With the aid of cell regeneration, platelet rich plasma (PRP) is a material that, when injected, aids in the promotion of healing. It is a blood component that contains unique elements or proteins that aid in blood clotting. Furthermore, PRP is made by separating plasma from blood and concentrating it. It contains proteins that encourage cell growth. PRP is injected into injured areas to speed healing by encouraging the body to produce new, healthy cells. These have uses for osteoarthritis, tendon injuries, acute injuries, hair loss, and other conditions.
The market worth of platelet rich plasma in 2021 was USD 352.05 million and will be worth USD 985.73 million by 2030, growing at a 12.12% CAGR during 2021-2030.
The increase in PRP use for treating chronic conditions such orthopedic disorders, cardiovascular and neurovascular illnesses, general surgery, wound management, and the rise in cosmetic operations drives the global platelet-rich plasma market. The global platelet-rich plasma market is driven by the escalating use of platelet-rich plasma as a successful treatment option and the expanding older population.
Market Dynamics
Drivers
The market is expanding due to the increasing prevalence of orthopedic conditions and sports injuries. The market is expanding as a result of the expansion of platelet rich plasma’s medical uses alongside an increase in cosmetic surgery treatments. The rising number of evidence-based studies for PRP-based wound healing further supports the market worth. Additionally, over the forecast period of 2022 to 2030, rising coverage and utilization of PRP therapy among Medicare beneficiaries will present new prospects.
Restraints
The high cost of platelet-rich plasma treatment severely constrains the market. Compared to standard therapies, platelet-rich plasma is more expensive since it has to be manufactured. Since the cost is ultimately passed on to the patient, fewer people choose platelet-rich plasma therapy. For the market participants, this lowers the value of investments.
Opportunities
Particularly among the working-age and geriatric populations, growing knowledge of the advantages of platelet-rich plasma has resulted from the rising frequency of chronic conditions such as orthopedic, cardiovascular, and neurovascular diseases. The predominance of the illnesses may lead to alterations in lifestyle and worsen the patient’s health. Additionally, many illnesses that persist might lead to severe discomfort, which can be quite difficult for the sufferer. According to numerous studies, the injection of platelet-rich plasma promotes tissue healing and lessens inflammation in the area that has been injured. As a result, the market will benefit financially from the increasing prevalence of these illnesses.
Market Segmentation
- By origin, the market is segmented into homologous, allogeneic, and autologous. The autologous segment held 43.72% of the market share in 2021. For the majority of regenerative operations, autologous platelet-rich plasma is both affordable and secure. Angiogenesis, cell proliferation, and migratory applications benefit from the action of autologous.
- Pure platelet-rich plasma, leukocyte-rich platelet-rich plasma, and other types make up the type segment. In 2021, the pure platelet-rich plasma market had the largest share, with about 51.05%. Pure platelet-rich plasma is frequently used in tissue healing procedures. Most patients prefer pure platelet-rich plasma since it has a low risk factor. Additionally, pure platelet-rich plasma has far fewer negative effects compared to other varieties.
- General surgery, sports medicine, ophthalmology surgery, orthopedics, neurology, dermatology, cardiology, urological, and other specialties make up the application section. Sports medicine held the largest market with 26.11% of revenue shares in 2021. Sports medicine uses platelet-rich plasma therapies to speed up the healing process of tissues. Sports medicine facilitates and expedites the healing process, which is crucial for athletes.
- Hospitals, research facilities, and clinics make up the end-user segment. Hospitals generated 49.37% of the market’s revenue in 2021. In contrast to clinics, hospitals see more patients overall. Platelet-rich plasma is necessary in hospitals due to the increased demand for general and specialty procedures.
Regional Analysis
With a share of more than 40.0% in 2021, North America ruled the regional market. This is due to the existence of numerous production facilities eager to create novel PRP-based treatment methods, the high procurement of end-users, including hospitals and clinics, and the presence of significant market participants.
Key Players
- F. Hoffmann-La Roche Ltd.
- Dickinson and Company
- SelfDiagnostics
- Quidel Corporation
- Trinity Biotech plc
- Abbott
- ARKRAY, Inc.
- Assure Tech. (Hangzhou) Co., Ltd.
- Zimmer Biomet Holdings Inc.
- Becton
- Bionime Corporation
- ACON Laboratories, Inc.
- Royal Biologics
The market worth of platelet rich plasma in 2021 was USD 352.05 million and will be worth USD 985.73 million by 2030, growing at a 12.12% CAGR during 2021-2030. The rising incidence of orthopedic and sports injuries, the number of cosmetic surgeries, technological advancements and regulatory approvals for new devices, the popularity of platelet-rich plasma products and treatments, and rising public awareness of platelet-rich plasma therapies have been the main factors driving the global platelet-rich plasma market.
