The global 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.
Platelet Rich Plasma (PRP) is an autologous blood product that contains several growth factors concentrated from the patient’s own blood. It is used in various applications such as orthopedic surgeries like knee injuries, facial rejuvenation, and hair loss treatment. It enhances tissue healing by delivering a natural cocktail of growth factors at the site of injury.
Market key trends:
One of the major trends in the platelet rich plasma market is its rising adoption in various therapeutic applications due to its various benefits. PRP therapy has shown promise for the treatment of musculoskeletal injuries including tendinopathy, osteoarthritis, chronic wounds, and facial rejuvenation. PRP contains numerous growth factors that accelerate soft and hard tissue regeneration. It has the potential for enhanced healing through improved cell proliferation and migration. Studies have shown that PRP release chemokines and growth factors that not only promote angiogenesis but also recruit local stem cells to accelerate soft tissue repair.
Strength: Platelet rich plasma has minimal side effects and is cost effective compared to other orthopedic treatments. It utilizes the body’s natural healing mechanisms making it a natural treatment option.
Weakness: The effects and healing time with PRP varies between individuals. There is a lack of standardized protocols for PRP preparation and administration.
Opportunity: Increasing prevalence of musculoskeletal disorders and sports injuries has led to rise in demand for effective orthopedic treatments. PRP is gaining popularity as a treatment option for various orthopedic conditions.
Threats: Stringent regulatory norms for advanced therapy medicinal products may hamper market growth. Lack of clinical evidence validating efficacy and safety profile of PRP for certain applications poses challenges.
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 sports injuries and musculoskeletal disorders.
North America is expected to dominate the global platelet rich plasma market over the forecast period owing to rising orthopedic procedures, developing healthcare infrastructure and favorable reimbursement policies in the region. Asia Pacific is anticipated to exhibit fastest growth due to growing medical tourism industry and increasing healthcare spending in developing countries such as India and China.
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., Arteriocyte Medical Systems, Harvest Technologies Corp. Companies are focusing on new product launches and regulatory approvals to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it