As per the latest research, the global Platelet Rich Plasma (PRP) Market is estimated to total US$ 370.78 Mn in 2021. With growing scope of applications in orthopedic, cosmetics, and general surgery, the market is set to register a steady CAGR of 6% between 2021 and 2031.
Rising incidence of sports injuries, high prevalence of chronic orthopedic conditions, growing disposable income, and increasing willingness to spend on cosmetic and advanced surgical procedures are some of the primary factors driving the platelet rich plasma market.
Platelet rich plasma (PRP) is used in various applications in the medical field such as in tissue regeneration, wound healing, scar revision, skin rejuvenating effects, and alopecia. It also has shown promising results in the treatment of various conditions such as osteoarthritis.
PRP application has become hugely popular in cosmetic surgery. PRP injections are being extensively used to treat hair loss conditions such as alopecia. As there is no proper treatment available for androgenic alopecia, the demand for platelet rich plasma is slated to rise during the forecast period.
Rise in working women population is positively impacting the PRP market. PRP procedures are often conducted as a part of anti-aging treatment, especially in women folk. It is believed that PRP therapy rejuvenates skin and reduces fine lines and wrinkles.
Pure-platelet rich plasma will continue to dominate the market as the product type registering maximum sales during the forecast period. Clinically proven advantages of pure PRP in the treatment of chronic diseases will seal the dominance of the segment in global market.
North America leads the platelet rich plasma market. The U.S. is expected to emerge as the most lucrative pocket within North America. Rising number of plastic surgeries conducted in the U.S. will create attractive scope for the expansion of the market.
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Besides this, the presence of some of the leading market players such as Zimmer Biomet and Dr PRP America and the country’s robust healthcare infrastructure will present conducive environment for the expansion of PRP market in the U.S.
“Tier 1 companies will continue dominating the platelet rich plasma market through the forecast period. Amidst soaring competition, focus towards strategic partnership will increase among market players,” says the FMI analyst.
Key Takeaways from Platelet Rich Plasma Market Survey
- The U.S. dominates the platelet rich plasma market in North America. Owing to the rapid increase in cosmetic procedures, the U.S. market is anticipated to exhibit 4.5% CAGR between 2021 and 2031.
- The U.K. market is forecast to register a CAGR of 5.4% during the forecast period.
- With growing popularity of PRP based treatments, Germany will emerge as a highly lucrative market within Europe.
- The India market is poised to exhibit high growth as a result of growing awareness regarding the advantages of PRP.
- Pure-platelet rich plasma is expected to account for maximum sales during the forecast period among product types available in the market.
- Based on origin, the autologous segment will account for maximum sales during the forecast period. This can be attributed to the safe and effective treatment that it offers.
- Top 5 players operating in the platelet rich plasma market collectively account for around 15-20% share of the global market.
- Increasing incidence of orthopedic diseases and sports injuries and consequent rise in demand for effective treatment are driving the platelet rich plasma market.
- Surge in cosmetic and surgical procedures is creating demand for PRP treatments.
- High cost of PRP procedures is restricting the growth of the market.
- Various side effects associated with PRPs during cosmetic procedures such as pain and allergies are negatively impacts the market.
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Leading players operating in the platelet rich plasma market are investing heavily in research and development activities. They are adopting various growth strategies such as mergers, partnerships, advanced product launches and collaborations to gain a competitive edge in the market.
- In September 2021, Royal Biologics, an ortho-biologics company focusing on autologous and live cellular solutions, announced FDA 510K approval of the Maxx Concentration system. Maxx –PRP is a patented next generation concentration device that can be used to concentrate autologous whole blood, for the safe and rapid preparation of platelet rich plasma.
- In 2020, the EmCyte Company completed the acquisition of all assets of centrepid platelet concentrator from Cellmedix Holdings Inc. The acquisition will help the company to expand its product portfolio and strengthen its distribution network.
Some of the prominent players operating in the platelet rich plasma market profiled by FMI are:
- Harvest Technologies Corp.
- Zimmer Biomet Holdings Inc.
- Arthrex, Inc.
- Arteriocyte Medical Systems, Inc.
- PRP America
- Cesca Therapeutics, Inc.
- Regen Lab SA.
More Insights on the Global Platelet Rich Plasma Sales Outlook
FMI provides an unbiased analysis of platelet rich plasma market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for platelet rich plasma with a detailed segmentation on the basis of: