Platelet Concentration Systems Market

Global Platelet Concentration Systems Market Size (2023 to 2028)

The global platelet concentration systems market size is anticipated to grow at a CAGR of 22.46% from 2023 to 2028 and be worth USD 1061.7 million by 2028 from USD 358.5 million in 2023.

Global Platelet Concentration Systems Market Share Insights:

• Based on technology, the apheresis technology segment had the largest share of the global market in 2022.
• Based on end-user, the hospital segment led the market in 2022.
• Based on region, North America accounted for the major share of the global market in 2022.

Impact of COVID-19 on the global platelet concentration systems market:

During the early phases of the pandemic, hospital systems around the world were overloaded by COVID-19 patients, forcing non-urgent medical operations to be postponed or canceled. Platelet concentration systems are extensively employed in elective operations and aesthetic procedures. As a result, demand for platelet concentration systems fell dramatically, negatively influencing market growth. Furthermore, movement restrictions and social distancing measures have been put in place to combat the virus's spread. As patients postponed non-essential consultations and operations, the adoption of platelet concentration systems was hampered.

The economic impact of the pandemic had an impact on the platelet concentration systems market as well. Many healthcare institutions were put under financial difficulty because of rising healthcare costs and declining earnings. As a result, budget constraints and limited expenditures in novel medical technologies, such as platelet concentration systems, impacted the market.

However, the pandemic, on the other hand, emphasized the relevance of regenerative medicine and the promise of platelet-rich plasma in a variety of applications, including wound healing and tissue regeneration. Researchers and clinicians have continued to investigate the therapeutic potential of platelet-rich plasma in COVID-19 patients, particularly in the treatment of respiratory symptoms and post-infection sequelae. This has created new opportunities for the use of platelet concentration systems in COVID-19 research and treatment. The demand for platelet concentration systems is projected to rebound as healthcare systems recover from the pandemic and elective treatments resume. The growing interest in regenerative medicine and the possibility of platelet-rich plasma as a therapy option may fuel market expansion in the post-pandemic period.

MARKET DRIVERS:

The growing prevalence of chronic diseases such as cancer, cardiovascular and orthopedic diseases is one of the major factors propelling the platelet concentration systems market growth. Chronic diseases have become a major healthcare concern around the world. The World Health Organisation (WHO) predicts that the worldwide cancer burden will increase by about 50% in the future years. Platelet concentration systems are critical in cancer treatments as well as regenerative therapies for orthopaedic and cardiovascular disorders. Because of the rising prevalence of these disorders, there is a greater need for platelet concentration systems to assist various medical operations and therapies.

Technological improvements in platelet concentration methods boosts market growth. Continuous innovation and improvements in these technologies have resulted in increased platelet processing efficiency, accuracy, and safety. Closed systems and integrated leukocyte reduction filters, for example, have gained appeal due to their ability to speed the platelet concentration process and limit the risk of contamination or infection.

The rising demand for regenerative medicine drives the growth of the platelet concentration systems market. Regenerative medicine has enormous potential for treating a wide range of diseases and injuries by fostering tissue repair and regeneration. Platelet-rich plasma (PRP) is a crucial tool in regenerative medicine that is derived from platelet concentration systems. PRP is strong in growth factors and bioactive proteins, which can promote tissue healing and regeneration. Platelet concentration systems are in high demand due to the growing interest in regenerative medicine and the expanding applications of PRP.

MARKET RESTRAINTS:

The high cost of platelet concentration equipment and accompanying processes primarily hampers market growth. Particularly for smaller healthcare facilities or those working in resource-constrained environments, the initial expenditure necessary to obtain platelet concentration devices and the ongoing costs for consumables and maintenance might be a financial barrier. The regulatory environment and the requirement for adherence to strict norms and quality standards further inhibit market growth. Regulations are enforced on platelet concentration systems by regulatory agencies including the European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA). Maintaining adequate documentation, verifying compliance with quality standards, and obtaining regulatory permits can be time-consuming and expensive for manufacturers. Strict regulatory requirements and compliance responsibilities might make it difficult for new companies to enter the market and impede the expansion of the whole. Additionally, underutilization or resistance to integrating platelet concentration systems into clinical practice may be caused by a lack of knowledge or misconceptions regarding these systems' advantages and suitable applications.

REPORT COVERAGE:

This research report on the global platelet concentration systems market has been segmented and sub-segmented based on the technology, end-user and region.

