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This outbreak of coronavirus has positively impacted the global plasma therapy market and is expected to experience a considerable growth in the coronavirus outbreak. Due to coronavirus pandemic, scientists across the globe are emphasizing on several avenues to find successful treatment methods that will be able to fight against novel coronavirus. Also, researchers are majorly looking at plasma therapy procedures as a potential treatment for coronavirus. This factor is significantly driving demand for plasma therapy in the treatment of COVID-19 pandemic, which will accelerate the market growth during the coronavirus outbreak. Furthermore, various governments are concentrating on several initiatives to support the enterprises in the COVID-19 pandemic period. For instance, in recent times, the government of Spain has introduced new economic measures and VAT taxes during the COVID-19 outbreak. In this, VAT tax applicable to medical and healthcare equipment’s to hospitals, non-profit organizations and public entities is minimized to zero percentage. During this unexpected situation, we are supporting our clients in understanding the impact of COVID19 on the plasma therapy market.
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As per a new study conducted by Research Dive, the global plasma therapy market is predicted to reach up to $432.8 million by 2026, growing at a CAGR of 16.3% during the forecast years 2019 to 2026. The global market is classified into type, source, application, end use and region. The study provides complete overview of drivers, opportunities, restraints, segmental analysis and significant players in the global market.
As per our analysts, increasing demand for plasma therapy for the treatment of neurological patients due to growing awareness about personalized healthcare systems is mainly driving the market growth. However, high costs for the treatment of plasma therapy is a major restraint for the plasma therapy market growth.
The global market has been divided on the basis of type into pure platelet-rich plasma (PRP), leucocyte-rich PRP, leukocyte-rich fibrin and pure platelet-rich Fibrin. Among these, pure PRP accounted for the significant plasma therapy market size in 2018; it was over $50.1 million and is projected to grow at a faster rate of 16.7% CAGR during the forecast years. The wide utilization of pure PRP in the treatment of neurosurgery, cosmetic surgery, orthopedics/spinal surgery and many other surgeries due to its cost effective compared other therapies, which will fuel the growth of the market.
By source, the global market has been segmented into allogeneic and autologous. In both of these, autologous source segment generated largest market share in 2018 and is projected to generate a revenue of $298.6 million by 2026. This command over the global market is majorly owing to autologous biologics having a major role in the treatment to enhance tissue repair and generation along with healing of chronic and recalcitrant wounds. The allogeneic source will experience a significant growth and is estimated to rise at a healthy CAGR of 16.8% in the projected period. Growing utilization of allogeneic source type in bone defect treatment due to great healing efficacy, potentially consistent quality and other benefits, is expected to enhance the market growth.
The global plasma therapy market is classified on the basis of application into cardiac muscle injury, orthopedics, dental, dermatology and others. Among these, the market for dermatology application will witness to grow at a significant rate of 16.6% CAGR and is projected to experience a noticeable growth by the end of forecast time. Growing utilization of plasma therapy for dermatology application due to rising number of dermatological issues will fuel the growth of the market. Orthopedics application held the majority of the global market share in the previous years and projected to continue its command over the market throughout the forecast time. This growth is attributed to the extensive usage of plasma therapy in orthopedic medicine and it promotes the healing power of musculoskeletal condition.
Based on end user, the global market has been categorized into research institutions and hospitals & clinics. In both of these, hospitals & clinics end user accounted for largest market share, which was 69.0% in 2018 and is projected to continue its growth throughout the forecast time. Growing healthcare expenditure especially in developing economies and increasing demand for platelet rich plasma for healing applications are majorly driving the growth of the market. Research institutions will experience a health growth and is anticipated to reach up to $147.2 million till 2026. Increasing number of research institutions and growing government initiatives to support research activities are projected to boost the growth of the market.
North America region held the highest plasma therapy market size in 2018 and is projected to generate a revenue of $155.8 million by the end of 2026. Presence of innovative protein fractioning methods and increasing demand for plasma therapy procedures from clinics and hospitals across the North America, which will drive the market growth in the forecast time. Besides North America, Asia-Pacific market will experience a remarkable growth and is projected to generate ample growth opportunities in terms of revenue during the forecast period. Growing awareness among blood donors along with increasing number of hospitals are significantly enhancing market growth in Asia-Pacific region.
The significant players in the global plasma therapy market are BioLife PLASMA SERVICES, Grifols, S.A., Cambryn Biologics, LLC, CSL Limited, Kedrion S.p.A, Biotest AG, Bio Products Laboratory Ltd, Octapharma AG and China Biologic Products Holdings, Inc., among many others.
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