by Platelet rich plasma therapy involves concentrating platelets extracted from a patient’s own blood before injecting it into the site of injury. PRP therapy is increasingly being used for osteoarthritis, tendon injuries, and other orthopedic conditions owing to its ability to accelerate the body’s natural healing process. It works by releasing growth factors from platelets that aid tissue regeneration and reduce inflammation. Europe has witnessed a high incidence of sports injuries and age-related orthopedic issues leading to greater adoption of PRP therapy. Tendons, muscles, and ligament tears are common among athletes and physically active individuals in the region. Moreover, an aging population has augmented cases of arthritis and joint pain. PRP therapy provides an effective minimally invasive treatment option for orthopedic injuries without major side effects.
The Europe Platelet rich Plasma Market is estimated to be valued at US$ 110.4 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the major trends witnessed in the Europe platelet rich plasma market is rising popularity of autologous PRP therapy. Autologous PRP therapy involves utilizing a patient’s own blood to isolate and concentrate platelets before reinjecting PRP solution to injured sites. It is considered quite safe as there is no risk of disease transmission. Moreover, autologous PRP therapy aids faster healing with less side effects compared to other surgical interventions like joint replacement. Hence, rising awareness about benefits of autologous PRP is creating high demand. Additionally, ongoing clinical research exploring various applications of PRP therapy in chronic diseases and cosmetic procedures is expected to further augment the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. High capital requirement for setting up PRP centers, storage facilities and trained medical professionals pose a barrier.
Bargaining power of buyers: The bargaining power of buyers is moderate. The availability of substitutes and rising health awareness increases buyer options. However, benefits of PRP over alternatives increases switching costs.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. The market has many suppliers for PRP kits, devices, reagents and other consumables. Suppliers face high switching costs.
Threat of new substitutes: The threat of new substitutes is moderate. Alternatives like stem cell therapy, hyaluronic acid injections pose competition. However, advantages of PRP in terms of effectiveness, cost and recovery time provide an edge.
Competitive rivalry: The competition in the market is high. Key players compete on the basis of technology, quality, price and service.
Key Takeaways
The Europe Platelet Rich Plasma Market Size is expected to witness high growth. Technological advancements in PRP kits and favorable reimbursement policies are driving the market. The Europe Platelet rich Plasma Market is estimated to be valued at US$ 110.4 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regional analysis: Germany dominates the Europe PRP market owing to high healthcare spending and rising orthopedic and sports injuries cases. France and UK hold significant shares due to growing cosmetic procedures. Rising medical tourism is boosting the markets in these countries.
Key players: Key players operating in the Europe Platelet Rich Plasma market are GE Healthcare, Koninklijke Philips N.V., Welch Allyn, Spacelabs Healthcare, A&D Company, Limited, SunTech Medical, Inc., OMRON Healthcare, Inc. These players compete on the basis of innovative product launches, strategic agreements and expansion in emerging countries.
