Platelet rich plasma involves concentrating platelets from a patient’s own blood so they can be injected or applied to injured or damaged tissues to help repair and heal. It has numerous applications in various therapeutic areas such as orthopedic surgeries, cosmetic surgeries, general surgery, etc. Increasing adoption of PRP therapy in orthopedic disease management is expected to drive the growth of Europe platelet rich plasma market. PRP helps in faster wound healing and recovery from orthopedic procedures like knee, ankle and elbow surgeries. The use of PRP helps reduce pain and increase mobility in patients suffering from osteoarthritis. It can also repair damaged tendons and ligaments.
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 Dynamics:
Increasing Sports and Road Injuries: Sports injuries and road accidents leading to orthopedic injuries have increased significantly over the years. PRP therapy is widely used post-surgery to aid recovery in torn ligaments, strained muscles and ruptured tendons. This is expected to drive the demand for PRP in Europe over the forecast period.
Growing Geriatric Population: Aging leads to wear and tear of joints and muscles over time. The number of aged people suffering from osteoarthritis and other orthopedic conditions is rising rapidly. PRP therapy provides fast relief from pain and helps repair damaged tissues in such patients, thereby fueling the platelet rich plasma market in Europe.
Segment Analysis
The Europe platelet rich plasma market is dominated by pure platelet-rich plasma segment which holds around 60% of the total market share. Pure platelet-rich plasma segment witnesses higher demand owing to its ability to reduce healing time and promote tissue regeneration without any side effects. It finds widespread application in various therapeutic areas like orthopedics, dentistry, dermatology, cardiac muscle injury etc. The single/double spin protocols used for pure platelet-rich plasma preparation yield higher platelet and growth factor concentration resulting in improved clinical outcomes.
Pest Analysis
Political: The Europe platelet rich plasma market is governed by strict regulations pertaining to plasma derivative processing and usage. Favorable reimbursement policies for advanced wound care and orthopedic treatments boost market growth.
Economic: Rising healthcare expenditure across Europe coupled with growing geriatric population susceptible to chronic diseases drive the demand for minimally invasiveplatelet rich plasma therapies.
Social: Increasing patient awareness about the benefits of autologous platelet rich plasma therapies such as reduced procedural costs and faster recovery aid the market expansion.
Technological: Continuous innovations in platelet separation technologies help improve platelet yield and concentrate growth factors. Developments such as single spin, double spin and filtering protocols enhance platelet rich plasma quality.
Key Takeaways
The Europe Platelet Rich Plasma Market Size is expected to witness high growth over the forecast period owing to factors such increasing prevalence of chronic musculoskeletal disorders, rising orthopedic and cosmetic surgical procedures and growing geriatric population susceptible to osteoarthritis and joint disorders. 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 commands the largest market share in the Europe platelet rich plasma market attributed to favorable reimbursement policies, strong research base and growing aesthetic procedures. UK and France are other major regional markets driven by rising sports injuries and increasing number of cosmetic surgeries.
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. Key players are focused on developing advanced platelet separation centrifugation systems with enhanced user interface, intuitive software and automated protocols to simplify platelet rich plasma preparation.