Plasma therapy is a platelet concentrate obtained after centrifugation of whole blood, which contains platelets and growth factors higher than normal levels (at least 4-8 times that of healthy blood). This technology and products used to treat various chronic diseases because they can effectively accelerate wound healing.
The global Plasma therapy market has the potential to grow with USD 327.52 million with historical CAGR in the forecast period from 2020-2027. Due to the increase in the proportion of orthopedics and sports injuries, the global platelet-rich plasma therapy market proliferates. More and more plastic surgery and chronic or acute diseases in the world are treated with plasma therapy.
In recent years, plasma therapy applications in orthopedic diseases, cardiovascular and neurovascular diseases, general surgery, wound treatment, and plastic surgery are increasing. It is mainly owing to the enhanced tissue repairing ability; the therapeutic effect of platelet-rich plasma is especially noticeable compared with traditional methods.
The driving growth factor of plasma therapy is enrichment technology and shortening of wound healing time. It is coupled with the convenience of the production of such treatments, cost-effectiveness, and the lowest risk of disease transmission. Therefore, such factors are raising the market share for global plasma therapy. Moreover, due to the enhancement of growth factor enrichment technology and shortening of wound healing time, the market share of plasma therapy is expected to show strong growth in the future.
Furthermore, plasma therapy is currently using for treating coronavirus patients. It is useful as it has effects on a variety of infectious diseases. Thus, plasma therapy has now appeared, and it is beneficial and saving many lives of patients dealing with coronavirus infection. Also, plasma therapy does not have any side-effects compared to other drugs. These antibodies help in improving the immune system’s response and assist in clearing the virus from the body.
Additionally, rehabilitation plasma therapy is an essential method for humans to prevent and treat infectious diseases. It primarily used for viral illnesses that have neither vaccines nor specific drugs, including scarlet fever, yellow fever, avian influenza, etc. The 2015 African Ebola virus outbreak at that time, the World Health Organization, had recommended the use of plasma therapy. Therefore, with the explosion of coronavirus plasma therapy is bolstering its market demand.
The rise in the geriatric population has increased the chance of chronic diseases, a decrease in the immunity of a person lead to a treatment of plasma therapy, patients with low immune systems and are at high risk of having viruses given to them. Therefore, it helps in boosting immunity with no side-effects.
The plasma therapy is given to the patient when there are no symptoms of viral, to increase the function of the immune system and helps in healing quickly. Moreover, plasma therapy is one of the oldest and effective treatments that are very cost-effective. Thus, it is affordable and helps in saving lots of lives suffering from diseases like coronavirus and other chronic diseases.
Based on the type, the global plasma therapy market categorized into Pure PRP, Leucocyte-Rich PRP, Pure Platelet-Rich Fibrin, Leukocyte-Rich Fibrin. The leukocyte-rich fibrin type segment accounted for the largest share in the global plasma therapy market. It is mainly owing to the natural healing proteins that create a potential network of cells that required for better bone regeneration. Moreover, leukocyte-rich fibrin reduces the pain in bones post-treatment and thus, emerging the market share of the global plasma therapy market.
Based on the source, the global plasma therapy market segmented into Autologous, Allogenic. The autologous source segment is estimated to account for the largest share of the plasma therapy market in the forecast period. The prevalence of orthopedic disorders and suitable for the healing of bones and other tissues in the body. Also, the need for the development of new therapies will drive the growth of this autologous source in the global plasma therapy market.
Based on the application, the global plasma therapy market classified into Orthopedics, Dermatology, Dental, Cardiac Muscle Injury, Nerve Injury, Others. The dermatology segment is dominating the market share of the global plasma therapy market. It is mainly owing to the rising demand for cosmetic procedures used for facial rejuvenation processes. Moreover, increasing cases of sports injuries are an increasing number of patients of androgenic alopecia.
Based on the end-user, the global plasma therapy market bifurcated into Hospitals & Clinics, Research Institutions. The hospitals & clinics segment has dominated the largest share in the global plasma therapy market. It is mainly due to the adoption of advancement in technology, and rising health care facilities are propelling the market demand for comprehensive plasma therapy.
Based on geography, the global plasma therapy market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America region is dominating the market share of the global plasma therapy market. Significant factors contributing to the growth of the plasma therapy market include high incidences of trauma, an increase in healthcare expenditure, and access to medical insurance. On the other hand, stringent regulatory policies and side-effects associated with PRP therapy are restraining the growth of this market.
Companies such as BioLife Plasma Services, Cambryn Biologics LLC, Biotest, CSL Ltd., Grifols International S.A., Kedrion S.p.A. LFB, Bio Products Laboratory Ltd., China Biologic Products, Inc., Octapharma and others are key players in the global plasma therapy market.