The 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 a higher concentration platelet than that in normal blood. PRP contains high concentration of growth factors that are crucial for tissue healing. PRP is used for general tendon injuries, ligament injuries, joint pain and osteoarthritis and also in the field of cosmetic surgery and dermatology for hair regrowth and skin rejuvenation. Its abilities to promote tissue healing make it popular among medical professionals.
Market key trends:
The platelet rich plasma market is expected to witness significant growth owing to rising use of PRP in regenerative medicine. PRP is widely used for tissue regeneration in diverse medical applications such as orthopedic surgery for bone and cartilage repair, cosmetic surgery for hair growth and skin rejuvenation. According to studies PRP releases high concentration of growth factors that stimulate cell proliferation and migration at the site of injury. This tissue healing capability of PRP has boosted its adoption over conventional treatment methods especially for tendinopathy and ligament injuries. Also, growing prevalence of osteoarthritis due to sedentary lifestyle is further fueling the demand for effective treatment options like PRP injections. PRP does not cause major adverse effects making it relatively safe treatment option. Rising awareness about the advantages of PRP based treatment over pharmacological treatment is expected to propel the market growth over the forecast period.
Threat of new entrants: The platelet rich plasma market requires high initial investments and government regulations restrict the entry of new players. Bargaining power of buyers: Individual consumers have low bargaining power due to lack of expertise. However, large hospitals can negotiate on price and delivery terms. Bargaining power of suppliers: Major suppliers like blood banks and research organizations have moderate bargaining power due to lack of substitutes and differentiated products. Threat of new substitutes: No mature substitutes exist currently hence threat is low. Competitive rivalry: The market is dominated by few global players intensifying competition.
Strength: PRP is minimally invasive, produces better healing outcomes and has lower risks than surgery. Weakness: High costs, lack of reimbursement policies and standard protocols. Opportunity: Rising geriatric population, chronic diseases and sports injuries drive the demand. Untapped markets especially in developing countries present opportunities. Threat: Stringent regulatory framework, reimbursement cutbacks by governments and payers limit revenue potential.
Global Platelet Rich Plasma Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing incidence of musculoskeletal injuries and chronic wounds. North America dominates the market currently due to supportive reimbursement policies and technological advancements. Asia Pacific is anticipated to grow at the fastest pace owing to rising healthcare infrastructure and escalating medical tourism.
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., and Harvest Technologies Corp. Stryker Corporation leads the market with diversified product portfolio and global presence across multiple countries.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it