Platelet Rich Plasma Market Size to Touch USD 1,252.4 Million by 2030 As per Acumen Research and Consulting

LOS ANGELES, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The Global Platelet Rich Plasma Market Size accounted for USD 444.5 Million in 2021 and is estimated to garner a market size of USD 1,252.4 Million by 2030 rising at a CAGR of 12.3% from 2022 to 2030.

Platelet Rich Plasma Market Overview

Platelet Rich Plasmas are a type of rolling element bearing that utilizes small balls as the rolling elements. These bearings are designed to support radial and axial loads, and are commonly used in applications where space constraints and high precision are required including precision instruments, medical equipment, and miniature motors. The design of Platelet Rich Plasmas typically includes an inner and outer ring, as well as a set of balls that are retained in place by a cage or retainer.

The inner and outer rings of a Platelet Rich Plasma are usually made from steel due to steel being durable and corrosion resistant, and are precision-ground to ensure accurate alignment and smooth movement. The balls are mostly made from steel or ceramic, and are also precision-ground to ensure minimal friction and maximum efficiency. Platelet Rich Plasmas are typically lubricated with a light oil or grease to reduce friction and prolong the life of the bearing. They are also designed to be highly resistant to wear and tear, and can operate at high speeds and temperatures without significant degradation.

The Platelet Rich Plasma market is a niche segment within the larger bearings industry, characterized by the production of small-diameter bearings with a bore size of less than 10mm. The market is driven by the increasing demand for precision and high-performance bearings in various industries, such as aerospace, medical, and robotics. The use of Platelet Rich Plasmas in these applications provides improved accuracy and stability, which is crucial for ensuring the proper functioning of these systems.

Technological advancements in the manufacturing of Platelet Rich Plasmas have also contributed to the growth of the market. The use of precision machining techniques, such as computer numerical control (CNC) and laser cutting, has led to the production of high-quality bearings with tight tolerances.

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Platelet Rich Plasma Market Research Report Highlights and Statistics

• The global Platelet Rich Plasma market size in 2021 stood at USD 444.5 million and is set to reach USD 1,252.4 million by 2030, growing at a CAGR of 12.3%
• The major factors driving the market include increasing incidence of sports injuries, growing demand for PRP in orthopedic and aesthetic surgeries, and rising awareness about the benefits of PRP therapy.
• The pure platelet rich plasma segment is expected to dominate the PRP market, due to the growing number of surgeries and the increasing use of PRP in the treatment of sports injuries.
• North America PRP market share is the most dominant however Asia Pacific happens to have the fastest growing platelet rich plasma market share.
• The major players in the global PRP market include Arthrex Inc. (US), Stryker (US), Zimmer Biomet (US), Cesca Therapeutics Inc. (US), Harvest Technologies Corporation (US), DePuy Synthes (US), Exactech Inc. (US), Biomet Inc. (US), and Athersys Inc. (US)
  
• The global PRP market is expected to witness significant growth over the forecast period, driven by the increasing demand for PRP in orthopedic and aesthetic surgeries and growing awareness about the benefits of PRP therapy.

Trends in the Platelet Rich Plasma Market

• Growing popularity of PRP therapy for aesthetic procedures such as hair restoration, skin rejuvenation, and facial rejuvenation.
• Increasing incidence of sports injuries and the growing adoption of PRP therapy in the orthopedic field.
• Development of advanced and automated PRP systems, such as closed systems and automated processing devices.
• Rising demand for minimally invasive or non surgical treatments, this is driving the growth of the PRP market.
• Growth in the number of clinical trials and studies to establish the effectiveness and safety of PRP therapy.
• Increase in the number of government initiatives and funding for regenerative medicine research.
• Increase in the number of collaborations and partnerships between key players in the PRP market to expand their product portfolio and strengthen their market presence.
• Increase in the number of trained and experienced healthcare professionals in the field of regenerative medicine.

Platelet Rich Plasma Market Dynamics

The emergence of new and innovative applications of PRP therapy such as wound healing, periodontal therapy, and cancer treatment.

