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The Increasing Incidence of Orthopedic Diseases, Neurological Disorders, Cardiovascular Disease, Sports Injury and Obesity has Revealed Crucial in Maintaining the Demand for Platelet Rich Plasma (PRP) in Asia-Pacific. The introduction of advanced devices for better efficiency in the preparation of PRP is also auspicious for the market. These factors are expected to boost Asia Pacific's platelet-rich plasma market to a CAGR of 15.4% between 2015 and 2023, according to Transparency Market Research (TMR).
TMR estimates global market value at $ 30 million in 2014 With millions opting for non-invasive cosmetic surgery each year, and the numbers showing a surge, market demand for Asia Pacific-rich platelet-rich plasma should increase significantly in the coming years.
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Among other market drivers, growing awareness of the PRP products and devices in emerging economies will prove extremely beneficial to the market. However, the increasing commercialization of these treatments has fueled their prices. This acts as a major bottleneck limiting the trajectory of the market. The threat badociated with the failure of the therapy also limits the market to a certain extent.
Nevertheless, the emergence of new areas of application of PRP technologies will open new avenues for the market to explore. The main companies operating in the Asia-Pacific PRP market will also benefit from the development of technologically advanced equipment.
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Investment in health care puts China ahead of Asia-Pacific PRP market
Asia Pacific's platelet-rich plasma market includes 11 major segments, including the Philippines and India . , Australia, China, Thailand, Singapore, Malaysia, Hong Kong, Taiwan, South Korea, Japan and Rest of the Asia-Pacific. Of these, China held the largest 36.1% share of the Asia Pacific PRP market in terms of revenues, followed by Australia. The Chinese platelet-rich plasma market is expected to post a CAGR of 17.0% between 2015 and 2023. Strong awareness of PRP technology in various treatments, increased investment in health care and research activities and development are the main drivers of demand. the aforementioned countries.
Currently, South Korea ranks third in the Asia-Pacific PRP market. However, the market in India is expected to grow at a faster pace. Currently, India has a smaller share of the Asia-Pacific PRP market compared to other developed markets in the region. However, the increase of geriatric pelvis in the country, the presence of qualified doctors and increased awareness will stimulate demand for PRP in India.
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The demand for PRP in orthopedic surgeries continues to grow
According to the application, the demand for platelet-rich plasma was the highest in orthopedic surgery. The segment dominated the Asia-Pacific market with a 36% share in 2014. The increasing use of platelet-rich plasma in the treatment of various orthopedic diseases, including osteoporotic fractures, osteoarthritis, lesions ligament and bone fractures, supports the expansion of the PRP. market in Asia-Pacific. As the older population is more vulnerable to osteoporosis, the increase in the geriatric population in Asia-Pacific also proves lucrative for the PRP market of the region
. In addition, the cosmetic surgery sector is also expected to hold a significant share of the market. the forecast period. The increasing use of platelet-rich plasma to aesthetically improve the appearance of the face helps segment growth. The use of PRP as a substitute for derma fillers will also provide the market with ample opportunities to profit from it during the forecast period. Other than that, the use of PRP in neurosurgery and general surgery is also increasing at a rapid pace.
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Among the leading companies operating in the PRP market in Asia Pacific are Harvest Technology, Stryker Corporation, Arthrex, Inc., Zimmer Biomet, AdiStem Ltd., DePuy Synthes, Exactech, Inc., Cesca Therapeutics, Inc., and Rmedica Co. Ltd.
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Transparency Market Research (TMR) is a US-based provider of syndicated research, custom research, and consulting services. The global and regional market information coverage of TMR includes sectors such as pharmaceuticals, chemicals and materials, technology and media, food and beverages and consumer goods, among others. Each TMR research report provides customers with a 360-degree view of the market with statistical forecasts, a competitive landscape, detailed segmentation, key trends and strategic recommendations.
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