Plasma, an essential constituent of blood, carries proteins, vitamins, and hormones to other parts of the body. Also, it contains high amount of antibodies that help develop immunity system. Using plasma therapy, immunity of a healthy person is transferred using plasma to the one who required antibodies to fight against the medical condition.
Plasma therapy has been used since long for wound healing,androgenetic alopecia, and facial restoration. Some of the specific fields, it has been used significantly, are dermatology, dentistry, and orthopedics.
Advancement in medical science and growing application of plasma therapy in various life threatening diseases are contributing to expansion of the global plasma therapy market.
As per a report provided by the World Health Organization (WHO), approximately 18% women and 9.6% men above 60 years of age have symptomatic osteoarthritis. Among all, 80% have some sort of limitations in movement and 25% are not able to perform day-to-day activities.
Growing rate of orthopedic disorders is anticipated to drive the global plasma therapy market.
Growing Geriatric Patient Around Globe Pushing Demand for Plasma Therapy
Meanwhile, in recent years, geriatric population has increased exponentially. As per a report published by the World Health Organization (WHO), population aged 60 years and above is likely to rise from 605 million in 2000 to 2 billion in 2050. The geriatric population are susceptible to various kind of chronic and infectious diseases due to weak immune system. Hence, plasma therapy is extensively provided along with drugs to treat elderly population.
This, in turn, is anticipated to fuel demand for plasma therapy in coming years. Subsequently, plasma therapy is projected to rise exponentially.
Further, plasma therapy is also provided to sports person. According to report given by the National Center for Biotechnology Information (NCBI), in the U.S., approximately 86,000 athletes are treated with plasma therapy every years.
Growing rate of sports participation is also likely to push demand for plasma therapy in coming years. Hence, global plasma therapy makret is anticipated to expand at a significant rate.
Although plasma therapy is found to be quite effective, it is not effective in every medical condition. Also, high cost of plasma therapy is a barrier interfering with adoption rate of the therapy.
Aforementioned factors are restraining the global plasma therapy market.
Nevertheless, ongoing research and development activities is likely to provide new approaches for use of the therapy. New approaches may augment growth rate of the plasma therapy market.
Key companies operating in the global plasma therapy market are consistently trying to develop new application method of the plasma therapy. Key players are Biotest (Germany), BioLife Plasma Services (U.S.), Grifols International S.A. (Spain), Cambryn Biologics LLC (U.S.), CSL Ltd. (Australia), KedrionS.p.A. (Italy), LFB (France), Bio Products Laboratory Ltd. (U.K.), China Biologic Products, Inc. (China), and Octapharma (Switzerland).
Further, rising awareness regarding plasma therapy and its application as a suitable therapy for other tissues are propelling growth of the plasma therapy market.
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Outbreak of COVID-19 Channelized New Application of Plasma Therapy
Lately, demand for plasma therapy has increased suddenly due to unprecedented outbreak of novel coronavirus. The virus, primarily attacks immune system in human body and then target lungs. Initial symptoms of COVID-19 are fever and cold, which later transforms into pneumonia, bronchitis, breathlessness, and severe acute respiratory system (SARS). In case of weak immunity system,respiratory system fails. There are also instance of failure of more than one organs, resulting in death of the infected person.
As there is no specific treatment available for COVID-19, medical professionals are relying very much on strengthening the immune system. In cases where mediation seems to be ineffective, plasma therapy is being provided. As a result, demand for plasma therapy has been increases with rise in number of infection cases.
Also, since vaccine and antidote for novel coronavirus looks like a distant vision due to consistently changing feature of the virus, the global plasma therapy market is estimated to witness high demand rate in near future.
