The global Platelet Rich Plasma market was worth around USD 479.50 billion in 2021 and is estimated to grow to about USD 936.35 billion by 2028, with a compound annual growth rate (CAGR) of approximately 11.80 percent over the forecast period.
The global Platelet Rich Plasma market was worth around USD 479.50 billion in 2021 and is estimated to grow to about USD 936.35 billion by 2028, with a compound annual growth rate (CAGR) of approximately 11.80 percent over the forecast period. The report analyzes the Platelet Rich Plasma market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Platelet Rich Plasma market.
Platelet rich plasma (PRP) is used for making the blood. Platelets aid in blood clotting and assist tendons, muscles, and ligaments repair faster. PRP is used in a variety of operations, including rotator cuff augmentation and tendon repair. Healing factors and connective tissue development is abundant in platelets. The increase in the geriatric population, the rise in the prevalence of sports and orthopedic injuries, the rise in the number of cosmetic surgical procedures, technical improvements, and increased knowledge about PRP therapies are the primary drivers driving the market growth.PRP has been widely used in clinical settings in recent years. In the realm of cosmetic surgery, it has gained a lot of traction. The natural healing qualities of platelets are being used by plastic surgeons and dermatologists to improve the appearance and overall health of the skin.
Several research studies have looked at the use of Platelet Rich Plasma for face rejuvenation and found that it has excellent aesthetic outcomes. These treatments have improved the volume, tone, and texture of the skin while also reducing wrinkle appearance. The use of platelet rich plasma in dental and oral surgical procedures has shown to be effective. PRP has been suggested as a way to improve wound healing and bone maturation in bisphosphonate-related osteonecrosis of the jaw.
Due to a scarcity of antiviral treatments and the fact that plasma therapy is considered an emergency treatment approach, the present COVID-19 pandemic has helped to boost the market. Platelet-rich plasma can be utilized for pain management during COVID-19, which is one of its advantages. This approach, which has been used to prevent surgery, is also helpful in giving short-term pain relief in patients who are awaiting surgical clearance and do not want to be delayed any further by the side effects of steroids.
Increasing cosmetics surgery to drive global market growth
The rising prevalence of sports injuries, an increase in the number of cosmetic and surgical treatments, and the increased use of platelet-rich plasma in numerous therapeutic sectors are all contributing to the market's rise. In 2019, over 18.1 million cosmetic procedures were performed in the United States, according to the American Society of Plastic Surgeons (ASPS). The number of treatments performed has increased over the last five years, and people's demand for minimally invasive cosmetic surgery has grown across the United States. Liposuction and facelifts are becoming increasingly fashionable. At least seven growth factors are found in platelet-rich plasma (PRP)..
High Prices of Plasma Therapy in Platelet Rich Plasmas to hamper the market growth
A single PRP treatment will normally cost between $ 500 and 2,500 dollars. Treatments may need to be repeated in some cases. Platelet plasma therapy treatment costs differ depending on the provider and the number of injections required. The cost of treatment varies depending on its location, facilities, and the expertise of the doctor performing it. It's also worth noting that PRP treatment isn't covered by many insurance policies.
Hair and Skin Care Therapies to bring growth opportunities to the global market
The market for platelet-rich plasma has continued to increase as a result of the several application areas where plasma therapy can be applied, particularly in cosmetic operations. Companies in the platelet-rich plasma market are pursuing growth potential in hair and skin care in addition to musculoskeletal diseases. Microneedling, in combination with platelet-rich plasma injections, has been shown to improve skin texture and appearance. To reach the bottom of the hair follicle, platelet-rich plasma is injected deeply into the scalp. This aids in the stimulation of dermal papilla cells, a specialized population of cells that contribute to hair development. Injections that aid in hair growth are being produced in greater quantities by platelet-rich plasma companies.
The global Platelet Rich Plasma market is segregated based on product, origin, application, and region.
By product, the market is classified into pure PRP, leukocyte-rich PRP, and leukocyte-rich fibrin. It is estimated that during the forecasted period pure rich plasma will have the largest share. Pure PRPs' benefits, such as quicker healing, tissue repair and production, and general function improvement, have enhanced their demand across several treatment business spaces, adding to segment expansion. Entities in the market are paying attention to the effective elimination of dangers and unwanted effects, such as an allergic or immunological reaction, in pure PRP therapeutic approaches. PRP's present off-label use has prompted multiple firms throughout the world to produce various sorts of products, owing to its tremendous promise in treating a variety of chronic illnesses. The predicted clinical benefits of PRP could assist expand the commercialization of products derived from pure, leukocyte-rich, and leukocyte-rich fibrin platelet rich plasma.
By application, the market is divided into orthopedic surgery, cosmetic surgery, general surgery, neurosurgery, and others. Orthopedic surgery is having the largest share. PRP has been proven to be most beneficial in the treatment of chronic tendon injuries, where it has the potential to speed up the healing process, according to several research studies. When compared to traditional techniques, PRP injections as orthopedic therapies are more convenient because they encourage healing and lead to self-regeneration and repair of degenerative tissue. Furthermore, in orthopedic surgery, a combination of surgical procedures and liquid PRP allows for a wide range of therapeutic solutions for the therapy of injuries. Platelet rich plasma as a rehabilitative and biological stimulation, combined with physiotherapy, helps to prevent disease progression and improve function in a shorter amount of time. Furthermore, PRP's advantages, such as long-term comfort, enhanced post-surgery healing, soft tissue rebuilding, and bone regeneration and augmentation, are only a few of the elements driving the growing demand for PRP-based orthopedic treatments.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
North America dominated the market in 2020, accounting for 45.5 % of total sales. NA is having the largest share due to its greater knowledge of platelet rich plasma therapies, technological developments, and an increase in cosmetic surgery procedures in the region. Academic and research institutes, including Yale School of Medicine and Springfield College of Health Care, Management and Technology, are actively involved in analyzing the application of platelet-rich plasma therapies in the region, which promotes market expansion. Furthermore, the presence of supporting regulatory bodies in North America is fueling market expansion. Platelet rich plasma products are regulated by the US Food and Drug Administration's Center for Biologics Evaluation and Research. The CBER approves a 510(k) application to market platelet rich plasma preparation systems in the United States. As a result, the region's market is growing thanks to a solid commercial and research base for platelet rich plasma therapies.
