The global plasma therapy market is anticipated to grow at a compounded annual growth rate of 15.2% during the forecast period of 2020-2026.
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Plasma is the fluid that carries the blood components, such as red blood cells (RBCs), white blood cells (WBCs), and platelets. It also carries nutrients and hormones to different organs and contains antibodies, clotting factors, and proteins albumin & fibrinogen. These components are concentrated into various products which can be used for the treatment of people suffering from burns, shocks, trauma, and other medical conditions.
Factors such as increasing number of androgenic alopecia patients, rising incident rate of sports injuries, and high prevalence of arthritis are expected to drive the market growth.According to a data published by the National Institute of Health in July 2020, androgenic alopecia can affect approximately 50 million men and 30 million women in the US. Other factors responsible for the market growth include increasing usage of platelet-rich plasma in various therapeutic areas.
However, lack of reimbursement policies, varying prices of plasma therapy, and developments in the field of regenerative medicineis expected to negatively impact the market growth during the forecast period.
The global plasma therapy market is currently witnessing tremendous growth owing to potential application of plasma therapy in the treatment of COVID-19. Therefore, many government as well as private organizations are investing in the plasma therapy market. For instance, in July 2020, the Indian Council of Medical Research (ICMR) published that it is conducting phase-2 trials in order to assess the safety and efficacy of convalescent plasma for the treatment of moderate COVID-19. Such developments are expected to offer many opportunities for the market growth.
Segmentation:
The global plasma therapy market has been segmented into type, source, application, and end user.
On the basis of type, the global plasma therapymarket is divided into Pure PRP, Leukocyte-Rich PRP, Pure Platelet-Rich Fibrin, and Leukocyte-Rich Fibrin.Pure platelet-rich plasma (PRP) therapy is anticipated to garner the largest market share owing to its effectiveness over other products.
By source, the global plasma therapy market is classified into autologous and allogenic. Growing adoption of autologous source of plasma therapy for healing bones and other such tissues is expected to contribute to the largest market share of the autologous segment.
Based upon the application, the market is categorized into orthopedic, dermatology, cardiac muscle injury, and others. The orthopaedic segment is anticipated to hold the largest market share owing to high adoption of plasma therapy for the treatment of orthopaedic disorders.
The market on the basis of end user is segmented into hospitals& clinics, research institutions, and others. Since, hospitals are the primary care centers, they are expected to hold a major market share.
Regional Analysis:
By region, the global plasma therapy market is segmented into the North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
North Americais estimated to lead the global market in 2019, owing to increasing government support for innovation in the market and increasing prevalence of arthritis.According to a data published by the Centers for Disease Control and Prevention (CDC), in January 2019, 23% of adults, i.e. 54 million people in the US suffer from arthritis.The Europe market is expected to garner significant market share owing to increasingresearch & development activities related to plasma therapy. Theplasma therapy market is the Asia-Pacific region is anticipated to grow at the fastest CAGR owing to rising prevalence of dermatology disorders, especially in men. The International Journal of Trichology published a study in 2019, which stated that the prevalence of androgenic alopecia in Indian men is 58% aged between 30 to 50 years. The publication stated that the epidemiology data for androgenic alopecia in women is scarce. The market in LAMEA is expected to slowly grow owing to the investment by major players in the region.
Competitive Landscape:
Key market players covered in the report include BioLife Plasma Services (U.S.), Cambryn Biologics LLC (U.S.), Biotest (Germany), CSL Ltd. (Australia), Grifols International S.A. (Spain), Kedrion S.p.A. (Italy), LFB (France), Bio Products Laboratory Ltd. (U.K.), China Biologic Products, Inc. (China), Octapharma (Switzerland), Baxter International Inc. (US) and others. These major players are taking up many strategic initiatives to grow in the market. For instance, in July 2019, Baxter International announced the Food and Drugs Administration (FDA) approval for its PrisMax system and integrated TherMax blood warmer, which can be used for renal replacement therapy and therapeutic plasma exchange. With this, Baxter expanded its product portfolio and came up with innovative product to cater the unmet needs in the healthcare system, as treatment for many dermatological as well as orthopedic disorders is unavailable.
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