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.
Market Overview:
Platelet rich plasma (PRP) refers to a portion of the plasma fraction of autologous blood having a platelet concentration above baseline. PRP is used in orthopedic surgeries and sports medicine to speed up the soft tissue and bone healing. The platelets present in PRP release various growth factors that aid in tissue healing and regeneration. The main use cases of PRP include treatment of tennis elbow, golfer’s elbow, Achilles tendinitis, knee cartilage injuries, and bone grafts.
Market Dynamics:
The platelet rich plasma market is projected to witness significant growth over the forecast period owing to rising applications of PRP in orthopedic and sports medicine. According to studies, the use of PRP results in faster recovery and improved healing compared to conventional treatment methods alone. Growing prevalence of sports injuries globally is also expected to propel the demand for PRP therapy. Additionally, rising obese population susceptible to orthopedic disorders will further aid market growth during the forecast period. However, availability of alternative treatment modalities and high cost associated with PRP procedures can restrain market growth.
SWOT Analysis
Strength:
– Platelet Rich Plasma (PRP) therapy is minimally invasive and allows for faster recovery time compared to other alternatives such as surgery. It uses the body’s natural healing abilities to accelerate the healing of injured tissues.
– PRP therapy is effective in treating tendon injuries, osteoarthritis, and joint pain with few side effects. Clinical evidence suggests that PRP promotes tissue regeneration and healing.
– The PRP therapy market has witnessed an increase in product approvals from regulatory bodies such as FDA in recent years, enabling wider commercialization prospects.
Weakness:
– Lack of standard protocols for PRP therapy makes it difficult to accurately compare the efficacy and outcome of different studies.
– Variations exist in parameters like platelet and leukocyte concentrations between PRP preparations from different manufacturers. This leads to inconsistencies in treatment outcomes.
Opportunity:
– Growing demand for non-surgical and minimally invasive procedures among athletes and sports professionals due to faster recovery. PRP therapy has potential applications in sport medicine.
– Increase in PRP therapy adoption for chronic disease conditions like osteoarthritis expected with rising geriatric population globally.
Threats:
– High costs associated with PRP procedures can limit their widespread adoption in developing regions.
– Stringent regulatory framework for approval of PRP products delays their market entry.
Key Takeaways
Global Platelet Rich Plasma Market Size is expected to witness high growth, exhibiting CAGR of 12.% over the forecast period, due to increasing prevalence of musculoskeletal disorders and rising cases of sports injuries.
Regional analysis
North America currently dominates the platelet rich plasma market owing to rising healthcare expenditure and favorable reimbursement policies for PRP procedures. Asia Pacific is projected to be the fastest growing regional market during the forecast period influenced by expanding medical tourism industry and growingPRP therapy adoption in countries like China, India and Japan.
Key players
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., Arteriocyte Medical Systems, Harvest Technologies Corp. Major players are focused on facilitating the wider adoption of PRP therapy through new product approvals and expansion of commercialization footprint across lucrative regional markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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