From 2021 to 2028, Asia Pacific is expected to have the greatest CAGR of 14.1%. Cosmetic operations to improve facial features are becoming more popular in nations like Korea, India, and Thailand, which is expected to drive market expansion in the area. Furthermore, the region's burgeoning medical tourism business is likely to enhance market adoption. In addition, academic and research institutes such as the University of Tsukuba and Guangzhou University of Chinese Medicine are actively involved in studying the use of platelet rich plasma therapy.
Some of the main competitors dominating the global Platelet Rich Plasma market include Arthrex, Inc, Zimmer Biomet, Harvest Technologies Corporation, Depuy Synthes, Inc., Stryker Corporation, Adistem Ltd., ISTO Biologies, Cesca Therapeutics, Inc., Exactech Inc., and Nuo Therapeutics.
The global Platelet Rich Plasma market is segmented as follows:
Platelet rich plasma (PRP) is a portion of plasma derived from the patient’s blood. This portion of blood has a high concentration of platelets, which promotes the healing of ligaments, muscles, joints, and tendons. PRP generally contains different growth factors and some cytokines that are responsible for initiating the healing of injuries.
According to the statistics by ISAPS (International Society of Plastic and Aesthetic Surgeons), in 2013, about 11 million cosmetic surgeries (non-invasive) were carried out across the world. According to the statistics, in 2015, about 617 million of the global population was aged above 65 years. Aging weakens the bones, which increases the chances of orthopedic impairments. The rise in the prevalence of orthopedic impairments and an increase in the number of cosmetic surgeries are expected to fuel the development of the global platelet rich plasma market. Additionally, the rise in the awareness about PRP therapy is anticipated to further contribute to this market’s growth globally. The rising occurrences of arthritis, technological advancement in PRP products and therapy, and support by government for the use of PRP therapies are some other factors driving the expansion of the global market for platelet rich plasma.
Platelet rich plasma market is segmented on the basis of type, origin, application, and end-user. Based on the type, this market is divided into pure PRP, leukocyte-rich PRP, pure platelet-rich fibrin, and leukocyte-rich platelet-rich fibrin. The pure PRP segment is anticipated to dominate the market in the forecast period. By origin, the market for platelet rich plasma is segmented into autologous PRP, homologous PRP, and allogeneic PRP. In 2017, the autologous PRP segment held the largest market share. By application, the platelet rich plasma market is divided cardiac muscle injury, orthopedics, dermatology, nerve injury, and others. The orthopedics segment is anticipated to lead the market for platelet rich plasma in the upcoming years. Based on end-user, the market for platelet rich plasma is segmented into hospitals and clinics and research institutes. The hospitals and clinics segment is projected to dominate the platelet rich plasma market.
North America is anticipated to lead the market for platelet rich plasma in the upcoming years, due to the increase in the number of cosmetic surgeries, rise in the cases of rheumatology, growing awareness about PRP therapy, and rapid approval by FDA for various platelet rich plasma products. In the forecast timeframe, the Asia Pacific region is anticipated to show the highest growth due to the increase in the number of people suffering from osteoporosis. The increasing number of accidents, growing awareness about technologically advance PRP products, and rising occurrences of neurological disorders are some other factors fueling the growth of the market in the Asia Pacific region.
The main players involved in the global platelet rich plasma market are Cambryn Biologics LLC, Regen Lab SA, Nuo Therapeutics, Inc., Cesca Therapeutics, Inc., Grifols International S.A., Octapharma, EmCyte Corporation, AdiStem Ltd., ISTO Biologics, and BioLife Plasma Services. These companies focus on the development of various products for the treatment of different diseases. For instance, in 2017, Cesca Therapeutics Inc. announced an autologous PRP which is used for the treatment of chronic ulcers.
A growing elderly population enhanced reimbursement policies, and rising rates of chronic diseases are among the important aspects of the growth of the global Platelet Rich Plasma market. Large-scale outsourcing of National Health Services and the advent of advanced medical technology and treatments are propelling the global Platelet Rich Plasma market forward.
According to the Market Research report, the global Platelet Rich Plasma market was worth about 820 (USD billion) in 2021 and is predicted to grow to around 2000 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 12.5 percent.
North America leads the global Platelet Rich Plasma market because of its vast aging population and rising rates of lifestyle-related disorders; during the forecast period, the global Platelet Rich Plasma market is predicted to rise at a rapid pace, with Asia leading the way, followed by Europe. India and China are predicted to be the Asia Pacific region's fastest-expanding Platelet Rich Plasma markets
Some of the main competitors dominating the global Platelet Rich Plasma market include - Toulon Hyères Platelet Rich Plasma, St Francis Foundation, Deaconesses Croix Saint, Apollo Hospitals Enterprise Ltd., Healthe Care, Ramsay Health Care, HCA Healthcare, Fresenius SE & Co. KGaA, Nuffield Health, Fortis Healthcare Limited, London Bridge Healthcare, Life Healthcare, Spire Healthcare Group Plc., MEOCLINIC Gmbh, IASIS Healthcare, and Care UK.