The market for platelet rich plasma in Asia Pacific encompasses a large host of established players who compete for a greater market share. Since plasmas are an intricate domain of analysis, the market players are expected to engage in core research and analysis to provide fool-proof products to the customers. Moreover, the success of the market players is predicted to rely on the strength of their product portfolio. Several medical processes involve the use of platelet-rich plasma, which makes it integral for market players to synthesize plasmas that align with every medical procedure. The market players with strongholds in the Asia Pacific market are anticipated to develop better performing plasmas in order to reemphasize their expertise in the domain. Moreover, the advent of advanced devices in the healthcare industry has placed an onus upon the market players to align their efforts with the rapid developments. Key market players within the Asia Pacific market for platelet rich plasma (PRP) include Stryker Corporation, Cesca Therapeutics, Inc., Rmedica Co. Ltd.,DePuy Synthes, Zimmer Biomet, Exactech, Inc., AdiStem Ltd., Arthrex, Inc., and Harvest Technology.
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Transparency Market Research (TMR), in one of its reports, prognosticates a trajectory of growth for the global market over the period from 2015 to 2023. The market is expected to inflate at a robust CAGR of 15.40% over the forecast period, which points to bright opportunities for market players. The market was valued at US$30 mn in 2014, and is expected to elevate to a value of US$110.0 mn by the end of 2023. Amongst the various regional segments, the market in China is projected to grow at a handsome pace over the period from 2015 to 2023. The prominence of the regional market can be attributed to the rising awareness about PHP technologies and a solid healthcare infrastructure in China. The Chinese market is foreseen to settle at a CAGR of 17.0% over the forecast period.
Medical Tourism Expands Asia Pacific Market
Instances of skeleton injuries and deformities have risen in recent times, which has magnified the need for better orthopedic treatments. This has given a significant push to demand within the market for platelet rich plasmas. Moreover, the prevalence of neurological disorders, obesity, and cardiovascular diseases has underhandedly contributed to the growth of the Asia Pacific market. It is anticipated that the nascent cosmetic treatments would provide an impetus to the market, and result in greater adoption of PRP technologies in the Asia Pacific region. Advanced PRP devices have surfaced in the market, which is already contributing to the growth of the market.
Medical tourism has emerged as an integral trend in the Asia Pacific region. Development of healthcare infrastructure coupled with affordable pricing of medical treatments has attracted huge chunks of foreign nationals to Asia Pacific for medical treatments. The region is particularly popular for cosmetic treatments and surgeries, majorly due to the low-cost factor. Due to the aforementioned factors, the Asia Pacific market for platelet rich plasmas is expected to tread along an escalating growth path over the coming years.
High Costs of Cosmetic Surgeries Could Hamper Growth
In recent times, cosmetic surgeries and treatments have become an avenue of commercialization more than a medical course of action. This has led to exponentially high costs for cosmetic treatments, thus, placing a negative toll on the market for platelet rich plasmas. Besides this, the ill-effects associated with the use of PRP also act as a threat to the market. Nevertheless, the wide array of application of platelet based plasmas is foreseen to continue soaring the demand within the market.