Platelet Rich Plasma and Stem Cell Alopecia Treatment Market: Rise in Awareness about Platelet Rich Plasma Therapies and Stem Cell Therapies to Spur the Market
According to the report, the global platelet rich plasma & stem cell alopecia treatment market was valued at approximately US$ 250Mn in 2017. The market is anticipated to reach a value of US$ 450.5 Mn by 2026, expanding at a higher single digit CAGR during the forecast period. Rise in awareness about platelet rich plasma & stem cell alopecia treatment and increase in funding for alopecia treatment research and stem cell research are expected to augment the global market from 2018 to 2026. The global platelet rich plasma & stem cell alopecia treatment market is projected to expand, owing to a rise in the incidence of alopecia and technological advancements.
North America Dominates the Global Platelet Rich Plasma & Stem Cell Alopecia Treatment Market owing to a Rise in Technological Advancements and Prevalence of Alopecia
North America dominates the global platelet rich plasma & stem cell alopecia treatment market, owing to technological advancements, investments in research & development, and developed health care infrastructure. As per research, in 2015, 21% of women suffered from alopecia in the U.S, which supports the fact that alopecia has a higher prevalence in the country. Moreover, development of innovative products and increase in demand for products among the population in the region are contributing factors for the dominance of North America in the platelet rich plasma & stem cell alopecia treatment market.
Expansion in the Contract Research Industry Offers Significant Opportunities for Companies to Invest in Clinical Trials for Alopecia Treatment
Small and large biopharmaceutical companies have become increasingly reliant on contract research organizations (CRO) and other clinical services specialists to provide research services for their R&D operations. There are numerous government-funded medical and pharmaceutical institutions, with state-of the-art facilities, that can serve as ideal centers for multicentered clinical trials. Companies are expanding their footprints in developing countries, mainly in Asia Pacific. R&D costs in India are substantially lower as compared to those in developed countries. It is possible to conduct both new drug discovery research and novel drug delivery system programs at competitive rates. India offers cost efficiency, as the cost of conducting a trial in the country is 50% to 75% lower compared to that in the U.S. or the European Union.
Investments, Mergers & Acquisitions, and PARTNERSHIPS by Key Players are Driving the Platelet Rich Plasma & Stem Cell Alopecia Treatment Market
Key players dominating the global platelet rich plasma & stem cell alopecia treatment market are Kerastem, Eclipse, Regen Lab SA, STEMCELL Technologies, Inc., RepliCel Life Sciences, Histogen, Inc., and Glofinn Oy. Major players are focusing on mergers and acquisitions and are investing in the development of platelet rich plasma & stem cell alopecia treatment and making them available to the patient population. For instance, companies such as Stemcell technologies, Inc. highly focus on partnerships with research institutes to develop new advanced products. In 2019, Kerastem signed a partnership agreement with Myungmoon Bio Co., Ltd., a South Korea-based health care company focused on bringing innovative regenerative therapies.