Platelet Rich Plasma Market: Overview
The market size for Platelet Rich Plasma was USD 519.5 million in 2021, projected to grow at a CAGR of 14.8 percent during the forecast period. The increased usage of platelet-rich plasma for treating chronic diseases such as orthopedic disorders, cardiovascular and neurovascular diseases, general surgery, wound management and the rise in aesthetic procedures are projected to drive the global platelet-rich plasma market. The growing elderly population and rising adoption of platelet-rich plasma as an effective treatment option drive the global platelet-rich plasma market.
According to the American Society of Plastic Surgeons, more than 18.1 million cosmetic procedures were performed in the United States in 2019. (ASPS). Over the preceding five years, more procedures have been carried out, and demand for minimally invasive cosmetic surgery has increased nationwide. Facelifts and liposuction are getting more and more popular. In addition, expanding applications for platelet-rich plasma in anti-aging, platelet-rich plasma for stretch marks, Eclipse platelet-rich plasma, traumatic injury, tendon injury, ligament injury, muscle injury, tennis elbow injury, joint injury, musculoskeletal pain, osteoarthritis, hair loss, skin rejuvenation, and fractures are significantly contributing to the market's growth.
The numerous applications where plasma therapy can be used, especially in cosmetic procedures, have led to sustained growth in the platelet-rich plasma market. Along with musculoskeletal disorders, companies in the platelet-rich plasma market are focusing on growth areas in hair and skin care. The high incidence of androgenetic alopecia (AGA), hormone-related baldness, in people worldwide is a major market driver. According to the National Center for Biotechnology Information, micro-needling is gaining popularity for new applications such as transcutaneous drug administration and its original intended use for skin rejuvenation. In the US, this hair loss is thought to afflict 30 million women and 50 million men. Over 50% of males over the age of 50 experience some degree of hair loss, and androgenetic alopecia can begin as early as a person's teen years.
Platelet Rich Plasma Market: COVID-19 Impact
In 2020, the World Health Organization (WHO) declared COVID-19 a global pandemic. This outbreak has significantly impacted the global market. Governments from many nations and jurisdictions declared precautionary or preventative measures, such as establishing limits, in reaction to the COVID-19 epidemic. A fall in demand was caused by COVID-19's extensive effects, which included supply chain disruption, restrictions on resource allocation, and difficulties with patient treatment activities, among other things, during the last two weeks of March 2020. But by January 2021, the market had steadied and was back to normal in terms of supply and demand. The market for platelet-rich plasma has experienced a slower growth rate due to research into CPT and the introduction of COVID-19 vaccinations. Aesthetically constrained cosmetic operations were temporarily suspended to focus on treating COVID-19 patients and containing the virus.
Platelet Rich Plasma Market: Drivers
Growing Demands for Food Shelf-Life Improvement to Drive Market Growth
Since more people are participating in sporting events, more sports injuries are occurring, and more people are having cosmetic surgery, the use of platelet-rich plasma is increasing. Over the past 20 years, there has been an upsurge in sports-related injuries. The most frequent sports injuries among baseball and softball players are knee, elbow, and shoulder injuries, which will further promote market expansion. The US Centers for Disease Control and Prevention (CDC) report that individual participation in sports is rising substantially in the US. About 30 million kids and teenagers play sports in the US. This increases the risk of sports injuries in young athletes. Around 2 million injuries, 30,000 hospital stays, and 500,000 doctor visits in the US are brought on by high school athletes. Nearly 3.5 million kids under 14 require medical attention for sports-related injuries.
Rising Prevalence of Osteoarthritis to Drive Market Growth
Platelet-rich plasma therapy is gaining popularity and acceptance as a treatment for arthritis because it inhibits inflammation, slows the progression of osteoarthritis, stimulates the formation of new cartilage, and increases the production of natural lubricating joint fluid, thereby reducing painful joint friction. It also contains proteins that change a patient's pain receptors, lowering pain experience. As a result, the reasons mentioned above are projected to fuel the growth of the orthopedics segment. According to a 2020 Lancet Journal article, arthritis is adults' leading cause of disability. Furthermore, knee osteoarthritis is the most common type of osteoarthritis. There were roughly 654 million persons worldwide with knee osteoarthritis in 2020.
Platelet Rich Plasma Market: Restraints
High Cost of Plasma Therapy to Hamper Market Growth
The high cost of plasma therapy is anticipated to stifle market expansion. The cost of extracting plasma from blood and storing extracted plasma is limiting industry growth. The high cost of therapy has limited its adoption in underdeveloped and developing countries. One of the primary factors limiting market expansion is that the average individual cannot afford the therapy. A single PRP treatment will typically cost between $ 500 and $ 2,500. In some circumstances, treatments may need to be repeated. The cost of platelet plasma therapy treatment varies according to the provider and the number of injections required. Treatment costs vary according to location, facilities, and the doctor's expertise. It's also worth mentioning that insurance doesn't always cover PRP treatment.
