The Platelet Rich Plasma Market is forecasted to reach a benchmark of around USD 985.73 million by 2030
The report” Platelet Rich Plasma” Market By Type (Leukocyte Rich Platelet Rich Plasma, Pure Platelet Rich Plasma, Leukocyte-Rich Fibrin, and Others), By Applications [Sports Medicine, Orthopedics, Cosmetic Surgery, Dermatology {Ulcer Healing (Traumatic Ulcer, Venous Ulcer, Pyoderma Gangrenosum Ulcer, Diabetic Ulcer, Others}}, General Surgery, Neurosurgery, Ophthalmic Surgery, Others], By End-User (Hospitals, Ambulatory Surgical Centres, Clinics, and Others), and By Region (North America, Europe, Asia-Pacific, and LAMEA) – Global Forecast to 2030. “The Global Platelet Rich Plasma Market’s revenue was USD 314.53 million in 2020. It is predicted to reach around USD 985.73 million by 2030, representing a CAGR of 12.11 % throughout the forecasted time frame of 2020-2030.
Key reasons that are augmenting the market growth across the globe
- The continuous rising cases of sports injuries and musculoskeletal disorders are the primary reasons that are fuelling the overall growth of the market. According to John Hopkins Medicine, in the USA, approximately 30 Mn children & teens participate in some form of organized sports, and more than around 3.5 Mn injuries occur each year. Almost 1/3 rd. of all the injuries incurred during childhood are related to sports. By far, the most common sports-related injuries are strains and sprains.
The World Health Organization stated that nearly 1.71 Bn people across the world have musculoskeletal disorders worldwide. Among the various kinds of musculoskeletal disorders, low back pain is the most common disorder that has affected around 568 million people till date. Moreover, low back pain is the single leading cause of disability in approximately 160 countries across the globe.
- Apart from this, the increase in R&D activities for expanding the research base is driving the market growth efficiently.
Based on Type, the ‘ Pure Platelet Rich Plasma (PRP) segment held the largest portion of the market share in 2020
Based on Type, the market has been widely segmented into (Leukocyte Rich Platelet Rich Plasma, Pure Platelet Rich Plasma, Leukocyte-Rich Fibrin, and Others). The ‘Pure Platelet-Rich Plasma’ held the most significant share of the market at around 59.13 % in 2020. Due to some of the major advantages that are associated with PRPs, i.e. accelerated healing process, tissue repairing & improvement in overall body functions, their demand has increased widely across the world. According to Healthline, the PRP therapy process consists of three steps. Most PRP therapies require three treatments that should be at least (4 to 6) weeks apart. The maintenance treatments are also required to be conducted every (4 to 6) months.
By Applications, the ‘Orthopedics’ segment significantly held the most significant portion of the market share in 2020
Based on the Applications, the market has been divided into [Sports Medicine, Orthopedics, Cosmetic Surgery, Dermatology {Ulcer Healing (Traumatic Ulcer, Venous Ulcer, Pyoderma Gangrenosum Ulcer, Diabetic Ulcer, Others}}, General Surgery, Neurosurgery, Ophthalmic Surgery, Others]. The Orthopedics segment showed its sheer domination with the most significant share of around 30.13% of the entire market in 2020. Orthopedic therapeutics are much more convenient as compared to the conventional or traditional approaches as it stimulates the healing & and repairing of degenerative tissues and leads to self-regeneration. As per the American Academy of Orthopaedic Surgery (AAOS), there are almost 25,500 orthopedic surgeons who are currently practicing their surgery work in the United States. Adult knee surgery is the most common type of surgery conducted by Orthopedics, and more than 34 % of all orthopedic surgeons are practicing in this area at present.
On the other hand, the Dermatology segment held the fastest rate of growth with a decent CAGR of around 13.73% throughout the prevised period. The global demand for Dermatology is continuously increasing as it has the capability to help individuals to overcome acne, receive skin cancer screening on time, treat psoriasis or eczema, etc.
By End-User, the ‘Hospitals’ segment held the highest market share in 2020
Based on the End-User segment, the market has been classified into Hospitals, ASCs (Ambulatory Surgical Centres), Clinics, and Others. The Hospitals segment comprehensively held the largest portion of the market with a total share of around 50.33% and is expected to carry on with its sheer dominance throughout the time frame of 2020-2030. Hospitals in middle-income countries are sheer focusing on the PRP treatments for esthetic applications. With hair loss becoming one of the most common issues, the applications of PRP treatment for hair loss are continuously increasing. These treatments are much more cost-effective, and hence a large number of hospitals are providing these kinds of treatments to patients worldwide.
North America continued to dominate the market in 2020
As per Region, the market is fragmented broadly into North America, Europe, Asia-Pacific, and LAMEA. North America held a significant proportion of the market in 2020, with a total revenue share of around 46.17%. This can be primarily attributed to the rapid technological advancements, increased awareness about platelet-rich plasma treatments, and the continuously rising number of cosmetics surgeries in this Region. According to Statista, in 2020, the U.S registered a record of conducting the most number of cosmetic procedures across the world (around 4 Mn operations). The number of non-surgical and surgical cosmetic procedures in the United States has grown abruptly throughout the last decade, from around 1.6 Mn procedures in 1997 to over 5.5 Mn procedures in 2020.
However, the Asia-Pacific (APAC) region showed the fastest rate of growth with a robust CAGR of around 14.43%. The continuous increase in the number of cosmetic surgeries for the improvement of facial features in the countries like India, Thailand, and Korea, is expediting the market growth in this region.
Key competitors that exist in the market environment across the globe:
The pivotal players that are operating in the Platelet Rich Plasma Market are Cytomedix, Inc., Zimmer Biomet, Ycellbio Medical Co., Ltd., Rocky Mountain Biologicals, Regen Lab SA, Stryker Corporation, Exatech, Inc., EmCyte Corporation, Glofinn Oy, ThermoGenesis Holdings, Inc., Octapharma Brasil Ltda, Medical Devices Business Services, Inc., DR PRP USA LLC, Arthrex, Inc., Johnson & Johnson Private Limited, Terumo Corporation, Isto Biologics, Cascade Medical, Grifols S.A., etc.
Recent Developments: –
- On Oct 21st, 2021, Terumo Blood & Cell Technologies successfully opened a manufacturing facility in Costa Rica. This factory would support the production of the Trima Accel Automated Blood Collection System, which is a medical device that is used in the blood banks & other healthcare settings that can accurately collect the transfusable blood components in any combination. The blood components include platelets, red blood cells, and plasma.
- On Mar 25th, 2020, Grifols announced that it had decided to collaborate with the FDA and The U.S BARDA (Biomedical Advanced Research Development Authority) for the collection of plasma from the COVID-19 patients and process this specific plasma type into a hyperimmune globulin to support the necessary clinical and preclinical studies. The objective of these studies was to determine whether the anti-SARS-CoV-2 hyperimmune globulin therapy can be implemented to treat the COVID-19 disease successfully.
- On Feb 25th, 2020, EmCyte Corporation announced that it had received FDA 510(k) Clearance for the launching of its PurePRP Supraphysiologic Concentrating System for platelet-rich plasma. This system would be used for the safety & rapid preparation of the autologous PRP (platelet-rich plasma) from a small sample of blood at the patient’s PoC (point of care). This clearance successfully completed EmCyte’s PURE Supraphysiologic product portfolio that would allow the practitioners to implement the most advanced technologies in autologous biologic concentrating systems.
