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Rapid Advancements in Biotechnology to Boost the Growth of Platelet Rich Plasma Market

Lucy Kart
Rapid Advancements in Biotechnology to Boost the Growth of Platelet Rich Plasma Market

The global Platelet Rich Plasma Market is estimated to be valued at US$ 2.28 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Platelet rich plasma (PRP) is derived from autologous blood and contains high concentrations of growth factors and platelets that can accelerate tissue healing and regeneration. It is administered through localized injections and has been used for the treatment of musculoskeletal conditions like arthritis, tendonitis, and ligament injuries. PRP stimulates cellular responses through the release of important growth factors that promote angiogenesis and collagen synthesis, which aid in tissue repair and regeneration. Advancements in PRP production technologies have made the procedure much safer and effective for various therapeutic applications in orthopedics, dentistry, dermatology and other fields of medicine.

Market key trends:

One of the major trends in the PRP market is the development of advanced technologies for PRP preparation which offer automated, standardized and high-quality harvesting of platelets. Companies are focusing on developing fully-automated systems that require minimal human intervention and handling of blood samples. For instance, Arthrex launched the Angel System which automatically isolates and activates PRP in a closed, sterile system. Such innovative technologies are improving the reliability of PRP and expanding its clinical applications. Another significant trend is the growing use of PRP in aesthetic procedures. Owing to its regenerative properties, PRP is widely being utilized in anti-aging therapies like skin rejuvenation and hair restoration. Its increasing demand from cosmetic clinics and dermatologists is fueling the market growth.

Porter's Analysis

Threat of new entrants: Low barriers to entry as platelet rich plasma therapy market is still developing. New companies can enter easily with basic infrastructure and technical knowhow.

Bargaining power of buyers: Moderate bargaining power of buyers as platelet rich plasma therapy is an emerging treatment option. Buyers can compare prices of different brands and opt for cost effective options.

Bargaining power of suppliers: Moderate bargaining power of suppliers as major medical devices companies supplying PRP kits control the supply chain. Suppliers can influence prices if they collude or create artificial scarcity.

Threat of new substitutes: Low threat as PRP therapy is gaining popularity for orthopedic, sports medicine and cosmetic applications where limited substitutes currently exist.

Competitive rivalry: High competition exists among established players to gain higher market share through new product launches, strategic collaborations and geographic expansion.

Key Takeaways

Global Platelet Rich Plasma Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing prevalence of orthopedic diseases and sports injuries.

Regional analysis: North America dominates the global PRP market owing to supportive reimbursement policies and higher adoption of advanced therapeutics. Asia Pacific is expected to exhibit fastest growth during the forecast period led by growing medical tourism in China, Japan and India.

Key players operating in the platelet rich plasma market are Arthrex, Inc., Stryker Corporation, Johnson and Johnsons Ltd., Zimmer Biomet Holdings Inc., Terumo Corporation, Glofinn Oy, Medira Ltd., Regen Lab S.A., CollPlant, Generex Biotechnology Corporation, Estar Technologies Ltd., Dr. PRP America, Cesca Therapeutics, Inc., Arteriocyte Medical Systems, Harvest Technologies Corp. 

Read More- https://www.ukwebwire.com/platelet-rich-plasma-market-size-demand-and-foercast-analysis/ 

Lucy Kart
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