NEWARK, Del, Aug. 09, 2024 (GLOBE NEWSWIRE) -- The global platelet-rich plasma market is poised for remarkable expansion, with a projected Compound Annual Growth Rate (CAGR) of 12.1% from 2024 to 2034. According to recent market research, the PRP market, valued at USD 594 million in 2024, is expected to surge to USD 1.8 billion by 2034.
In 2023, the PRP market experienced a notable growth rate of 10.0%, fueled by several key factors driving its increasing adoption globally. PRP therapy has become a popular choice among both patients and healthcare professionals due to its non-invasive nature and minimal side effects. This therapeutic approach is increasingly utilized for treating sports injuries, orthopedic diseases, and a range of medical conditions, significantly contributing to its market growth.
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PRP therapy plays a pivotal role in regenerative medicine, aiding in the repair and regeneration of damaged tissues and cells. The expanding applications of PRP in treating conditions such as osteoarthritis, tendinitis, and chronic diseases among older adults are further propelling market demand.
Furthermore, the awareness of PRP therapy's benefits in cosmetic procedures, such as reducing wrinkles and fine lines, is also driving market expansion. This awareness, coupled with advancements in technology and equipment for PRP treatments, is making PRP therapy more accessible and affordable for patients worldwide.
"The rising prevalence of chronic diseases, coupled with the effectiveness and growing acceptance of PRP therapy, is creating a robust market landscape," noted FMI. "As the field of regenerative medicine continues to evolve, PRP is expected to play a crucial role in meeting the growing healthcare needs globally."
The PRP market's growth trajectory underscores its potential to revolutionize treatment paradigms across various medical disciplines. With advancements in technology and increasing patient awareness, the future of PRP therapy appears promising.
“Rising prevalence of chronic inflammation and stress granules among older adults spurring the demand for new therapeutics development to enhance life expectancy and protect from SG dysfunction. Therefore, the healthcare experts should focus on providing effective therapy and a better healing process," Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Platelet-rich Plasma Market
- The platelet-rich plasma market is estimated to register a CAGR of 12.1% with a valuation of USD 1.8 billion by 2034.
- The pure platelet-rich fibrin (P-PRF) segment is anticipated to dominate the global market by registering a 42.1% share in 2024.
- With an 86.2% share, the autologous platelet-rich plasma is likely to drive the market by 2024.
- Japan is the leading country in the platelet-rich plasma market, with a CAGR of 13% from 2024 to 2034.
- The market of platelet-rich plasma in the United Kingdom is estimated to record a growth of 10.9% through 2034.
- The United Kingdom is the second-leading country in platelet-rich plasma, with an impressive growth of 12.4% through 2034.
Platelet-rich Plasma Market Competitive Landscape:
Various established market participants and new startups attempting to build their presence have been in business for several years. These companies provide a wide range of platelet-rich plasma-related products and services, such as kits and devices, and focus on innovating products to meet the growing demand. Some prominent companies in the market include Harvest Technologies Corp., Zimmer Biomet Holdings Inc., Arthrex, Inc., and Arteriocyte Medical Systems, Inc.
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Recent Development from the Platelet-rich Plasma Market:
Zimmer Biomet Holdings Inc., a medical technology company, signed a strategic collaboration with OSSIS, a hip replacement treatment company based in New Zealand, in 2021. The partnership aimed to promote Zimmer Biomet's patient-specific 3D-printed titanium hip replacement joints throughout Asia.
Key Market Segments:
By Product Type:
- Pure-Platelet-rich Plasma (P-PRP)
- Leukocyte-Platelet-rich Plasma (L-PRP)
- Leukocyte-Platelet-rich Fibrin (L-PRF)
By Origin Type:
- Autologous
- Homologous
- Allogenic
By Application Type:
- Orthopedic Surgery
- Cosmetic Surgery
- General Surgery
- Neurosurgery
- Other Surgeries (Urological, Cardiothoracic, Periodontal, and Oral and Maxillofacial)
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- The Middle East and Africa
Author by
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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