medications and awareness about safe disposal of pharmaceuticals and environmental conservation are boosting the demand of the market in the forecast period. Also, growth in health care infrastructure is augmenting the growth of the market. The high cost of disposal of pharmaceutical waste may restrict the growth of the market. However, research and development activities across the globe to support and facilitate medical advancements are propelling the growth of the market in the forecast period.
Key players operating in the global pharmaceutical waste management market include Stericycle, Waste Management, Inc., BioMedical Waste Solution, LLC, Daniels Health, Stryker, Covanta Holding Corporation, Cardinal Health, MedWaste Management, Veolia Environmental Services North America Corp, Suez Environment S.A, Clean Harbors Environmental Services and Republic Services, Inc. among others. To enhance their market position in the global Pharmaceutical Waste Management market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Increasing geriatric population, rising incidence of sports and orthopedic injuries are expected to enhance the growth of the segment. In addition, Adoption of this therapy in cosmetic industry is boosting the growth of the market. Lack of awareness may restrict the growth of the market. However, various research activities in this field are driving the growth of the market in forecast period.
Key players operating in the global platelet-rich plasma market include Harvest Technologies Corp, Arthrex, Inc., Zimmer Biomet Holdings, Inc., EmCyte Corporation, Regen Lab SA, Exactech, Inc., Cesca Therapeutics, Inc., Nuo Therapeutics, Inc., DePuy Synthes, ISTO Biologics and AdiStem Ltd among others. To enhance their market position in the global Platelet-Rich Plasma market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, in November 2017, The Cascade Medical’s designed FIBRINETSystem received FDA approval, which is used for the safe and rapid preparation of autologous platelet-rich plasma (PRP) from a small sample of blood at the patient point of care in the United States.
- For instance in march 2017, Cesca Therapeutics Inc., a market leader in automated cell processing and point-of-care autologous cell-based therapies, has come up with the solution, using data from a study, by which treatment of chronic non-healing ulcers is done by using autologous platelet rich plasma (PRP).
The pure platelet-rich plasma segment accounted for the largest share of around 44.13% in 2017
The type segment is classified into pure platelet-rich plasma, leukocyte-rich platelet-rich plasma, and pure platelet-rich fibrin. The pure platelet-rich plasma segment accounted for the largest share of around 44.13% in 2017. This is attributed to widespread use in various applications and rich content of platelets. Moreover, cost effectiveness, rich content of stem cells and high efficiency to treat diseases such as tendons & ligament injuries and neurological diseases are the other factors fuelling the growth of the segment.
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The autologous segment accounted for the largest market share of 43.33% in 2017
Origin segment is divided into autologous platelet-rich plasma, allogeneic platelet-rich plasma, and homologous platelet-rich plasma. The autologous segment accounted for the largest market share of 43.33% in 2017. Ease of production and less threat of disease transmission is contributing to the growth of the segment.
Orthopedic surgery segment dominated the market in 2017
Application segment is bifurcated into orthopedic surgery, neurosurgery, cosmetic surgery, general surgery and others. Orthopedic surgery segment dominated the market. High prevalence of orthopedic diseases and diverse use in cosmetic surgeries to improve facial aesthetics enhance the rate of injury healing, and modify facial structure are driving the growth of the segment.
Regional Segment Analysis of the Platelet-Rich Plasma Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region captured the largest share of global platelet-rich plasma market of 48.27% in 2017 whereas Asia pacific is expected to attain the lucrative growth in the forecast period. North America region is expected to dominate the market due to high prevalence of orthopedic diseases, increase in demand for cosmetic surgeries, approvals of various products by the U.S. FDA and surge in awareness among the patient population. Asia pacific is projected to be fastest growing region in the forecast period owing to surge in investment in health care infrastructure, rise in health care expenditure, large population base with chronic wounds & orthopedic disorders, and expansion in network of leading players in the region.
About the report:
The global Platelet-Rich Plasma market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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