Platelet Rich Plasma Market Size, Share & Growth Report 2031

Report Description

Platelet Rich Plasma Market Outlook

The global platelet rich plasma market size was valued at USD 594.34 Million in 2022 and is likely reach to USD 1.62 Billion by 2031, expanding at a CAGR of 11.8%, during the forecast period 2023-2031.

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.

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Over the past few years, the application of platelet rich plasma for the treatment of orthopedic disorders, sports injuries, and musculoskeletal conditions are widely increased due to rising cases of accidents.

Various research studies show that platelet rich plasma has the ability of rapid healing process, which acts as a forerunner in the field of regenerative medicine along with stem cells and scaffold.

Reports by US Centers for Disease Control and Prevention (CDC) suggest that the assistance for platelet rich plasma therapy of sports individuals in the US is rising continuously. Nearly 30 million including children and teens are actively engaged in sports activities that rise the chance for injury among them.

Approximately 500,000 doctor visits, 30,000 hospitalizations, and more than 2 million injuries were recorded related to sports activities and around 3.5 million children are accommodated with medical treatment every year due to sports injury.

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.

Scope of Platelet Rich Plasma Market Report

The report on the global platelet rich plasma market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
 

Platelet Rich Plasma 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.

However, the leukocyte rich platelet rich plasma segment is anticipated to expand at a fast pace owing to an increase in application across sports medicine, orthopedic, and general surgery and expanding sum of experimental systems.

The segment growth is expected to expand at a CAGR of 12% during the forecast period owing to other medical advantages of platelet rich plasma using leukocyte-rich fibrin, pure platelet rich plasma, and leukocyte-rich platelet rich plasma.

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Dermatology segment is expected to grow at a considerable rate

On the basis of applications, the global platelet rich plasma market is segmented into cosmetic surgery, orthopedics, dermatology, sports medicine, neurosurgery, general surgery, and others. The dermatology segment is further divided into ulcer healing and others.

The ulcer healing segment is sub-classified as diabetic ulcer, venous ulcer, pyderma ulcer, traumatic ulcer, vasculatic ulcer, trophic ulcer, and others.

The orthopedics segment held a key revenue share of the market in 2020 that was approximately 29.5% owing to bone reconstruction, long-lasting relief, and better healing post surgery. As platelet rich plasma is effective and has a rapid healing process, they are used for the treatment of chronic tendon injuries.

For therapy of orthopedics, platelet rich plasma injections are widely used as they are effective in terms of rapid healing and helps in the repair of degenerative tissues by leading self-generation as compared to other methods.

The treatment of injuries in orthopedic surgery and its field is broadly managed using therapy strategies that include the combination of liquid platelet rich plasma and surgical techniques.

In a very short amount of time, the progression of disease is expected to be prevented by using platelet rich plasma and biological stimuli along with physiotherapy.

On the other hand, the dermatology segment is expected to grow at a CAGR of 13% during the forecast period owing to an increase in usage of platelet rich plasma for ulcer healing and related research activities.

For the treatment of diabetic ulcer and non-healing ulcer, the use of autologous platelet plasma has been proven to be far efficient. Furthermore, the platelet rich plasma-based treatment is expected to gain more attention owing to its ease of application enhance tissue healing, and cost-effectiveness.

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.

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Platelet Rich Plasma Market Regional Outlook

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.

The market of Asia Pacific, on the other hand, is expected to register a fast CAGR of 13.5% during the forecast period owing to wide adoption of cosmetics surgery among teenagers in emerging economies such as India, South Korea, and Thailand. Moreover, expansion of medical tourism in these countries is a key factor leading to the substantial growth of the regional market.

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