Global Platelet Concentration Systems Market – By Technology:

• Apheresis Technology
• Single Spin Technology
• Double Spin Technology

Based on technology, the apheresis technology segment is anticipated to continue the dominating role in the worldwide market during the forecast period. High demand for platelet transfusions in various medical procedures, including surgeries, cancer treatments, and trauma cases, advancements in apheresis technology and rising awareness about the benefits of apheresis technology in reducing donor exposure and improving patient safety propel the growth of the apheresis technology segment in the global market.

The single-spin technology segment is gaining momentum and is estimated to witness a healthy CAGR during the forecast period. The growing adoption of regenerative medicine and platelet-rich plasma therapies for various musculoskeletal and dermatological conditions, rising demand for point-of-care platelet concentration systems in outpatient settings and smaller healthcare facilities and advancements in single spin technology, such as automated systems and standardized protocols majorly drive the single spin technology segment in the worldwide market.

Global Platelet Concentration Systems Market – By End User:

• Hospitals
• Orthopedic clinics
• Sports injury centers
• Ambulatory surgical centers

Based on end-user, the hospital segment accounted for the largest market share and is likely to remain dominant throughout the forecast period. The presence of many hospitals with platelet concentration systems around the world primarily fuels the segmental growth. In developing nations, many hospitals offer platelet-rich plasma (PRP) based cosmetic treatment for aesthetic purposes. Since this therapy is economical and non-surgical, it is gaining popularity, and many hospitals provide it worldwide.

Global Platelet Concentration Systems Market – By Region:

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

Based on region, North America dominated the market in 2022 and is expected to maintain its dominance in the global platelet concentration systems market during the forecast period. The growing prevalence of chronic diseases, the rising need for platelet transfusions in surgical procedures and the rapid adoption of regenerative medicine therapies, including platelet-rich plasma (PRP) treatments majorly drive the platelet concentration systems market growth. Technological advancements in platelet concentration systems that lead to improved efficiency and safety further fuel the growth rate of the platelet concentration systems market in North America. The U.S. is predicted to account for the major share of the North American market during the forecast period owing to factors such as the presence of advanced healthcare infrastructure, high demand for platelet transfusions, and increasing adoption of regenerative medicine techniques.

Europe accounted for a substantial share of the worldwide market in 2022 and is expected to hold a promising occupancy in the global market during the forecast period. The growing demand for platelet transfusions in surgeries, cancer treatments, and organ transplantation, supportive government regulations and policies for regenerative medicine therapies and increasing awareness about the benefits of platelet-rich plasma therapies for musculoskeletal conditions drive the growth of the European market. Germany held the leading share of the European market in 2022 and the lead of Germany in the European market is expected to continue throughout the forecast period.

However, the Asia Pacific region is expected to be the fastest-growing region over the forecast period. An increase in the number of cosmetic procedures for improving facial characteristics in countries such as India, Thailand, and Korea is expected to boost regional market growth. Platelet-rich plasma has several properties that make it particularly appealing for use in plastic surgery. It is driving market expansion in this manner.

Latin America is expected to hold a considerable share of the worldwide market during the forecast period. An increasing number of improvements in the healthcare infrastructure, including specialized centers for platelet transfusions and regenerative medicine treatments and rapid adoption of advanced medical technologies in countries like Brazil and Mexico primarily fuel the growth of the Latin American market.

MEA is anticipated to witness a steady CAGR in the coming years. An increasing number of initiatives from the governments of MEA countries to promote medical tourism and attract patients for regenerative medicine treatments supports regional market growth.

KEY MARKET PLAYERS:

Terumo Corporation, Arteriocyte Medical Systems, Inc., Zimmer Biomet Holdings, Inc., Johnson & Johnson Services, Inc., Curasan AG, EmCyte Corporation, Exactech, Inc., Arthrex, Inc., Cesca Therapeutics, Inc. and Stryker Corporation are a few of the notable companies in the global platelet concentration systems market.

RECENT HAPPENINGS IN THE MARKET:

• In February 2023, Royal Biologics, an orthobiologics firm, commercialized Bioincyte, a novel platelet-rich plasma system that converts typical platelet-rich plasma to platelet-rich fibrin matrix, preventing red and white blood cell contamination. Bioincyte converts PRP in a controlled procedure that protects and maintains platelets. It provides a stable environment for platelets to release growth factors.