Multimillion-dollar Asia Pacific Platelet-rich Plasma Market Gets Boost from Growing Medical Tourism and R&D
The platelet rich plasma market in Asia Pacific represents a semi-consolidated competitive landscape. According to a new study by Transparency Market Research (TMR), the top five companies in the market, including Harvest Technologies, Arthrex, Inc., Zimmer Biomet, DePuy Synthes, and Stryker accounted for approximately 79% of the Asia Pacific platelet rich plasma market in 2014. Of these, Harvest Technology, a subsidiary of Terumo Corporation led the Asia Pacific PRP market in 2014, holding a share of over 25%.
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Enterprises Engaged in Sales of PRP devices Gain from Rising Medical Tourism in Asia Pacific
The recent advances in PRP devices owing to the increasing research and development activities have bolstered the demand for PRP therapy. Additionally, the rising prevalence of orthopedic diseases, sports injuries, neurological disorders, obesity, and cardiovascular diseases has been boosting the Asia Pacific platelet rich plasma market. “With millions opting for cosmetic surgeries globally, prospects for growth of the Asia Pacific PRP market seem quite impressive in the forthcoming years,” said a lead analyst at TMR.
In the last few years, Asia Pacific has emerged at the fore of the medical tourism industry. The region has witnessed rapid advancements in healthcare, which have catapulted it as a major destination for cosmetic surgeries at affordable price. The TMR analyst says, “With millions of people exploring options for non-invasive cosmetic surgeries, medical tourism is expected to surge in Asia Pacific, thus boosting demand for PRP from the region.” Besides this, the widespread use of platelet rich plasma is also expected to accelerate growth of the market.
Among other drivers, the rising awareness about PRP devices across emerging nations will boost PRP sales in Asia Pacific. However, the rapid commercialization of treatments has increased prices of PRP. This has emerged as a major bottleneck hindering growth of the platelet rich plasma market in Asia Pacific. Furthermore, increasing awareness regarding threats commonly associated with the use of PRP also limits the PRP sales to an extent.
Nevertheless, with the advent of novel applications of PRP technologies, leading enterprises offering PRP products and devices will witness new opportunities to capitalize on. These companies are also expected to considerably gain from the evolution of the latest devices.
China and Australia Emerge as Most Lucrative Markets for PRP in Asia Pacific
Regionally, China and Australia have emerged as the most lucrative markets for platelet rich plasma products and devices in Asia Pacific. Both these regions boast a well-established healthcare infrastructure. This, combined with the increasing investment in research and development and high awareness pertaining to uses of PRP, will accelerate PRP sales in Asia Pacific.
China presently accounts for the leading share in the Asia Pacific platelet rich plasma market, followed by Australia and South Korea, in that order. India currently holds only a small share in the market. However, in the next few years, PRP demand from the country is likely to increase at a robust pace. The increasing geriatric population and presence of many skilled doctors in the country will augment demand for PRP in India.
Rise in Orthopedic Surgeries to Boost Demand for PRP
By application, orthopedic surgeries accounted for the highest demand for platelet rich plasma in Asia Pacific. Demand for PRP in the cosmetic surgeries is also expected to increase rapidly in the forthcoming years. Furthermore, the Asia Pacific market for PRP is also expected to significantly gain from the increasing use of platelet rich plasma as a substitute of derma fillers.
Transparency Market Research has pegged the overall value of the Asia Pacific platelet rich plasma market to reach US$110.0 mn by the end of 2023. The market stood at US$30 mn in 2014 and is expected to rise at an impressive CAGR of 15.4% between 2015 and 2023.
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