The Global Platelet Rich Plasma Market is estimated to be valued at US$ 442.7 million in 2023 and is expected to exhibit a CAGR of 12.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Platelet-rich plasma (PRP) is a blood plasma derivative that is enriched with a high concentration of platelets. It is widely used in various medical fields such as orthopedics, dermatology, and cosmetic surgery. PRP offers numerous advantages, such as promoting tissue healing, reducing inflammation, and stimulating collagen production. The increasing aging population, growing prevalence of chronic diseases, and rising demand for minimally invasive procedures are driving the growth of the PRP market. In addition, technological advancements in PRP processing techniques and the expanding application areas of PRP are further contributing to market growth.
Market Key Trends:
One of the key trends observed in the platelet-rich plasma market is the growing adoption of PRP in orthopedic treatments. PRP has been found to accelerate the healing process and improve recovery outcomes in orthopedic conditions such as osteoarthritis, tendon injuries, and muscle strains. The increasing number of sports injuries and the rising geriatric population are fueling the demand for PRP in orthopedics. Moreover, advancements in PRP preparation techniques, such as double-spin method and buffy coat method, are enhancing the efficacy and quality of PRP for orthopedic treatments. These trends are expected to drive the growth of the platelet-rich plasma market in the coming years.
The platelet-rich plasma market can be segmented based on type, origin, application, and end user. The type segment includes pure PRP, L-PRP, and P-PRP. The pure PRP segment is expected to dominate the market due to its higher concentration of platelets, growth factors, and cytokines, which are essential for tissue regeneration and wound healing. Pure PRP has shown effective results in orthopedic and sports medicine applications, driving its dominance in the market.
Based on origin, the market can be divided into autologous and allogeneic PRP. Autologous PRP, obtained from the patient’s own blood, is anticipated to be the dominating segment due to its reduced risk of immune reactions and infections. Additionally, the increasing demand for personalized healthcare and growing awareness about the benefits of autologous PRP are contributing to its dominance in the market.
In terms of application, the market can be categorized into orthopedic surgery, cosmetic surgery, dermatology, and others. Orthopedic surgery is expected to be the dominating sub-segment due to the rising prevalence of musculoskeletal disorders, sports injuries, and osteoarthritis. PRP therapy has shown promising results in promoting tissue healing and reducing pain in orthopedic conditions, driving its demand in this segment.
The Global Platelet-Rich Plasma Market Demand is expected to witness high growth, exhibiting a CAGR of 12.4% over the forecast period of 2023-2030. This growth is primarily driven by the increasing number of orthopedic surgeries, the growing demand for regenerative therapies, and the effectiveness of PRP in wound healing and tissue regeneration. The market is expected to reach a size of US$ 442.7 million by 2023.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the platelet-rich plasma market. The region’s dominance can be attributed to factors such as the presence of key market players, technological advancements in PRP therapies, and the high prevalence of orthopedic conditions and sports injuries.
Key players operating in the platelet-rich plasma market include 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, and Harvest Technologies Corp. These key players are actively involved in product development, collaborations, mergers and acquisitions, and geographical expansion to strengthen their market position and gain a competitive edge.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it