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).
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.
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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.
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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.