PUNE, India, May 13, 2020 /PRNewswire/ -- The pandemic of COVID-19 has positively affected the global plasma therapy market. Pure platelet-rich plasma (PRP) segment will witness a significant growth during the projected period. Allogeneic source segment is anticipated to be most profitable in the forecast time.
The market for orthopedics segment accounted for highest market size in 2018. Hospitals & clinics end use industry held a considerable market share in the previous times. The market for Asia-Pacific will generate huge growth opportunities in the coming years. The major market players are executing growth tactics to gain major positions in the global market.
This COVID-19 outbreak has a significant impact on the global plasma therapy market and is estimated to witness a noticeable change in this crisis. During COVID-19 pandemic, several scientists and researchers are concentrating on various paths to find potential treatments that will be helpful in the treatment of coronavirus. Plasma therapy has been found to be a possible treatment for COVID-19. This aspect is expressively enhancing the demand for plasma therapy procedures during the coronavirus crisis. Moreover, increasing government initiatives have been implemented to help the organizations during the coronavirus crisis. For example, in recent times, the Spain government announced economic measures and VAT taxes reduced to zero percentage for hospital equipment, public entities and non-profit organization in the COVID-19 pandemic.
According to a new report by Research Dive, the Global Plasma Therapy Market is expected to generate a revenue of $432.8 million till 2026, increasing at a rate of 16.3% CAGR (Post CORONAVIRUS Pandemic) in the forecast time 2019 to 2026.
The global market is segmentation is done on the basis of type, source, application, end use and region. The report is an inclusive analysis of drivers, opportunities, restraints, key segments and major players in the market.
Factors affecting the market growth
As per the study, growing utilization of plasma therapy in the neurological treatment along with increasing knowledge on personalized and customized healthcare systems are significantly improving the growth of the market. Nevertheless, huge price associated with plasma therapy treatment is a key restraint for the growth of the market.
Pure platelet-rich plasma (PRP) type will be the most lucrative in the coming years
By type, the global plasma therapy market has been segmented into leucocyte-rich PRP, pure platelet-rich plasma (PRP), pure platelet-rich fibrin and leukocyte-rich fibrin. In these, the pure PRP generated for the highest plasma market size in 2018 and is estimated to account for $168.8 million by 2026. This growth is attributed to extensive usage of pure PRP in the neurosurgery, orthopedics/spinal surgery, cosmetic surgery, and other surgeries owing to its cost operative benefits when compared other treatment procedures; this factor will enhance the market growth.
Allogeneic source segments will be the most lucrative in the coming years
Based on source, the global market is classified into autologous and allogeneic. Autologous source generated majority of the market size in the previous year and is expected to garner $298.6 million by the end of 2026. This dominance in the market of especially due to autologous biologics will play key role to improve tissue generation and repair coupled with it care the healing of recalcitrant wounds and chronic disorders. Besides autologous, the market for allogeneic source is anticipated to grow at a healthy rate of 16.8% CAGR and is expected to reach up to $134.2 million by 2026.
Orthopedics application held the global market share in previous years
Based on application, the global market is segmented into orthopedics, cardiac muscle injury, dermatology, dental and others. In these, the dermatology application segment will experience a noteworthy growth and is projected to rise at a CAGR of 16.6% in the estimated period. This projected growth is accredited to increasing usage of plasma therapy in the dermatology treatment owing to increasing number of dermatological problems, which will accelerate the market growth. Orthopedics application segment accounted for highest market size in 2018 and is projected to generate a revenue of $149.8 million by 2026. The growth is mainly owing to wide utilization of plasma therapy for orthopedic application because it enhances the healing of musculoskeletal condition.
Hospitals & clinics segments held the global market share in previous years
The global market is categorized on the basis of end user into hospitals & clinics and research institutions. In these, hospitals & clinics end user segment accounted for significant global market share of 69.0% in previous year and is estimated to remain its trend in the forecast period. This dominance is mainly owing to increasing healthcare spending particularly in developing countries. Also, research institutions end user will witness to grow at a CAGR of 17.6% during the forecast period. The expected growth is attributed to rising research institutions across the globe along with government implementation to help research activities.
North America Plasma Therapy Market
North America held the significant plasma therapy market share in the previous years and is estimated to reach up to $155.8 million by 2026. This dominance is majorly due to existence of advanced protein fractioning procedures along with growing usage of plasma therapy in hospitals and clinics for orthopedic treatment.
Asia-Pacific Plasma Therapy Market
Asia-Pacific region is anticipated to witness a significant growth and is estimated to create major growth prospects in the forecast time. Increasing knowledge about blood donation coupled with rising clinics and hospitals are eventually propelling the growth of the market in the Asia-Pacific.
Top Plasma Therapy Market Players
1. Grifols, S.A.
2. BioLife PLASMA SERVICES
3. Cambryn Biologics, LLC
4. Kedrion S.p.A
5. CSL Limited
6. Biotest AG
7. Octapharma AG
8. China Biologic Products Holdings, Inc.
9. Bio Products Laboratory Ltd
The major players are implementing several growth approaches such as joint ventures and collaborations to strengthen their market size in the overall industry.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.