Platelet Rich Plasma Market: Segment Overview
Platelet-Rich Plasma Segment to Dominate Market Due to its Broad Application in Healing Process
Based on type, the market is segmented into pure platelet-rich plasma, leukocyte-rich platelet-rich plasma and others. Due to its broad application in the healing process, tissue repair, and regeneration, pure platelet-rich plasma had the highest revenue share. Plasma-rich platelet therapies have a low risk of side effects related to allergic and immunological responses. It is largely renowned for its off-label use, and manufacturers are eager to develop new items to help the market flourish. Pure platelet-rich plasma is a preparation that contains concentrated platelet growth factors with low red blood cell counts. It shows promising results in the treatment of disorders in patients. The method comes highly recommended. However, the leucocyte-rich segment has the potential to increase because of its increasing utility in general surgery, orthopedics, and sports injuries. Evidence has shown that leucocyte-rich plasma-rich platelet is helpful in bone regeneration and the non-surgical therapy of knee osteoarthritis, which is expected to drive market expansion throughout the forecast period.
Hospitals Category to Dominate Market Owing to Rapid Spread of Platelet Rich Plasma-Based Therapies
Based on end-use, the plasma-rich platelet market is segmented into hospitals, clinics and others. Hospitals held the largest revenue share. This can be linked to the rapid spread of platelet-rich plasma-based therapies in hospitals in recent years due to an increase in new osteoarthritis cases, a high desire for non-surgical management in therapy, and increased hair loss rates. Companies like Focus Technology Co. and Changsha Biomed Supply Co. are assisting by installing centrifuge equipment in hospitals, which generates even more profitable chances for industry growth. Furthermore, clinicians use platelet-rich plasma to treat osteoarthritis by injecting it directly into the afflicted joint to alleviate pain, enhance joint function, and slow, stop, or even heal cartilage deterioration. Plasma therapy is used in hospitals to treat diseases such as COVID-19, autoimmune disorders, and cardiac-related ailments.
Platelet Rich Plasma Market: Regional Landscape
North America to Dominate Market due to Rising Prevalence of Arthritis
Over the forecast period, it is anticipated that the North American market will account for the largest revenue share. The rise in the prevalence of numerous ailments, such as arthritis, a well-established healthcare infrastructure, a better regulatory framework, and government backing are all contributing factors to market expansion in the United States. According to a poll by the Centers for Conditions Control and Prevention (CDC), in 2020, one out of every four persons in the United States will have arthritis, and an anticipated 78 million adults will suffer from the disease by 2040. Furthermore, as the region's population ages, the prevalence of doctor-diagnosed arthritis is predicted to rise dramatically over the forecast period. Osteoarthritis is the most common type of arthritis, affecting approximately 31 million Americans yearly.
Due to robust platelet-rich plasma research facilities, the European market is anticipated to experience stable revenue growth throughout the forecast period. For instance, a study conducted by the "Working Group for Clinical Tissue Generation" in 2020 revealed the necessity of platelet-rich plasma preparation Standardization and its application protocols for indications such as knee osteoarthritis. Numerous manufacturers and service providers in the area will further propel the industry. Growth can be linked to the country's rising sports-related injuries and growing public knowledge of the benefits of platelet-rich plasma in healthcare. The U.K.'s research and development on platelet-rich plasma in neurosurgical, periodontal, and urological treatments will also expand the range of possible uses for platelet-rich plasma in other medical fields.
Global Platelet Rich Plasma Market: Competitive Landscape
In July 2021, Zimmer Biomet Holdings Inc., a leader in musculoskeletal healthcare, recently established a strategic alliance with OSSIS, a hip replacement treatment firm with headquarters in New Zealand. The agreement planned to offer patient-specific 3D printed titanium hip replacement joints from Zimmer Biomet in the Asia-Pacific region. The collaboration will further help Zimmer Biomet's product line of hip replacement options and related technologies. Similarly, in February 2020, EmCyte completed the acquisition of Cellmedix Holdings LLC, encompassing all of the company's assets, including its proprietary product system, Centrepid Platelet Concentrator.
A few players in the Platelet Rich Plasma Market include Johnson & Johnson; Arthrex, Inc.; EmCyte Corporation; DR. PRP AMERICA, LLC; Juventix; Terumo Corporation; Zimmer Biomet; Stryker; Apex Biologix; Celling Biosciences.
Global Platelet Rich Plasma Market is Segmented as Below:
Key Elements Included In The Study: Global Platelet Rich Plasma Market
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