• The growing awareness about PRP therapy among patients and healthcare professionals is expected to drive the growth of the market.
• Growing adoption of PRP therapy in orthopedics, wound healing, and plastic surgery.
• Increase in the aging population and growing demand for anti-aging treatments.
• Increase in the number of patients with chronic pain and musculoskeletal disorders.
• Economic growth leading to increase in disposable income and access to healthcare.
• Increase in the number of PRP clinics and the availability of PRP therapy in more geographic locations.
• Growing trend of wellness and preventive healthcare.
• Increase in the number of patients with degenerative diseases and the growing demand for regenerative medicine.

Platelet Rich Plasma Market Growth Hampering Factors

Despite the growing popularity of Platelet Rich Plasma (PRP) therapy, there are several factors that are hampering its market growth. One of the major challenges is the lack of standardization in the preparation and administration of PRP, resulting in inconsistent treatment outcomes. Additionally, reimbursement for PRP therapy is limited in some countries, making it difficult for patients to access the therapy. Furthermore, there is a lack of regulatory approval for PRP therapy in certain countries, which can be a hindrance to its adoption. Another factor that is impacting the market growth is the high cost of PRP therapy, which may not be affordable for all patients. Furthermore, the availability of trained healthcare professionals with expertise in PRP therapy is also limited.

Other factors include lack of clinical trials supporting the efficacy of PRP therapy, limited availability of PRP products, stringent government regulations and legal hurdles, lack of insurance coverage and the side effects associated with the procedure.

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Platelet Rich Plasma Market Segmentation

By Type

• Leukocyte Platelet-Rich Fibrin
• Pure Platelet-Rich Fibrin
• Leukocyte PRP
• Pure PRP

By Origin

• Autologous PRP
• Homologous PRP
• Allogeneic PRP
  

By Application

• Cosmetic Surgeries
• Ophthalmic Surgeries
• Orthopedic Surgeries
• Dentistry
• Neurosurgery
• Cardiac Surgery
• Others
  

Platelet Rich Plasma Market Overview by Region

The Platelet Rich Plasma market is a rapidly expanding industry, with varying degrees of growth and development observed across different regions.

• In North America, the market is characterized by a robust presence of key players and a high adoption rate of advanced technology. The region is also home to a large patient population, leading to a steady demand for PRP-based products and services.
• In Europe, the market growth is due to the focus on research and development, with several academic institutions and research centers actively involved in the advancement of PRP technology. The region also boasts a well-established healthcare infrastructure, which supports the widespread adoption of PRP-based treatments.
• The Asia-Pacific region is witnessing a significant surge in demand for PRP-based products and services, driven by the rapidly growing population and an increasing awareness of the benefits of PRP-based treatments. The region is also characterized by the presence of a large number of small and medium-sized enterprises, which are actively involved in the development of PRP-based products and services.
• The Latin American and MEA region, the PRP market share is relatively low with a lack of awareness and limited access to advanced technology being the major barriers to growth in the region. However, the region is expected to witness a decent increase in demand for PRP-based products and services in the coming years, driven by an increasing focus on healthcare and the growing awareness of the benefits of PRP-based treatments.

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Platelet Rich Plasma Market Key Players

Arthrex, Stryker, DePuy Synthes, Zimmer Biomet, Smith & Nephew, Exactech, CONMED Corporation, Orthofix International, Acelity, BioPro, CryoCell International, Cytomedix, Emcyte Corporation, Harvest Technologies, Isto Biologics, Medtronic, Orthocell, RegenLab, B. Braun, PRP Ortho Sport, Biotissue Technologies, TissueTech, VIVO BioTech, BioSurgery Medical, Genzyme, Integra LifeSciences, Karius, Medi-Kel, Pfizer, RTI Surgical, Sanofi, Synovis Micro Companies, Takeda, Terumo, TheraVitae, Tissue Regeneration Systems, TopMD, ULTIMATE PLATELET RICH PLASMA, Vericel and Wright Medical.

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