The global platelet rich plasma market size was valued at USD 475.5 million in 2020 and is expected to reach USD 1.17 billion by 2028, expanding at a CAGR of 11.8%, during the forecast period 2021-2028. The growth of the market is attributed to rising in the number of orthopedic diseases along with the increased number of sports injuries. An outstanding source of identical products in regenerative medicine territory is believed to be platelet rich plasma along with stem cells and scaffold.
The platelet rich plasma has been broadly enforced in medical settings in the past few years and received massive attention in the cosmetic surgery industry. In order to intensify the overall health of the skin, the properties of platelets are used as natural healers by plastic surgeons and dermatologists.
Various studies show that platelet rich plasma has been applied for several treatments that help in the improvement of skin tone, texture, and volume, and moreover the visibility of wrinkles reduces. The COVID-19 pandemic had a positive impact on the platelet rich plasma market and helped it to expand due to the fact that plasma therapy is considered to be an emergency treatment method and due to the lack of antiviral therapies. One of the key reasons for its popularity is due to pain relief method and avoid the need for surgery.
Market Trends, Drivers, Restraints, and Opportunities
- Wide usage of platelet rich plasma in several areas for therapy along with the rising incidence of cosmetic and surgical procedures are driving the market growth.
- Ongoing research and development activities for the development and preparation of therapy products related to platelet rich plasma is anticipated to boost the market growth.
- Several initiatives taken by governments such as better regulatory framework and support for wider research programs for orthopedic as well as dermatology are anticipated to help market expansion.
- Rigorously binding or strict regulatory policies in transfer of technology and raw materials for diagnostic devices are expected to act as restraining factors that can hamper the growth of the market.
Market Segment Insights
Leukocyte rich platelet rich plasma segment is anticipated to expand at a fast pace
Based on types, the market is divided into leukocyte rich platelet rich plasma, pure platelet rich plasma, and others. The pure platelet rich plasma segment dominated the market in 2020 representing more than 50.2% of the global market share. Pure platelet rich plasma provides certain benefits such as tissue generation and repairing, the rapid healing process, and overall function improvement; which push to increase their demand in several therapy industries. Various companies around the globe are determined to develop several types of products based on platelet rich plasma in order to treat several chronic diseases.
Hospital segment is expected to exhibit a robust growth pace
Based on end-users, the market is divided into clinics, hospitals, and others. The hospital segment held a major share of the market with a revenue share of more than 45.8% in 2020. The segment is expected to exhibit a robust growth pace in the coming years owing to the rapid expansion of hospitals globally that integrates and provides advanced facilities for platelet rich plasma treatment as they do not require surgery and are cost-efficient. The application of platelet rich plasma for the treatment of hair loss is becoming widely popular as loss of hair is one of the most common issues faced by a majority of people. Moreover, several companies such as Focus Technology Co., Ltd.; Changsha Biomed Supply Co., Ltd.; and Jiangsu Kangjian Medical Apparatus Co. are providing centrifuge systems to hospital settings.
Asia Pacific is expected to register a fast CAGR
In terms of regions, the global platelet rich plasma market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a key share of the market in 2020 representing more than 42.5% of the global market in terms of revenue share. The region is expected to hold a major share of the market in the coming years owing to advancement of technology, increase in awareness regarding platelet rich plasma, and increase in the number of cosmetic surgeries. The regional market growth is expected to accelerate further due to the involvement of research institutes and academics for application of platelet rich plasma.
Key players competing in the global platelet rich plasma market are Johnson & Johnson (DePuy Synthes); EmCyte Corporation; Zimmer Biomet; Terumo BCT, Inc.; Stryker; Celling BioSciences; Arthrex, Inc.; APEX Biologix; Juventix; and Dr. PRP America. Many of these players are primarily involved in strategic acquisitions to enhance their market presence. Various key players are continuously trying to develop solutions for niche markets such as ulcer healing and wound care using platelet rich plasma.
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