Platelet Rich Plasma Market is expected to expand at a steady 6% CAGR through 2031
In a recent market survey, ESOMAR-certified consulting firm Future Market Insights (FMI) forecasts an impressive growth outlook for the platelet-rich plasma (PRP) market. The market valuation reached US$ 370.78 Mn in 2021 and is poised to expand at a 6% CAGR through 2031.
Growth registered in the platelet-rich plasma market is attributable to increasing applications of PRPs in various procedures such as cosmetic, orthopedic, neurological, and maxillofacial treatments. Increasing awareness regarding the advantages of platelet-rich plasma in wound healing and tissue regeneration will further propel sales in the market.
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PRP is being widely used in cosmetic surgeries aimed at improving facial structure and aesthetics, such as skin texture, and color. In addition, PRP is gaining wide acceptance as a key ingredient used in microneedling, botox treatments, acne scar removal, and laser treatments, which is spurring demand in the market.
Besides this, usage of PRPs in orthopedic treatments is fostering market sales, owing to its cost-effectiveness and negligible side effects. PRPs are increasingly finding application in joint pain treatment, cartilage reconstruction, fracture treatments, and other arthritic treatments.
With rising incidence of cosmetic procedures and sports-related injuries in countries including the U.S, the U.K., and Germany, the market is anticipated to garner significant revenue over the forecast period.
Intensive research and development, coupled with the prevalence of leading market players will further augment platelet-rich plasma market growth, with expansion at 12.4% by volume.
Additionally, growing investments in healthcare infrastructure and increasing disposable income will provide tailwinds to platelet-rich plasma sales in counties such as India, China, Brazil, and South Korea, shaping the demand outlook positively.
“Growing use of platelet-rich plasma in chronic wound healing, cosmetology, and orthopedic procedures, along with product innovations by leading market players will augment market growth in the upcoming years,” says an FMI analyst.
Harvest Technologies Corp., Zimmer Biomet Holdings Inc., Arthrex, Inc., Arteriocyte Medical Systems, Inc., Dr. PRP America, Cesca Therapeutics, Inc., and Regen Lab SA are among the prominent players operating in the global platelet-rich plasma market. As per FMI’s analysis, tier-1 players will account for 15-20% of the total market share.
Growth strategies leveraged by top manufacturers of platelet-rich plasma include strategic partnerships, mergers, acquisitions, and collaborations to launch innovative PRP treatment methods in the market. For instance:
- In July 2021, Arthrex Inc. announced an exclusive partnership with Celularity Inc., a USA-based biotechnology company to distribute and commercialize Celularity Inc.’s biomaterial products for orthopedic procedures and sports medicine.
- In September 2019, Cesca Therapeutics Inc., a global leader in autologous cell therapies for regenerative medicine, and ThermoGenesis, Cesca’s wholly owned device subsidiary, announced a global distribution agreement in which the company will supply its X-series cell processing products to major life science distributors to expand its global footprint.
Key Takeaways from Platelet Rich Plasma Market Survey
- Based on product type, pure platelet-rich plasma (P-PRP) will dominate the segment, due to advanced wound healing properties and cost-effectiveness.
- Autologous platelet-rich plasma will account for maximum sales in the origin segment, with high applications in treatment of nonhealing ulcers.
- In terms of application, cosmetic procedures, surgical and non-surgical, will dominate the segment.
- The U.S. is projected to lead sales of platelet-rich plasma due to increasing incidence of cosmetic surgeries in the country.
- The U.K. will provide lucrative growth opportunities for leading players with intensive research and development in the country aimed at PRP product innovation.
- Germany will emerge as a profitable market for global and regional players, owing to an influx of patients seeking PRP-based treatments in the country.
- Increasing investments in healthcare infrastructure in India, along with growing awareness regarding advantages of PRP will augment market growth.
- Japan and South Korea will account for 5% of the total market share.
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More Insights on the Platelet Rich Plasma Market
In its latest report, FMI offers an unbiased analysis of the global platelet-rich plasma market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (pure platelet-rich plasma, leukocyte platelet-rich plasma, leukocyte platelet-rich fibrin), origin type (autologous, homologous, and allogenic), application type (orthopedic surgery, cosmetic surgery, general surgery, neurosurgery and other surgeries including urological, cardiothoracic, periodontal, oral and maxillofacial), and across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
Platelet Rich Plasma Market by Category By Product Type:
- Pure-Platelet Rich Plasma (P-PRP)
- Leukocyte-Platelet Rich Plasma (L-PRP)
- Leukocyte-Platelet Rich Fibrin (L-PRF)
By Origin Type:
By Application Type:
- Orthopedic Surgery
- Cosmetic Surgery
- General Surgery
- Other Surgeries (Urological, Cardiothoracic, Periodontal and Oral and Maxillofacial)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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