New York, May 24, 2023 (GLOBE NEWSWIRE) -- The Platelet Rich Plasma Market Size accounted for USD 342 Million in 2022 and is estimated to garner a market size of USD 905 Million by 2032 rising at a CAGR of 10.5% from 2023 to 2032.
Platelet-rich plasma is created with the help of blood. Platelet-rich Plasma (PRP) with platelet concentrations above normal values is separated, and the PRP is created when the human blood is centrifuged. Platelets help in blood clotting and the healing of tendons, muscles, and ligaments.
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Key Takeaway
- By Type, the highest market revenue will likely be held by the pure platelet-rich plasma segment over the forecast period 2023 to 2032.
- By Application, the orthopedics segment was anticipated to dominate the market due to an increase in ovarian cancer prevalence.
- By Origin, the autologous PRP segment accounted for the largest revenue share
- By End-User, the hospitals & clinics are estimated to have the largest share.
- In 2022, North America dominated the market with the highest revenue share of 42%.
- Europe will grow at the fastest CAGR from 2023-2032.
PRP is experiencing growth due to the rising participation in sporting events, which results in rising cases of sports injuries. A rise in the use of PRP for the treatment of chronic diseases like cardiovascular & neurovascular diseases, wound management, orthopedic diseases, and general surgery and increasing demand for cosmetic surgeries is estimated to propel the growth of the market. Due to the enhancement in research applications, the PRP market was also enhanced. Factors such as the increasing adoption of PRP as an effective treatment, the increasing geriatric population, and the rise in the occurrence of orthopedic and sports injuries are expected to enhance the growth of the PRP market.
Factors affecting the Growth of the Platelet Rich Plasma Devices Market
There are several factors that can affect the growth of the platelet rich plasma devices market. Some of these factors include:
- Rising prevalence of sports injuries: Increased prevalence of sports injuries is responsible for driving the market over the forecast period.
- An increasing number of cosmetic surgeries: The rising number of cosmetic surgeries leads to propelling the market during the forecast period.
- Technological developments in the market: Various technological advancements in the market will enhance the growth of the market
- An increasing number of PRP in various therapeutic areas: Increasing number of PRP in various therapeutic areas offers enormous opportunities for market growth.
- High cost of PRP therapy: The high cost of PVR therapy will hinder the growth of the market.
- Effect of the COVID-19 pandemic: COVID-19 caused a significant impact on the market during the pandemic period.
Top Trends in Global Platelet Rich Plasma Market
There are different benefits of PRP in lighting wrinkles depth, treating acne scars, improving color and skin texture, skin pigmentation disorders, and skin rejuvenation. Currently, it is proven that micro-needling, as well as topical application of PRP, have improved skin tightening and collagen production. By binding with the growth factors, PRP improves the proliferation of human derma papilla cells which results in the formation of hair follicles in the process of hair transplantation. Therefore, PRP has different uses, which leads to boosting the growth of the market.
Market Growth
Platelet rich plasma therapy owned significant attention in the last few decades. The reason for its growth is its latent capabilities in surgical procedures and regenerative medicine. Other factors such as oral and maxillofacial procedures, increasing incidences of sports-related injuries, periodontal surgeries, increasing technological advancements, rising awareness regarding PRP therapies, increasing geriatric population, and an increasing number of cosmetic surgeries will enhance the market growth.
Regional Analysis
North America dominates the global platelet-rich plasma market during the forecast period with a revenue share of 42%. The factors that are responsible for the dominance of the region are high procurement at end-users like hospitals and clinics, the existence of key market players, and the presence of various manufacturing units interested in growing novel approaches with PRP-based treatments. Additionally, the growth of the market is strengthened by regulatory authorities’ support and approval. These factors are responsible for boosting the growth of the market in this region.
In Europe, due to the reliable research facilities for PRP, a tremendous revenue share was held by Germany. In 2020, a survey named ‘Working Group for Clinical Tissue Generation,’ it indicated the requirement for platelet-rich plasma preparation, standardization, and its application protocols for indications like knee osteoarthritis. A huge number of service providers and manufacturers are present in Europe, which will enhance the growth of the market.
Competitive Landscape
Major players are implementing various strategies such as mergers & acquisitions, geographical expansion, new product launches, and partnerships in key regions. For instance, in February 2020, EmCyteCo. acquired Cellmedix Holdings LLC, including its Centrepid platelet concentrator system. This improved company’s product portfolio as well as market presence.
