(MENAFN- PR Newswire) DUBLIN, Oct. 4, 2023 /PRNewswire/ -- The "Platelet Rich Plasma (PRP) Market Size, Share & Trends Analysis Report By Type (Pure, Leukocyte Rich), By Application (Orthopedics, Sports Medicine, Cosmetic Surgery), By End-use, By Region, And Segment Forecasts, 2023 - 2030" report has been added to
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The global platelet rich plasma market size is expected to reach USD 1.94 billion by 2030, registering a
CAGR of 15.1% from 2023 to 2030
The growth of the industry is driven by an increasing number of cosmetic surgeries, the rise of national and international sporting events, and expanded research in plasma-based therapies. Additionally, R&D efforts and regulatory approvals for platelet-rich plasma (PRP) treatments are significant factors propelling the market.
PRP is in high demand for treating sports injuries, orthopedic disorders, and musculoskeletal conditions, offering faster healing through growth factors concentration. It is also extensively used in regenerative medicine, customizing treatment for each patient to accelerate wound healing and repair.
PRP has found applications in plastic surgery, providing promising results by leveraging the body's natural tissue repair process. Its advantages include ease of use, cost-effectiveness using a patient's cells, and minimal risk of adverse reactions, although it requires multiple sessions and time.
Moreover, PRP is utilized for skin rejuvenation, pigmentation correction, acne scar treatment, and skin tightening in procedures like vampire facials. It also supplements hair transplants, aiding in hair follicle formation and maintenance, thus contributing to industry growth.
Key players are pursuing strategic initiatives like mergers, acquisitions, product development, and business expansions. In September 2021, Terumo BCT expanded its presence in Costa Rica by opening a new manufacturing facility, aiming to grow its U.S. customer base. In February 2020, EmCyte Co. acquired Cellmedix Holdings LLC, enhancing its product portfolio and market presence.
Despite setbacks caused by COVID-19, including supply chain disruptions and resource allocation constraints, the market has stabilized by January 2022. Normalization of demand and supply, along with restored patient access to platelet-rich plasma, have allowed the market to recover.
Platelet Rich Plasma Market Report Highlights
By type, the pure platelet-rich plasma segment held the largest revenue share of over 51.8% in 2022 due to its widespread use across various therapeutic areas and rising demand for its off-label uses worldwide By application, the orthopedics segment dominated the market in 2022 due to an upsurge in the number of research studies to investigate PRP across various applications in orthopedics. However, other segments such as dermatology, sports medicine, and ulcer healing are expected to grow at a faster rate over the forecast period The hospitals end-use segment held the largest revenue share in 2022. This can be attributed to an increase in the number of hospitals delivering PRP-based therapies and rising number of knee osteoarthritis cases in recent years North America dominated the global market in 2022 due to wider applications of RPP, rising awareness about PRP-based treatments, and increasing number of orthopedics incidences Asia Pacific is expected to grow considerably in the future owing to rising number of cosmetic surgeries and growing medical tourism industry
Platelet Rich Plasma Market Variables, Trends & Scope
Market Driver Analysis
Rise In The Incidence Of Orthopedic Disorders And Sports Injuries Increasing Number Of Cosmetic Surgery Procedures Extending Medical Applications Of Platelet Rich Plasma Increasing Number Of Evidence-Based Studies For PRP-Based Wound Healing
Market Restraint Analysis
High Costs Associated With PRP Products
Market Trends & Outlook
Market Segmentation & Scope
SWOT Analysis, By Factor (Political & Legal, Economic, And Technological)
Porter's Five Forces Analysis
Covid-19 Impact Analysis
Company Profiles
Johnson & Johnson Arthrex, Inc. EmCyte Corporation DR. PRP America, Llc Juventix Terumo Corporation Zimmer Biomet Stryker Apex Biologix Celling Biosciences
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