The India platelet rich plasma for chronic pain management market is expected to reach US$ 5,932.43 thousand by 2027 from US$ 2,437.50 thousand in 2019; the market is anticipated witness a CAGR of 12.1% from 2020 to 2027.
Factors driving the market growth include rise in number of musculoskeletal diseases and increase in geriatric population. However, the market growth is hindered by alternatives for chronic pain management and poor doctor to patient ratio.
India is a second most populated country in the world with an average life expectancy of 67 years. The demographic trend suggests that the Indian population above the age of 60 is likely to increase by 326% by 2050. In August 2018, the Government of India stated in the parliament session that 340 thousand Indians would be over 60 years by 2050, which would be more than the total population of the US. It is observed that a large chunk of elderly population in India suffers from musculoskeletal diseases that are a major cause of morbidity in the country. Musculoskeletal diseases cause significant burden on the society, resulting in both indirect and direct costs to healthcare systems as well as the loss of work and productivity. Also, shifts in lifestyle are likely to increase orthopedic injuries among the elderly populations. The platelet-rich plasma therapy has proven to enhance the healing process and reduce the need for anti-inflammatories or other strong medications.
The India platelet rich plasma for chronic pain management market, based on Indication, was segmented into tendonitis, arthritis, knee injuries, torn ligaments, shoulder injuries, migraines and chronic headaches, and neck and back injuries. The arthritis segment held the largest share of the market in 2019. Moreover, the same segment is estimated to register the highest CAGR in the market during the forecast period.
The Indian Orthopedic Association, Indian Council of Medical Research, and Organization for Economic Co-operation and Development are a few of the major primary and secondary sources cited in the India platelet rich plasma for chronic pain management market.