Rockville , April 11, 2023 (GLOBE NEWSWIRE) -- The global platelet-rich plasma market reached US$ 400 million in 2020. From 2021 to 2031, global platelet-rich plasma demand will thrive at 12% CAGR. Total market valuation at the end of 2031 is likely to reach US$ 1.5 billion.
Increasing prevalence of sports injuries incidence and chronic orthopedic conditions is a key factor driving the platelet-rich plasma market. Similarly, rising number of cosmetic and surgical procedures performed globally will elevate demand.
A concentrate of platelet-rich plasma protein obtained from whole blood is called platelet-rich plasma or PRP. It is also referred to as autologous conditioned plasma. It contains different growth factors and cytokines that can trigger healing of joints and soft tissues.
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In recent years there has been a significant increase in the demand for platelet-rich plasma. This is due to its use in applications such as tissue regeneration, scar revision, wound healing, alopecia, etc. PRP is also showing promising results in the treatment of conditions such as osteoarthritis.
Hence, increasing cases of sports injuries, orthopedic diseases, and musculoskeletal disorders will fuel PRP demand through 2031. For regenerative medicine, PRP is a significant source of personalized products for each patient that support wound healing and the repair cascade.
PRP has become a magical potion for flawless skin and hair. It is gaining immense traction in cosmetic surgery and hair loss treatments. PRP injections are being increasingly used to treat hair loss conditions such as alopecia.
In 2020, PRP use in cosmetics increased by around 25% over the past four years, according to the American College of Plastic Surgeons report. Rising usage in cosmetics will therefore continue to boost PRP sales revenues through 2031.
Several studies are presently being conducted to assess the effectiveness of PRP in therapeutic areas such as disc herniation and hair loss. It is believed that PRP therapy can rejuvenate skin and reduce wrinkles.
Although this therapy cannot replace certain critical conventional treatments, it can reduce the economic cost of standard medical procedures.
In hair transplantation, PRP binds to growth factors and increases the proliferation of human dermal papilla cells, resulting in hair follicle formation and maintenance.
Platelet-rich plasma has also gained wider popularity in plastic surgery. Properties such as ease of use, inexpensive manufacturing using patient cells, and little or no risk of side effects are the main reasons for the increasing adoption of PRP in therapy.
Based on product type, pure platelet-rich plasma kits segment dominates the global market. This is due to various advantages of pure-PRP kits which include enhanced wound healing and tissue repair.
Regionally, North America will continue to lead the global PRP market. This is due to increasing cases of sports injuries and orthopedic disorders. Similarly, development of PRP-based therapies, rising interest in personalized medicine, and high sourcing from end-users such as hospitals and clinics will boost North America market.
Key Takeaways from the Market Report:
- Global platelet-rich plasma sales revenue will increase at 12% CAGR during the forecast period.
- Based on product type, pure platelet-rich plasma kits segment held around 50% revenue share in 2020.
- Based on end user, hospitals segment is set to thrive at 10% through 2031.
- India platelet-rich plasma market will exhibit a CAGR of 8% from 2021 to 2031.
- In the United Kingdom, platelet-rich plasma demand is likely to surge at 8% CAGR.
- The United States market will experience a 9% CAGR throughout the projection period.
Growth Drivers:
- The rising incidence of orthopedic and sports injuries coupled with increasing acceptance of PRP as an effective treatment option will drive the market.
- Rise in surgical and cosmetic procedures will generate high demand for PRP treatments.
- Increasing awareness about PRP and its potential advantages will boost sales revenue
- Technological advancements in the PRP devices supported by new product launches will foster market development
- Growing popularity of plasma-rich protein therapies for treating various conditions will create new growth prospects
Restraints:
- High cost of PRP procedures and various side effects associated with PRPs are limiting market expansion.
- Low awareness about PRP in several regions of the world might restrain market development.
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Competitive Landscape:
Key players are focusing on implementing various strategies to expand their product offerings and strengthen their geographic footprints. They are spending large amounts on research and development.
For instance,
- In February 2020, all assets of Cellmedix Holdings LLC which includes the Centrepid Platelet Concentration System were acquired by EmCyteCo. This expanded the business's product portfolio.
- In September 2021, Royal Biologics’ Maxx-PRP Concentration System received FDA 510K approval.
Key Companies Profiled by Fact. MR
- Arthrex, Inc.
- Johnson & Johnson
- Zimmer Biomet Holdings, Inc.
- Exactexh, Inc.
- Stryker Corporation
- Terumo Medical Corporation
- Biotest Aktiengesellschaft
- CSL Ltd.
More Valuable Insights on Platelet-Rich Plasma Market
In the report, significant growth approaches such as acquisitions and mergers, cooperation, and partnerships are operated. The reports provide an in-depth report of the opportunities and growth drivers anticipated to boost the expansion of the platelet-rich plasma market through segmentation as follows:
Product Type:
- Platelet-Rich Plasma Instruments
- Pure Platelet-Rich Plasma Kits
- Leucocyte- Rich Platelet-Rich Plasma Kits
- Platelet-Rich Fibrin Kits
- Pure Platelet-Rich Fibrin Kits
Application:
- Orthopedic Surgery
- Cosmetic Surgery
- General Surgery
- Neurosurgery
- Other Surgeries
End User:
- Hospitals
- Orthopedic Clinics
- Dermatology Clinics
- Others
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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Key Questions Covered in the Platelet-Rich Plasma Market Report
- What will be the demand outlook for the platelet-rich plasma market during the forecast period?
- Which are the challenges faced in the platelet-rich plasma market?
- Which application will lead the growth in the platelet-rich plasma market from 2021 to 2031?
- What is the projected market valuation of the platelet-rich plasma market in 2031?
- Which are the factors driving the platelet-rich plasma market from 2021 to 2031?
- Which end user will generate maximum revenue in the platelet-rich plasma market?
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