Platelet Rich Plasma Market: Rise in Prevalence of Various Orthopedic Diseases to Propel the Global Market
Nov 24, 2022
Platelet Rich Plasma Market: Introduction
According to the report, the global platelet rich plasma was valued at US$ 815.3 Mn in 2020 and is projected to expand at a CAGR of 11.2% from 2021 to 2031. Plasma is found in the blood, which contains factors such as protein that support cell growth. Researchers and practitioners produce platelet rich plasma (PRP) by isolating plasma from blood and concentrating it.
PRP is injected in the damaged tissues, which stimulates faster growth of healthy cells, resulting in rapid healing of injuries and diseases. The tissue growth factors are more concentrated in the platelet rich plasma injections, which support faster healing of body tissues.
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Sport injuries have increased in the last two decades. Shoulder, elbow, and knee are the most common sports injuries among baseball and softball players. According to the Johns Hopkins Medicine’s report, 3.5 million sport injuries are reported among young sports participants each year. Platelet rich plasma is used to treat a range of sports and acute injuries, which result in joint, tendon, and ligament pain. Researches and clinical practice have also indicated faster recovery from injuries and pain with the help of PRP treatment, which fueled the growth of the global market.
The rise in hair loss treatment is also a major driver of the global market. Hair loss has become a major concern among the people globally. It is not an uncommon scenario among people to lose hair prematurely instead of losing them due to the natural aging process. The platelet rich plasma treatment is a quite effective and safe method for treating hair loss. The PRP treatment is very helpful in hair loss treatment due to its unique property of promoting tissue repair, collagen growth, and healthy cell production.
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The platelet rich plasma market in Asia Pacific is expected to expand at a CAGR of 11.2% from 2021 to 2031. Increase in research and advancement in the safe and effective usage of PRP in countries in Asia such as China, Japan, and India is anticipated to drive the market in the region.
Rise in Emphasis on Post-Surgical Repairs Drives Market
There is proven evidence that shows the fast healing capability of platelet rich plasma. The usage of PRP for post-surgical repairs has gained popularity in the past few years and become one of the key applications of PRP. After any type of surgery, the body heels in its natural way with the help of already present stem cells and plasma in the blood. In case of platelet rich plasma therapy, the concentrated plasma is injected at the site of a surgical incision of the patient with these extra concentrated healing resources. The healing system works more rapidly without waiting for the sufficient resources to be delivered through normal circulation process. Hence, rise in emphasis on post-surgical repairs and customer awareness about the availability of PRP treatment fuel the growth of the global market.
Pure PRP Dominated Global Market
In terms of type, the global platelet rich plasma market has been classified pure PRP leukocyte rich PRP, and pure PRF. The pure PRP segment dominated the global platelet rich plasma market in 2020. This trend is anticipated to continue during the forecast period. The segment’s dominance can be ascribed due to its ease of application in tendon and acute injuries, conventional method of production, and rich concentration of platelets with limited contamination with RBCs. The rise in number of players offering pure PRF treatment is projected to augment the segment.
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Autologous Segment Driving Platelet Rich Plasma Market
Based on origin type, the global platelet rich plasma market has been classified into autologous, allogeneic, and homologous. The autologous segment held major share of the global platelet rich plasma market in 2020. The segment is anticipated to expand at a significant CAGR during the forecast period. Autologous origin PRP is highly adopted, due to its ease of availability from patients’ blood. This is the major factor boosting the growth of the segment.
Orthopedic Surgery to be Key Application Area
In terms of application, the global platelet rich plasma market has been categorized into orthopedic surgery, cosmetic surgery, general surgery, neurosurgery, and others. The orthopedic surgery segment dominated the platelet rich plasma market in 2020. Surge in incidence of orthopedic diseases increases the number of surgeries. PRP is one of the best-suited solutions for orthopedic surgeries. This factor is projected to propel the global platelet rich plasma market.
North America to Dominate Global Market; Europe to Offer Significant Opportunities
In terms of region, the global platelet rich plasma market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is anticipated to account for major share of the global platelet rich plasma market during the forecast period. Rise in awareness about PRP treatment options and launch of FDA-approved PRP devices are the major factors fueling the growth of the market in the region. The platelet rich plasma market in Europe is likely to expand at a high CAGR in the near future. Rise in consumer awareness and enhanced lifestyles are projected to fuel the platelet rich plasma market in the region.
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The platelet rich plasma market in Asia Pacific is anticipated to grow at a rapid pace in the near future owing to increase in usage of platelet rich plasma in cosmetic surgeries and hair fall treatment by the market players in countries such as China, Japan, and India.
Growth Strategies of Key Players
Key players operating in the global platelet rich plasma market are Zimmer Biomet, AdiStem Ltd., ISTO Biologics, ThermoGenesis Holdings, Inc., Stryker Corporation, Exactech, Inc., EmCyte Corporation, Regen Lab, Arthrex, Inc., TERUMO BCT, INC. (Terumo Corporation), DePuy Synthes Companies (Johnson & Johnson), Celling Biosciences, Inc., and Juventix Regenerative Medical, LLC.
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