The global plasma therapy market forecast will surpass $432.8 million by 2026, at a 16.3% CAGR and has been increasing from $131.9 million in 2018.
In recent years, the plasma therapy market has witnessed a significant growth, since the increasing demand for personalized and customized healthcare systems is impacting the usage of plasma therapy in several surgery sectors such as orthopedics, dermatology and others. The global market will witness a considerable growth in 2020, in the unpredicted COVID-19 outbreak, as there will be continuous growth in the implementation of plasma therapy in the treatment of coronavirus, which will significantly drive the market growth. The plasma therapy market is anticipated to retain its growth in the coming years after the COVID-19 pandemic recovery. Our analysts have estimated the behavior of the global plasma therapy market in the COVID-19 pandemic, and have come to the below-mentioned conclusions.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|14.6%||16.3%||173||USD 171.7 Million||USD 178.2 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Plasma is a part of blood. It carries blood components throughout the body and plays key role in healing of the body. Also, plasma therapy plays an important role in the orthopedic conditions such as bone healing, wound recovery and regeneration. In addition, growing awareness about importance of plasma therapy in the treatment of therapeutic areas and dental health is predicted to drive the market size. Furthermore, increase in number of sports injuries and orthopedic disorders along with upsurge in implementation of plasma therapies in the treatment of chronic diseases are further estimated to propel the plasma therapy market growth. Moreover, increasing geriatric population across the global along with growing prevalence of arthritis are expected to increase the demand for plasma therapy procedures and is estimated to impel the market growth in the forecast time.
Huge cost associated with the treatment of plasma therapy along with high price of plasma products are major restraints for the market growth. Also, low reimbursement coverage of plasma therapy and products is further expected to hinder the plasma therapy market growth. In addition, limited use of platelet-rich plasma for kidney aliments and diabetes is still a challenge, which may limit the market growth.
The coronavirus pandemic has positively impacted the plasma therapy market. Many of the researchers and non-profit organizations are focusing to find best treatment method to treat coronavirus. Currently, there are no efficient strategies and treatment methods to control the coronavirus. In addition, scientists are doing several research activities with immune modulating pharmacotherapies and immune plasma (convalescent plasma) has resulted in some success in China and it has previously cured other coronaviruses. These factors are driving the demand for plasma therapy procedures and is projected to enhance the market growth.
Moreover, several government bodies are implementing various initiatives to help the enterprises in the coronavirus crisis. For instance, in recent times, the U.S. government released coronavirus relief package of about $500 billion known as “COVID 3.5”; this fund provides additional support to paycheck protection program (PPP) and economic injury disaster loan program (EIDL) for small businesses. Similarly, it also provides a major fuel for healthcare and hospital providers to sustain during the COVID-19 pandemic.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global plasma therapy market is estimated to experience a notable growth in 2020 and is expected to prolong its market size in the forecast years. Also, the global market is predicted to continue its drift in the market even after recovery from coronavirus crisis. During this time of crisis, several government bodies across the globe are making high investments to improve awareness regarding plasma therapy in the treatment of coronavirus. In addition, growing implementation of plasma therapy in hemorrhagic transformation in acute ischemic stroke is expected to create ample prospects for the growth of the market. Moreover, growing adoption of plasma therapy to provide enhanced treatment for several disorders such as shoulder, knee, ankle and other parts of the body is expected to be a key factor significantly driving the growth opportunities in the plasma therapy industry.
In addition, significant manufacturers are implementing several strategies, new product developments, R&D investments and collaborations to strengthen their position in the global market. For instance, in April 2020, one of the leading manufacturer Grifols announced new collaboration with U.S. Biomedical Advanced Research Development Authority (BARDA). In this collaboration is to generate the treatment methods especially targeting COVID-19.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Plasma Therapy Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity