Platelet Rich Plasma Market
Number of pages: 100 | Report Format: PDF | Published date: May 18, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 620.0 million |
|
Revenue Forecast in 2031 |
US$ 2,147.1 million |
|
CAGR |
14.8% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Type, Application, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global platelet rich plasma market was valued at US$ 620.0 million in 2022 and is expected to register a revenue CAGR of 14.8% to reach US$ 2,147.1 million by 2031.
Platelet Rich Plasma Market Fundamentals
Platelet Rich Plasma (PRP) is a regenerative treatment that has attracted a lot of attention in the medical community due to its potential uses in several fields. PRP is made from the patient's own blood after it has been treated to concentrate the platelets and the growth factors that go with them. Orthopedics, dermatology, dentistry, and sports medicine are just a few of the disciplines where PRP is used. PRP has shown promise in the treatment of osteoarthritis, tendinitis, and other musculoskeletal ailments in orthopedics. As a result of the growth factors in PRP, tissue regeneration and repair are accelerated throughout the healing process.
PRP is utilized in dermatology to cure hair loss and rejuvenate the skin. PRP increases collagen synthesis and enhances blood flow when injected into the skin or scalp, resulting in healthier, more youthful-looking skin. In people who are balding, it can also encourage thicker hair growth. PRP has also been used in periodontal and implantology treatments, among other dental procedures. It promotes bone regeneration, improves dental implant success rates, and quickens the recovery process following oral procedures.
The research study on the platelet rich plasma market overview thoroughly analyzes the market, along with the aspects that either help or hinder the market's growth, such as its drivers, challenges, and opportunities. The research also discusses the list of businesses that operate in this market and their efforts to establish themselves as major players through expansion plans and innovative ideas. It also emphasizes current events that support the market's revenue expansion. The research also analyses how the COVID-19 pandemic has affected society.
This report is an important tool for the industry stakeholders to gather all the information about the market, customers, and competition. The report also provides the readers with valuable insights on the segmentation, regions, market size & forecast, revenue CAGRs, and other valuable data to help make informed strategic decisions. The study compiles information gathered from industry participants and specialists across the industry value chain. The report also taps into the qualitative and quantitative assessments by industry analysts. Our reports use different methods for estimating the market size and forecast, including secondary research, surveys and interviews, and statistical modeling. With these steps, our reports provide the most accurate market data. These datasets will cumulatively provide in-depth platelet rich plasma market forecast to the industry stakeholders.
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Platelet Rich Plasma Market Dynamics
Rising sports injury costs and expanding applications of platelet-rich plasma in a variety of therapeutic fields are the main drivers of market expansion. In the United States, over 18.1 million cosmetic operations were carried out in 2019, according to the American Society of Plastic Surgeons (ASPS). It was noted that the number of operations grew over the previous five years and that more people in the United States now chose minimally invasive cosmetic surgery. The popularity of procedures like facelifts and liposuction is rising. Furthermore, platelet rich plasma (PRP) has discovered more uses in research, which is helping this industry expand. For instance, the American Society of Plastic Surgeons reports that a 25% increase in the usage of PRP in cosmetics over the previous four years was seen in 2020.
The WHO named COVID-19 a worldwide pandemic in March 2020. The whole worldwide market has been significantly impacted by this epidemic. In an effort to develop an antivirus to combat the coronavirus, several manufacturers active in the plasma treatment business are significantly funding R&D and clinical studies. In adults, arthritis is the main cause of disability, according to a paper that was published in the Lancet Journal in 2020. Additionally, among all osteoarthritis, knee osteoarthritis has a significant prevalence. Around 654 million individuals (aged 40 and older) worldwide will have knee OA in 2020. The prevalence of knee osteoarthritis was reported to be 203 per 10,000 person-years in adults aged 20 and above.
Platelet Rich Plasma Market Ecosystem
Platelet Rich Plasma Market, by Type
Platelet Rich Plasma Market, by Application
Platelet Rich Plasma Market by Type
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Due to its vast application in the healing process, tissue repair, and regeneration, pure platelet rich plasma maintained the greatest market share of 50% in 2022. Due to allergic and immunological reactions during treatments, PRP has the least amount of danger and side effects. Manufacturers are motivated to create new goods since they are primarily recognized for their off-label use and are anticipated to grow the market.
