Platelet rich plasma (PRP) is an autologous blood product derived from whole blood to deliver concentrated serum and growth factors that can promote tissue healing. It contains a higher concentration of platelets compared to whole blood and allows augmentation of tissue repair and acceleration of healing through the delivery of growth factors. PRP is rapidly gaining acceptance for treating musculoskeletal injuries and conditions like sports injuries, orthopedic injuries, tendinopathy, and ligament sprains. The rising participation in sports activities and subsequent increase in sports injuries is driving demand for PRP therapy as an alternative treatment approach to accelerate recovery. Moreover, PRP injections are now commonly used therapies for treating arthritis, joint injuries, and ligament sprains, compared to traditional surgical interventions.
The global Europe Platelet rich Plasma Market is estimated to be valued at US$ 110.4 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing participation in sports and increasing risk of orthopedic injuries present a major market opportunity for platelet rich plasma therapy in Europe. According to recent estimates, over 50 million people regularly participate in sports activities in Europe. The risk of sports injuries is rising progressively owing to intensive training and competitive matches. This has increased demand for effective therapies to accelerate recovery from sports injuries. PRP helps reduce healing time and promotes tissue regeneration, making it an attractive treatment for sports injuries and musculoskeletal conditions. The ability of PRP to serve as a minimally invasive alternative to surgery further boosts its adoption. The high incidence of orthopedic injuries due to obesity, sedentary lifestyle and old age also provides scope for PRP to emerge as a mainstream treatment approach.
Porter’s Analysis
Threat of new entrants: The Europe platelet rich plasma market has moderate threat of new entrants as it requires high initial investment for infrastructure, skilled professionals and regulatory approvals.
Bargaining power of buyers: The buyer's bargaining power is moderate as platelet rich plasma is still an emerging therapy with few substitutes available.
Bargaining power of suppliers: The supplier's bargaining power is low due to availability of many platelet rich plasma kit and equipment suppliers in the region.
Threat of new substitutes: There is low threat from substitute therapies for platelet rich plasma applications due to its unique ability for tissue regeneration.
Competitive rivalry: The competitive rivalry is high between market players to gain higher market share in the lucrative European market.
SWOT Analysis
Strength: Platelet rich plasma has gained popularity as a natural treatment alternative for various orthopedic conditions. It helps in faster healing and regeneration of damaged tissues.
Weakness: Availability of skilled professionals for platelet rich plasma preparation and high costs of therapy limits its adoption. Lack of clinical data for new therapeutic areas is also a concern.
Opportunity: Increasing geriatric population and rising prevalence of osteoarthritis and sports injuries in Europe provides scope for platelet rich plasma application.
Threats: Stringent regulatory guidelines delay product approvals. Reimbursement issues and presence of alternative treatments restraint market growth.
Key Takeaways
The Europe Platelet Rich Plasma Market Size is expected to witness high growth driven by rising demand for minimally invasive treatments among individuals. The global Europe Platelet rich Plasma Market is estimated to be valued at US$ 110.4 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
The regional analysis suggests Germany dominates the Europe platelet rich plasma market owing to favourable reimbursement policies and presence of advanced healthcare infrastructure.
Key players operating in the Europe platelet rich plasma market are GE Healthcare, Koninklijke Philips N.V., Welch Allyn, Spacelabs Healthcare, A&D Company, Limited, SunTech Medical, Inc., OMRON Healthcare, Inc., American Diagnostic Corporation, Withings, Briggs Healthcare, Kaz, Inc., GF Health Products, Inc., Rossmax International Ltd. Top players are focusing on new product launches and geographical expansions to strengthen their market position.
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This study demonstrates market dynamics and trends in EU5 and rest of European countries that are expected to influence the current environment and future status of the Europe PRP market over the forecast period.Report DescriptionThis Future Market Insights report examines the PRP market for the period 2016-2024.
Furthermore, increase in demand of PRP therapy in sports injuries and ease in regulatory approvals has also triggered growth of the Europe PRP market.On the basis of product type, the Europe PRP market is segmented into instruments and kits product type segment.
Secondly, the market is also segmented based on application in orthopaedic industry.
In order to offer an accurate forecast, we started by sizing the current market, which forms the basis of how the PRP market is expected to develop in the future.
It is imperative to note that in an ever-fluctuating European economy, we not only conduct forecasts in terms of CAGR, but also analyse based on key parameters, such as Year-on-Year (Y-o-Y) growth rates, to understand the predictability of the market and to identify the right opportunities in it.The PRP market segments in terms of products, application and countries are analysed on the basis of their respective Basis Point (BPS) to understand the individual segment's relative contribution to market growth.
This detailed level of information is important for the identification of various key trends in the PRP market.Another key feature of this report is the analysis of key segments in terms of absolute dollar opportunity.
