The leading players in the Europe platelet rich plasma (PRP) market are EmCyte Corporation, Arthrex, Inc., AdiStem Ltd, Medira Ltd., and Biomet, Inc. Transparency Market Research observed that Anthex Inc. led the market in 2013 with its wide product portfolio that offers a variety of solutions for orthopedic disorders. “Companies must focus on developing impactful distribution and marketing strategies to target several small nations of Europe to retain their dominance in the near future,” states the lead author of this research report.
According to the research report, the Europe platelet rich plasma market is expected to be worth US$ 87.2 mn by 2022 from US$42.1 mn in 2013. During the forecast years of 2014 and 2022, the overall market is anticipated to rise at a CAGR of 8.30%. The key countries operating in the market are Greece, Spain, Italy, France, Germany, and the U.K. Analysts predict that the leukocyte-platelet rich fibrin (L-PRF) segment is expected to witness a significant growth rate in the coming years as it offers advantages such as reduced recovery period and cost-effectiveness.
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Platelet rich plasma (PRP) is a blood plasma product that contains elevated level of platelets and growth factors (at least four to ten times) than normal blood concentration. PRP is also called as also called platelet enriched plasma and platelet gel. While mostly derived from patient’s own blood, platelet rich plasma is widely used in the treatment of diseases such as orthopedic diseases, neurological diseases, and other minor injuries that require outpatient surgeries. Rising incidence of diseases such as orthopedic diseases, sports injuries, cardiovascular diseases, obesity, and neurological diseases and introduction of various devices for PRP preparation are the key factors that are likely to drive market growth. In addition, growing awareness about PRP therapy and its advantages, and aging population more prone to injuries and surgeries are the other factors that boost market growth. However, high cost of the devices and therapy and threat of treatment failures are some of the factors restricting the market growth to some extent.
Market Thrives with Product Innovation
The market is also likely to be driven by the ongoing technological advancements in the production of platelet rich plasma. The advancements such as improved PRP preparation time has revolutionized the overall market. Product innovation is expected to result in a significant demand for platelet rich plasma in the near future across Europe. The growing advantages of using PRP products and devices is also likely to fuel the market growth during the forecast period. The innovation of PRP products and devices to treat male sexual disorders, vascular venous disorders, eye disorders, burn care, and lipofilling are expected to open up new avenues for growth for the Europe platelet rich plasma.
The high prevalence of chronic conditions is anticipated to be the primary growth driver for the Europe platelet rich plasma market in the near future. The high prevalence of chronic conditions related to orthopedics is expected to favor the growth of the global market. The increasing participation in sporting activities has led to a rise in orthopedic injuries in recent years, which has had a positive impact on the growth of the global market. The growing number of patients suffering from osteoporosis are also augmenting the demand for various types of platelet rich plasma products and devices as they are highly susceptible to fractures.
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Controversy Stating PRP being Placebo Challenges Global Market
The aforementioned market drivers are being considerably challenged. The predominant hurdle for the Europe platelet rich plasma market is the exceptionally high cost of PRP products and devices. This issue is further complicated by the poor reimbursement policies. The market is also being stymied by the possibilities of failure of therapy being offered to patients and the chances of disease transfer. Additionally, the controversy surrounding PRP therapy technique has persistently inclined towards the theory that it is a mere placebo. All of these factors are expected to tug the market’s growth in the opposite direction.
Other key market participants mentioned in this study are Stryker Corp., Regen Lab S.A., Medira Ltd., Harvest Technologies Corp., Glofinn Oy, DePuy Synthes Inc., Biomet Inc., and AdiStem Ltd.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Last updated on: 13/10/2016
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