Plasma Therapy Market Poised to Grow at a CAGR of 12.4% over the Forecast Period of 2021-2026
Plasma Therapy Market Overview
The Plasma Therapy market size is estimated to reach $421.3 million by 2026 and is poised to grow at a CAGR of 12.4% over the forecast period of 2021-2026. Plasma has often been the most regarded part of the blood. More so often, its role is forgotten by the medical practitioner. Plasma contains about 55% of the human body and allows the transport of water, salts, and needful enzymes. The role of plasma is also to help in transferring nutrients, hormones, and even vital proteins. Antibodies, clotting factors, and platelet-rich fibrin are some of the additional factors through which plasma plays a vital role. The leucocyte-rich PRP is often obtained by using centrifugal machines. Firstly, six-minute centrifugation takes place, which allows for the separation of erythrocytes, after which the second centrifugation at a higher RPM allows to obtain the leucocyte-rich PRP. Plasma therapy is also given to patients who have suffered physically and have obtained injuries in their tendons, ligaments, muscles, and joints. The PRP treatment helps and aids the overall healing process. Additionally, in cases such as these, the patient’s own blood or platelet is used as the problems are musculoskeletal. Dermatology is yet another prominent field in which plasma therapy has started taking place owing to some excellent end results. The use of plasma therapy in the field of cosmetics and dermatology, along with the ready adoption of technology in the centrifugal process, are some of the factors that are driving the Plasma Therapy Industry forward in the projected period of 2021-2026.
Plasma Therapy Market Segmentation Analysis – By Type
The plasma therapy market based on type can be further segmented into Leucocyte Rich PRP, Pure Platelet Rich Fibrin, Leucocyte Poor PRP, and Others. The leucocyte-rich PRP segment held a dominant market share. It is owing to its multiple applications. Firstly, the major driver for the following segment in recent years has been its use in various healing processes and in other aesthetic surgeries. People opine for aesthetic surgeries now rely on using all-natural ingredients, and what can be more natural than one’s own blood and plasma Blood collected from the patient is spun at high speeds in a centrifuge to separate the WBCs and stem cells from plasma and platelets. The latter forms the top layer, and hence, is used in therapy.
However, Pure Platelet Rich Fibrin is estimated to be the fastest-growing with a CAGR of 12.9% over the forecast period of 2021-2026. It is owing to various research findings which have shown that plasma that has WBCs and stems cells quantities can allow better end results. The blood collected is spun at a low pace, which dis-allows the making of distinctive layers, and the following also has 10x more platelet concentration.
Plasma Therapy Market Segmentation Analysis – By Application
The plasma therapy market based on the application can be further segmented into Orthopedic, Dermatology, Cardiac Muscle Injury, Ophthalmic Surgery, General Surgery, and Others. The orthopedic segment held a dominant market share in the year 2020. It is owing to the pandemic that voluntary surgeries did not take place. However, as per the data released by the US Department of Transportation, road accidents increased, and so did the fatalities. The fatality rate which was recorded was close to 1.37/100 million VMT, which has increased from 1.11. Moreover, most of the accident patients sustained bone fractures and other ligament damages, for which the plasma therapy helped multi-fold. Surgical techniques along with liquid PRP helped in increasing the healing process and broadening the therapeutic management. The physiotherapy combined with PRP also helped to reduce the rehabilitation process.
However, the Dermatology segment is estimated to be the fastest-growing, with a CAGR of 13.2% over the forecast period of 2021-2026. It is owing to the rising use of plasma therapy in treating diabetic ulcers and non-healing ulcers as well. The cost-effectiveness, as compared to hair transplant, is yet another characteristic that will help the growing bald population across the globe.
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Plasma Therapy Market Segmentation Analysis – By Geography
The Plasma Therapy Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America’s plasma therapy market held a dominant market share of 38% as compared to the others. It is owing to the rising adoption of natural therapeutic treatments created from using plasma. Moreover, plasma therapy has been advertised as “all-natural” and “highly effective,” which has boosted consumer confidence. As of 2019 data, around 2.5 million people develop ulcers a year, and of which a third would need medical intervention. Lastly, the ongoing research for finding better substrates and low-cost centrifugal machines have helped the region gain market dominance.
However, Asia-Pacific is set to offer lucrative opportunities to marketers. Medical tourism has readily helped countries like India. India has been regarded as one of the cheapest and most effective places to have an invasive surgery done. Additionally, with the rising disposable income, regions in the southeast Asia pacific would adopt aesthetic surgeries and other cosmetic treatments. Additionally, it is expected that 23 million people will have acne by the end of 2026 in the region, of which several would require plasma therapy.
