by The Platelet Rich Plasma Market is estimated to be valued at US$ 2.28 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Platelet rich plasma or PRP is an autologous blood product that contains a higher concentration of platelets compared to normal blood. PRP helps in accelerated healing of bones, ligaments and joints from injury or surgery. It is prepared by drawing blood from an individual’s own blood and then centrifuging it to separate red blood cells from platelets and other components. The resulting fluid called PRP is re-injected into injured or damaged tissues to stimulate healing. PRP is widely used for treatment of arthritis, tendinopathy, ligament or muscle injuries in orthopedics. It also finds application in cosmetic procedures for hair loss, skin rejuvenation and dental implant surgeries.
Market Dynamics:
Increasing prevalence of orthopedic disorders and sports injuries are a key driver for platelet rich plasma market growth. As per scientific studies, PRP therapy helps reduce inflammation and promotes tissue regeneration without causing harmful side effects common to alternative drugs. Rising preference for minimally invasive treatments and growth of regenerative medicine are further fueling adoption of platelet rich plasma injections. Additionally, growing number of cosmetic surgeries and its off-label use in treatment of chronic wounds and cardiac diseases is creating new market opportunities for platelet rich plasma products. However, higher costs of PRP procedures and limited medical reimbursements in some regions might restrain market growth over the forecast period.
Segment Analysis
The global platelet rich plasma market is dominated by the orthopedic surgery sub-segment due to significant utilization of PRP for managing joint conditions such as osteoarthritis. PRP helps in accelerating the natural healing mechanism by delivery of growth factors and other cytokines orchestrating tissue regeneration. Hence, it is increasingly adopted for various orthopedic procedures involving cartilage and ligament injuries.
PEST Analysis
Political: The government regulations regarding the approval of PRP therapies varies in different countries which impacts the market growth. However, supportive regulatory polices are promoting the adoption.
Economic: The rising geriatric population suffering from various musculoskeletal disorders is driving the demand. Additionally, technological advancements to develop advanced PRP systems will propel the market growth during the forecast period.
Social: Growing awareness about the therapeutic advantages of PRP over pharmacological drugs for tissue repair and healing is positively influencing the market.
Technological: Continuous innovations to develop advanced PRP preparation systems with features such as automated functionally closed systems and variable centrifugation profiles are supporting the industry expansion.
Key Takeaways
Global Platelet Rich Plasma Market Demand is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing prevalence of musculoskeletal disorders and sports injuries. The market size for 2023 is estimated to be US$ 2.28 Bn.
Regional analysis: North America dominates the global PRP market supported by growing clinical acceptance of PRP therapies for various orthopedic applications in the region. Additionally, presence of major market players and new product launches will continue to drive the North America platelet rich plasma market.
Key players operating in the platelet rich plasma market are Arthrex, Inc., Stryker Corporation, Johnson and Johnsons Ltd., Zimmer Biomet Holdings Inc., Terumo Corporation, Glofinn Oy, Medira Ltd., Regen Lab S.A., CollPlant, Generex Biotechnology Corporation, Estar Technologies Ltd., Dr. PRP America, Cesca Therapeutics, Inc., and Arteriocyte Medical Systems, Harvest Technologies Corp. The market players are focusing on new product approval and launch strategies to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
