The market for platelet rich plasma in Asia Pacific features a semi-consolidated competitive landscape. A new study by Transparency Market Research (TMR) indicates that players such as Arthrex Inc., Harvest Technologies, DePuy Synthes, Zimmer-Biomet, and Stryker have a strong foothold in the market owing to their strong expertise and extensive research and development efforts. By the end of 2023, the overall value of the Asia Pacific platelet rich plasma (PRP) market is estimated to rise to US$110.0 mn. The market will expand at a noteworthy 15.4% CAGR from 2015 to 2023.
Demand for Platelet Rich Plasma to Remain High for Orthopedic Surgeries
Based on application, the orthopedic surgeries segment will continue to dominate the market until 2023. The widening base of geriatrics is one of the primary factors fuelling the growth of the segment. The demand for PRP in cosmetic surgeries is also anticipated to increase at a brisk pace during the review period. In terms of country, China will continue to account for the lion’s share in the region until 2023. The growth of the country can be attributed to the high awareness and growing investments in research and development activities in the field of PRP. Owing to these factors, the country will rise at a remarkable CAGR of 17.0% during the same period.
Advent of Advanced PRP Devices to Allow Asia Pacific Market to Gain Traction
The continual research and development activities have led to the introduction of several advanced and innovative PRP devices, which in turn has provided a fillip to the Asia Pacific PRP market. Over the past few years, Asia Pacific has witnessed a boom in the medical tourism sector. Advancements in healthcare in the region have rendered it as a major destination for cosmetic surgeries at affordable costs for people from all across the world. “With millions of people opting for cosmetic surgeries, especially non-invasive type, the demand for PRP in APAC is expected to follow a notable growth trajectory,” says TMR’s lead analyst.
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Besides this, the growing incidence of sports injuries, orthopedic diseases, obesity, neurological disorders, and cardiovascular diseases is stoking the growth of the market. The increasing awareness regarding PRP devices across developing countries is also playing a vital role in the development of the Asia Pacific platelet rich plasma market.
Increasing Prices Due to Commercialization of Cosmetic Surgeries to Hamper Growth Prospects
“In recent type, cosmetic surgeries have picked up momentum as a commercialized procedure rather than a treatment for certain skin issues,” says a TMR analyst. The commercialization of these surgeries has triggered the prices of PRP therapies. This, in turn, is acting as a stumbling block in the growth of the Asia Pacific platelet rich plasma market. Moreover, the rising awareness pertaining to the threats associated with the use of PRP is limiting its widespread adoption across the region. Nevertheless, with the introduction of new applications of PRP technologies, the market is expected to tread along a healthy growth track in the near future.