Albany, NY -- (SBWIRE) -- 08/10/2018 -- The rising incidence of orthopedic diseases, neurological disorders, cardiovascular diseases, sports injury, and obesity has proven crucial in keeping demand for platelet rich plasma (PRP) high in Asia Pacific. The introduction of advanced devices for better efficiency in PRP preparation has also bode well for the market. These factors are expected to boost the Asia Pacific platelet rich plasma market at a CAGR of 15.4% between 2015 and 2023, as per Transparency Market Research (TMR).
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TMR pegs the overall value of the market at US$30 mn in 2014, and has projected it to reach US$110.0 mn by the end of 2023. With millions opting for non-invasive cosmetic surgery every year, and the number exhibiting a robust increase, demand from the Asia Pacific platelet rich plasma market is expected to rise considerably in the forthcoming years.
Among other market drivers, the increasing awareness about PRP products and devices across emerging economies will prove extremely beneficial for the market. However, the rising commercialization of these treatments has fueled their prices. This acts as a major bottleneck restraining the market's trajectory. Threat associated with therapy failure also limits the market to an extent.
Nevertheless, the emergence of new application areas of the PRP technologies will open newer avenues for the market to explore. The leading companies operating in the Asia Pacific PRP market will also gain from the development of technologically advanced devices.
Rising Investment in Healthcare Puts China at the Fore of Asia-Pacific PRP Market
Regionally, the Asia Pacific platelet rich plasma market comprises 11 major segments, comprising the Philippines, India, Australia, China, Thailand, Singapore, Malaysia, Hong Kong, Taiwan, South Korea, Japan, and Rest of Asia Pacific. Of these, China held the leading share of 36.1% in the Asia Pacific PRP market based on revenue, trailed by Australia. The China market for platelet rich plasma is expected to exhibit a CAGR of 17.0% between 2015 and 2023. The high awareness about the PRP technology across various treatments, the rising investment in healthcare, and research and development activities are the key factors bolstering demand from the aforementioned countries.
Currently, South Korea holds the third-largest share in the Asia Pacific PRP market. However, the market in India is expected to rise at a faster pace. Currently India holds a smaller share in the Asia Pacific PRP market compared to other developed markets in the region. However, the increasing geriatric pool in the country, presence of skilled doctors, and increasing awareness will boost demand for PRP in India.
Demand for PRP in Orthopedic Surgeries Continues to Gain Momentum
Based on application, the demand for platelet rich plasma was highest in orthopedic surgeries. The segment led the Asia Pacific market with a share of 36% in 2014. The increasing use of platelet rich plasma in the treatment of various orthopedic diseases including osteoporosis cracks, osteoarthritis, ligament injuries, and bone fractures has been supporting the expansion of the PRP market in Asia Pacific. Since the aged population is more prone to osteoporosis, the increasing geriatric population in Asia Pacific also prove lucrative for the PRP market in the region
Apart from this, the cosmetics surgery segment is also expected to hold a considerable share in the market during the forecast period. The increasing utilization of platelet rich plasma for aesthetically improving a person's facial appearance aids the segment's growth. The use of PRP as a substitute of derma fillers will also bring market enough opportunities to gain from during the forecast period. Other than this, the use of PRP in neurosurgery and general surgery is also increasing at a rapid pace.
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Some of the leading enterprises operating in the Asia Pacific PRP market include Harvest Technology, Stryker Corporation, Arthrex, Inc., Zimmer Biomet, AdiStem Ltd., DePuy Synthes, Exactech, Inc., Cesca Therapeutics, Inc., and Rmedica Co. Ltd.
About Transparency Market Research
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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