Plasma Therapy Market Drivers
The use of plasma therapy in treating dermatological ailments has readily aided market growth
Plasma therapy has been evolving in its applications over the years. More so, the development was felt in the dermatology segment. PRP treatments are often recommended to people suffering from androgenetic alopecia. As per the US CDC, the following ailment affects nearly fifty million adults, mostly in the form of hair loss. The following condition also propels with the rising age, and again, as per the CDC estimates, the world population is aging swiftly. The primary cause for such disease is that the hormone levels start to change, especially DHT. Alpha base reductions are also a proven medication but owing to such only hair fall stops, and no new hair growth is observed. PRP is a three-step process in the greatest number of cases, and firstly blood would be drawn from one’s arm. Secondly, a centrifugation machine would separate the blood collected into three primary elements. The platelet-rich plasma will be chosen and then injected into various parts of the head. PRP has readily provided people with results and has been a growing field that has allowed for the growth of the plasma therapy market.
Sports injuries have readily aided the growth of the plasma therapy market
As per John Hopkins University, nearly 3.5 million children and teens suffer injuries from sports. Moreover, the total number of adults or teens present in the US is close to 30 million, which roughly translates that every 1 in 10 children is prone to sustain an injury. Out of the total injuries made, more than a third are treated in hospitals owing to the seriousness and need to use interventional treatment methods. Owing to the plasma characteristic of carrying the growth factor, it readily helps in bone and tissue healing processes. However, the surgeon’s discretion is paramount, as the body is also capable of curing most of the injuries. PRP can help in treating tennis elbow injuries, as the following parts of the body afflicted is overstressed and receive little blood; PRP can help in easing the pain and increasing the healing process. Additionally, rotator cuff injuries and plantar fasciitis are the additional injuries that have helped in the growth of the market.
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Plasma Therapy Market Challenges
Ineffectiveness in curing critical illnesses has been a ready market challengeConvalescent plasma therapy was one of the lines of defense that were being adopted to prevent severe illnesses pertaining to Covid-19. Additionally, it was found that a potential introduction of antibodies from those recovered can help the others fight off the virus as well. But that hasn’t been the case of late yet. Moreover, scientists have labeled the use of plasma therapy as, “irrational and non-scientific.” Also, the local health infrastructure was following the off-label use of plasma in moderate diseases, which was not required. Lastly, in a study conducted across 39 medical hospitals in India, it was termed that convalescent plasma therapy cannot help in reducing the chances of fatalities. The following developments have shaken off the confidence and have acted as a ready market challenge.
Plasma Therapy Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Plasma Therapy market. The top 10- Plasma Therapy market companies include:
Johnson & Johnson (DePuy Synthes)
Zimmer Biomet
Stryker
EmCyte Corporation
Terumo BCT, Inc.;
Arthrex, Inc.
Dr. PRP America
Juventix
APEX Biologix
Celling Biosciences
Recent Developments
In January 2021, Cerus Corporation received a nod for its product known as INTERCEPT, which allows cryoprecipitate, which in turn makes it favorable for therapeutic plasma exchange. The device’s generic name has been kept under “Pathogen Reduction System for Plasma”, and patients suffering from thrombocytopenic purpura (TTP) can potentially use the treatment.
In March 2020, the EMCYTE group acquired CELLMEDIX Holdings, which also includes the Centrepid Platelet Concentrator System. The following acquisitions now allow former access over several patents such as US 7,829,022 B1; US 9,718,003 B1 and US 10,040,064. Moreover, the access over the former patents will now allow the company to follow innovative strategies and expand its line of business towards biological creativity.
Key Takeaways
Geographically, North America’s plasma therapy market held a dominant market share in the year 2020. It is owing to the region’s predominant position in rolling out effective treatment for various cosmetic and dermatology-related ailments. Additionally, the government’s favorable position for promoting such therapies has readily aided the market position. However, Asia-Pacific is set to grow at a lucrative pace. It is owing to the increase in the disposable incomes of individuals along with the rising trend for getting cosmetic surgery done.
The multi-purpose applications of plasma therapy have been a key factor driving the market. However, ineffectiveness in curing critical illnesses throughout the period of study has been a key market challenge.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Plasma Therapy Market Report.
Relevant Titles:
Plasma Machines Market
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