Cosmetic platelet rich plasma (PRP) significantly improves skin contour. Popularity of platelet-rich plasma therapy in cosmetic surgery is expected to favor market development. Producers of platelet-rich plasma (PRP) products are increasing the output to treat chronic tendon injuries, fractures, and traumatic ligament injuries.
Wilmington, Delaware, United States, May 24, 2023 (GLOBE NEWSWIRE) — The global platelet-rich plasma market size stood at USD 815.3 Mn in 2020 and is projected to reach a value of US$ 815.3 Mn by 2031. The global industry is likely to record a CAGR of 11.2% between 2021 and 2031.
Plasma from the blood is extracted and concentrated to produce PRP. PRP is injected into wounded or damaged tissues, accelerating the development of healthy cells and resulting in faster healing of diseases and injuries. Body tissues can heal more quickly due to platelet-rich plasma injections, which have a higher percentage of tissue growth factors.
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Sports-related injuries have become more prevalent during the last 20 years. The elbow, shoulder, and knee are the most common sports injury-prone areas among baseball and softball players. According to a report by Johns Hopkins Medicine, teenage athletes sustain over 3.5 million sports injuries annually. In many acute sports injuries, platelet-rich plasma is used to reduce joint, ligament, and tendon discomfort. Based on research and clinical practice, PRP therapy has been observed to help patients recuperate quickly from injuries and discomfort, which is further expected to drive market development.
The growing popularity of hair loss treatments is a major factor fueling the global platelet-rich plasma market. Of late, many people across the globe are witnessing hair loss either due to lifestyle patterns or use of harsh chemical-based products. A highly effective and secure treatment for hair loss is platelet-rich plasma therapy. PRP therapy is incredibly helpful in the management of hair loss, owing to its special ability to promote collagen production, supporting tissue repair, and boosting healthy cell development.
Studies have shown that platelet-rich plasma has the ability to heal wounds fast. One of the most frequently used applications of platelet-rich plasma (PRP) in recent years is post-surgical mending. When using platelet-rich plasma therapy, concentrated plasma is injected at the site of the surgical incision to offer patients more concentrated healing resources.. Post-surgical repairs are receiving considerable attention and consumers are becoming more aware about PRP treatment, thus leading to growth opportunities in the market.
Global Platelet-rich Plasma Market: Key Players
- Assure Tech. (Hangzhou) Co., Ltd.
- F. Hoffmann-La Roche Ltd.
- Becton, Dickinson and Company
- ACON Laboratories, Inc.
- Trinity Biotech plc
- Quidel Corporation
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Key Findings of Market Report
- Based on type, the pure PRP segment dominated the global platelet-rich plasma market in 2020 and the trend is anticipated to continue. The segment’s dominance can be linked to the product’s ease of use in tendon and acute injuries, conventional production method, and high platelet concentration with minimal RBC contamination. The segment is anticipated to expand as more companies provide pure PRF treatment.
- In 2020, the autologous segment dominated the global market based on origin. The segment is anticipated to expand at a high CAGR during the forecast period. Autologous PRP is extensively utilized since it is simple to collect from the blood of patients. This factor is expected to support business growth of the autologous segment.
- Based on application, in 2020, the orthopedic surgery segment dominated the global market. Orthopedic conditions have increased as a result of sedentary lifestyles, restricted physical activity, and unhealthy eating habits. This in turn is resulting in increased number of surgical interventions. Orthopedic surgery PRP is considered one of the most successful therapies, which is anticipated to fuel business opportunities for platelet-rich plasma technology.
Global Platelet-rich Plasma Market: Growth Drivers
- Research has demonstrated that chronic, non-healing ulcers can be successfully treated with autologous PRP. Greater demand for autologous PRP is expected, particularly in industrialized nations worldwide.
- Expansion of the global market is anticipated to be fueled by technological breakthroughs in PRP devices, which have resulted in a rise in utilization of pure PRP and a high platelet concentration. Additionally, innovations in technology, such as smart home diagnostic kits, is expected to drive business opportunities in the global industry.
Global Platelet-rich Plasma Market: Regional Landscape
- Increasing research and development initiatives aimed at ensuring secure and efficient application of PRP in countries such as China, Japan, and India, are predicted to drive the Asia Pacific market.
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Global Platelet-rich Plasma Market: Segmentation
- Pure PRP
- Leukocyte-rich PRP
- Pure PRF
- Orthopedic Surgery
- Cosmetic Surgery
- General Surgery
- North America
- Asia Pacific
- Middle East & Africa
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