Plasma Therapy Market Likely to Emerge over a Period of 2021 - 2029: BioLife Plasma Services, Grifols International S.A., Biotest etc.
Platelet-rich plasma is derived from blood plasma, consisting enriched platelets, which assists in quick healing of bone and other soft tissues. However, high cost of medical devices used in plasma therapy hampers market growth.
Plasma therapy is emerging as a standard practice, and a number of healthcare professionals are actively adopting the therapy to treat the growing list of orthopedic and other therapeutic conditions. The FDA has recently approved the use of plasma therapy on COVID-19 patients.
Rising approval of plasma therapies, increasing R&D activities, and burgeoning demand for advanced therapeutics drive the market growth. In 2016 around 74% of sourced plasma came from the U.S. Plasma therapy is also used in replacement therapies to treat deficiency of coagulation factors in autoimmune disorders. Immunoglobulin holds one of the largest shares of about 40–50% (about USD 20 billion) in the plasma therapy market. On the other hand, albumin and plasma-derived factor VIII each hold a significant market share of about 10–15% each.
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The Major Players Covered in this Report: BioLife Plasma Services, Grifols International S.A., Biotest, CSL Ltd., Cambryn Biologics LLC, Bio Products Laboratory Ltd., China Biologic Products, Inc., Kedrion S.p.A., Octapharma, LFB biopharmaceutical, & More...
By Type- Pure platelet-rich plasma (PRP), Leukocyte-rich PRP, Pure platelet-rich fibrin (PRF), Leukocyte-rich fibrin (L-PRF), Plasma proteins
By Source- Autologous, Allogenic
By Application- Orthopedic, Chronic infectious diseases, Dermatology, Dental, Cardiac muscle Injury, Nerve injury
By End-User- Hospitals and clinics, Research institutions
Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Plasma Therapy in the APAC Region:
Asia-Pacific region is anticipated to hold the largest market share in the global Plasma Therapy market during the forecast period 2021-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Plasma Therapy and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Plasma Therapy. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.
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Impact of COVID 19:
Currently, the world is battling the newly emerged strain, coronavirus, which has no definitive treatment. A similar picture of lack of definitive therapy can be traced in the history of medical science during the Ebola outbreak, where the World Health Organization (WHO) directed the use of convalescent plasma (CP) therapy to control its prevalence. Today, plasma therapy is used as one of the methods to treat COVID 19 patients. Recently, the U.S. FDA approved the use of plasma therapy for critically ill COVID-19 patients, further driving the market growth.
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The plasma therapy market was valued at USD 205.15 million in 2019 and is expected to grow with a CAGR of 14.8% on account of increasing demand for plasma therapy and significant untapped therapeutic opportunities in the field of plasma therapy
The pure platelet rich plasma segment holds the largest market share owing to the effective results of pure PRP therapy and widespread applications in cosmetics, general, cardiovascular surgeries, and wound healing surgeries
The autologous segment is expected to account for the largest market share during the forecast period owing to its cost-effectiveness and low threat of disease transmission
North America leads the plasma therapy market as the region possesses a well-established healthcare infrastructure, favorable regulatory framework, and government support
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