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Market Key Players
- Johnson & Johnson
- EmCyte Corporation
- Arthrex, Inc.
- Juventix Regenerative Medical, LLC.
- Zimmer Biomet
- Apex Biologix
- Stryker
- Terumo Corporation
- ThermoGenesis Holdings, Inc.
- GLOFINN
- Celling Biosciences, Inc.
- Other Key Players.
Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | US$ 342 Million |
| Market Size in 2032 | US$ 905 Million |
| CAGR (2023 to 2032) | 10.5% |
| North America Revenue Share | 42% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Different technological advancements in the market of PRP devices lead to an increase in the use of pure platelet-rich plasma in different situations as well as high platelet concentrations. The market is also facilitated due to technological breakthroughs like smart home diagnostic kits that will be estimated to propel the growth of the market. Knee, shoulder, and elbow injuries are very common sports injuries among softball and baseball players. The injuries which are sports-related were raised over the past two decades, which propelled the growth of the market for platelet-rich plasma.
Market Restraints
During the forecast period, the costly platelet-rich plasma therapy hampered the growth of the PRP market. The problems regarding quality control and the test results will likely impede the growth of the market in the coming years.
Market Opportunities
The market for PRP was growing because of the rising demand for plastic surgeries. The PRP has progressed in plastic surgery, and it has promising results. The process of the surgery includes the utilization of the body’s own natural tissue repair procedure to get advanced function and form. Various factors, such as ease of use and less or no risk of adverse reactions, are responsible for raising the implementation of platelet-rich plasma in treatments.
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Report Segmentation of the Platelet Rich Plasma Market
Type Insight
In 2022, the largest share of 52% was accounted for by the pure platelet-rich plasma segment. Due to its broad use in tissue repair, regeneration, and the healing process. Pure platelet-rich plasma is recognized by its off-label use because its manufacturers were interested in the development of different products. The PRP delivers fewer adverse effects and minimum risks due to the allergic and immune response in the treatment. All these above-mentioned are expected to propel the market’s growth. Due to its rising utility around surgery, orthopedic, and sports injuries, leukocyte-rich platelet-rich fibrin will likely grow significantly. This segment is expected to expand at the highest CAGR.
Application Insight
In 2022, the orthopedics segment held the highest revenue share of 27%. Other segments like ulcer healing, sports medicine, and dermatology are expected to grow at the fastest CAGR during the forecast period. For effective healing in chronic tendon injuries, PRP has satisfactory results if compared with conventional treatments. PRP is remarkably used in orthopedic therapeutics due to improved tissue repair, regeneration, and healing. Also, it offers bone reconstruction, soft tissue reconstruction, and long-lasting relief, which results in a boost in the growth of the market.
Origin Insight
The market is categorized into allogeneic PRP, autologous PRP, and homologous PRP, based on origin. The autologous platelet-rich segment is anticipated to have the highest share of the global platelet-rich plasma market during the forecast period.
End-User Insight
The Hospitals & Clinics segment accounted for the highest revenue share of the market. The faster growth of PRP-based therapies in hospitals is responsible for the dominance of the segment. Factors such as increased hair loss incidences, the increasing number of new osteoarthritis, and increasing demand for non-surgical management in treatment propel the growth of the market.
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Market Segmentation
By Type
- Leukocyte Rich Platelet Rich Plasma
- Pure Platelet Rich Plasma
- Leukocyte Rich Platelet Rich Fibrin
By Application
- Orthopedics
- Cosmetic Surgery
- Sports Medicine
- Dermatology
- Neurosurgery
- Other Applications
By Origin
- Autologous PRP
- Allogeneic PRP
- Homologous PRP
By End-User
- Hospitals & Clinics
- Research Institutes
- Other End-Users
By Geography
- North America
- The US
- Canada
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Mexico
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the Platelet-Rich Plasma Market
- In February 2021- Atlas Health Medical Group announced PRP Microneedling facelifts for patients.
- In July 2021- Zimmer Biomet announced its strategic partnership with OSSIS. Zimmer Biomet is a global leader in musculoskeletal healthcare, while OSSIS is a New Zealand-based company that specifies in hip replacement treatments. The aim of the partnership is to market Zimmer Boimet’s patient-specific 3D-printed titanium hip replacement joints in APAC
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