Furthermore, because of its growing value in general surgery, orthopedics, and sports injuries, the leucocyte-rich segment has the potential to expand. The category is anticipated to see 15% CAGR growth in sales. The use of LR-PRP in bone regeneration, which has been shown to be beneficial in the non-surgical therapy of knee osteoarthritis, is predicted to fuel market expansion throughout the course of the projection period.
Segmentation of the market refers to the division of the industry into subgroups based on factors such as type and application. Market segmentation data helps businesses to understand the preferences and unique needs of different customer groups and develop targeted sales strategies. This information also helps in identifying potential platelet rich plasma market growth opportunities.
Platelet Rich Plasma Market by Region
In the North America region PRP-based therapies are extensively used, with an increase in orthopedic and aesthetic operations. According to the Plastic Surgery Statistics Report, 15.6 million cosmetic operations—2.3 million cosmetic surgical procedures and 13.2 million minimally invasive procedures—were carried out in the U.S. in 2020. Breast augmentation, facelifts, eyelid surgeries, and nose jobs were among the surgical treatments; soft tissue fillers, laser hair removal, and botox were among the non-surgical ones. Tumor removal, surgery on the maxillofacial region, and scar revision were all reconstructive treatments. Platelet-rich plasma is actively used throughout these operations, which has led to an increase in demand for it. In addition, the prominence of major players in the U.S., such as Zimmer Biomet and Dr. PRP America, together with the developed healthcare system in the nation, will continue to influence the forecast for demand for platelet-rich market during the assessment period.
Germany retained a substantial revenue share in Europe in 2022 because to its robust platelet-rich plasma research infrastructure. For instance, a study conducted in 2020 under the name "Working Group for Clinical Tissue Generation" revealed the necessity of PRP preparation Standardization and its administration procedures for indications such as knee osteoarthritis. The presence of several manufacturers and service providers in the area will further fuel market expansion.
Based on the regions, the global platelet rich plasma market is segmented into:
Regional demarcation of the industry will provide information on geographic pockets regarding Platelet Rich Plasma market outlook, size, share, and growth rate. This data helps businesses evaluate the expansion potential into new regional markets, understand the competitive threats across different regions, and develop localized sales and expansion strategies.
Key Components of the Report
Platelet Rich Plasma Market Competitive Landscape
The market competitive landscape is performed by collecting and analyzing information about the key competitors, the present industry trends, and market dynamics. It includes information collection and analysis on factors such as products, pricing, geographic outreach, customer demographics, marketing strategies, and recent developments. Competitive landscape assessment will help businesses identify the current prevalent or potential opportunities and threats keeping in mind the platelet rich plasma industry trends.
Platelet Rich Plasma Market Strategic Developments
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Reasons to Buy this Report
Platelet Rich Plasma (PRP) is a regenerative treatment that has attracted a lot of attention in the medical community due to its potential uses in several fields. PRP is made from the patient's own blood after it has been treated to concentrate the platelets and the growth factors that go with them.
The total platelet rich plasma market size worldwide in 2022 will be 620.0 million.
North America region will have the largest platelet rich plasma market size during the forecast period from 2023 to 2031.
The revenue CAGR is the global platelet rich plasma market expected to 14.8% during forecast period.
The resultant market size of the platelet rich plasma market in 2031 will be 2,147.1 million.
High prices of plasma therapy is the key challenges hampering the growth of the global platelet rich plasma market.
The rising sports injury costs and Increasing number of cosmetic and surgical procedures are the drivers of the global platelet rich plasma market.
Some of the prominent market players in the global market include Johnson & Johnson Services, Inc., Zimmer Biomet, Arthrex, Inc.
The pure platelet rich plasma segment has the highest share in the global platelet rich plasma market.
*Insights on financial performance are subject to the availability of information in the public domain