How large is the plasma therapy?
As per a new study conducted by Research Dive, the global plasma therapy market is predicted to reach up to $432.8 million by 2026, growing at a CAGR of 16.3% during the forecast years 2019 to 2026. The global market is classified into type, source, application, end use and region. The study provides complete overview of drivers, opportunities, restraints, segmental analysis and significant players in the global market.
Factors affecting the market growth
As per our analysts, increasing demand for plasma therapy for the treatment of neurological patients due to growing awareness about personalized healthcare systems is mainly driving the market growth. However, high costs for the treatment of plasma therapy is a major restraint for the plasma therapy market growth.
Pure platelet-rich plasma (PRP) type is anticipated to dominate the market in the near future
The global market has been divided on the basis of type into pure platelet-rich plasma (PRP), leucocyte-rich PRP, leukocyte-rich fibrin and pure platelet-rich Fibrin. Among these, pure PRP accounted for the significant plasma therapy market size in 2018; it was over $50.1 million and is projected to grow at a faster rate of 16.7% CAGR during the forecast years. The wide utilization of pure PRP in the treatment of neurosurgery, cosmetic surgery, orthopedics/spinal surgery and many other surgeries due to its cost effective compared other therapies, which will fuel the growth of the market.
Allogeneic source segments will be the most lucrative in the coming years
By source, the global market has been segmented into allogeneic and autologous. In both of these, autologous source segment generated largest market share in 2018 and is projected to generate a revenue of $298.6 million by 2026. This command over the global market is majorly owing to autologous biologics having a major role in the treatment to enhance tissue repair and generation along with healing of chronic and recalcitrant wounds. The allogeneic source will experience a significant growth and is estimated to rise at a healthy CAGR of 16.8% in the projected period. Growing utilization of allogeneic source type in bone defect treatment due to great healing efficacy, potentially consistent quality and other benefits, is expected to enhance the market growth.
Orthopedics application is expected to dominate the global plasma therapy market
The global plasma therapy market is classified on the basis of application into cardiac muscle injury, orthopedics, dental, dermatology and others. Among these, the market for dermatology application will witness to grow at a significant rate of 16.6% CAGR and is projected to experience a noticeable growth by the end of forecast time. Growing utilization of plasma therapy for dermatology application due to rising number of dermatological issues will fuel the growth of the market. Orthopedics application held the majority of the global market share in the previous years and projected to continue its command over the market throughout the forecast time. This growth is attributed to the extensive usage of plasma therapy in orthopedic medicine and it promotes the healing power of musculoskeletal condition.
Hospitals & clinics segments held the global market share in previous years
Based on end user, the global market has been categorized into research institutions and hospitals & clinics. In both of these, hospitals & clinics end user accounted for largest market share, which was 69.0% in 2018 and is projected to continue its growth throughout the forecast time. Growing healthcare expenditure especially in developing economies and increasing demand for platelet rich plasma for healing applications are majorly driving the growth of the market. Research institutions will experience a health growth and is anticipated to reach up to $147.2 million till 2026. Increasing number of research institutions and growing government initiatives to support research activities are projected to boost the growth of the market.
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North America region held the highest plasma therapy market size in 2018 and is projected to generate a revenue of $155.8 million by the end of 2026. Presence of innovative protein fractioning methods and increasing demand for plasma therapy procedures from clinics and hospitals across the North America, which will drive the market growth in the forecast time. Besides North America, Asia-Pacific market will experience a remarkable growth and is projected to generate ample growth opportunities in terms of revenue during the forecast period. Growing awareness among blood donors along with increasing number of hospitals are significantly enhancing market growth in Asia-Pacific region.
Significant market players
The significant players in the global plasma therapy market are BioLife PLASMA SERVICES, Grifols, S.A., Cambryn Biologics, LLC, CSL Limited, Kedrion S.p.A, Biotest AG, Bio Products Laboratory Ltd, Octapharma AG and China Biologic Products Holdings, Inc., among many others.