US Platelet Rich Plasma Market Size, Share & Industry | 2031

Report Description

US Platelet Rich Plasma Market Outlook 2031:

The US platelet rich plasma market size was valued at USD 221.83 Million in 2022 and is projected to reach USD 527.36 Million by 2031, expanding at a CAGR of 10.1% during the forecast period 2023 - 2031. The growth of the market is attributed to the wide applications of platelet rich plasma in a variety of chronic ailments and development of new technology for diseases treatment devices.

Platelets, due to their haemostatic function and the presence of growth factors and cytokines, play an important role in wound healing. According to several scientific studies, platelet rich plasma (PRP) is a safe and affordable regenerative therapy for cutaneous wound healing, which improves patient care.

Get Free Sample Report

The adoption of plasma therapy offers several advantages such as accelerating healing, reducing swelling & inflammation effective wound closure. Moreover, the type of treatment can be effective used for stabilization of bone or soft tissue and reduction in bleeding after injury or disease infection.

Biological therapies based on PRP and stem cells are increasingly adopted to help athletes and sport players to recover faster after injury as it ensures quick healing. Moreover, PRP therapy mixed with a 70% glycolic acid solution efficiently treats acne scars; while PRP combined with hyaluronic acid helps improve the overall look, firmness, and texture of the skin.

Increasing chronic illness in the US present a key dimension for the market growth and the extensive research for the development of the therapy is pushing the market expansion. According to the US Centers for Disease Control and Prevention (CDC), over 54.4 million people in the country were diagnosed with common arthritis, rheumatoid arthritis, and gout in 2019 to 2020.

Furthermore, the prevalence of arthritis that is affecting around 31 million Americans each year due to increasing number of the aging population in the country play an important role in the market development.

Platelet Rich Plasma Market Trends, Drivers, Restraints, and Opportunities

• Increasing awareness among people regarding the platelet-rich plasma therapy and rising applications of PRP solutions across several disease treatment are expected to boost the market growth.
• Wide acceptance of PRP in dental and oral surgical procedures along with the process of managing bisphosphonate-related osteonecrosis of the jaw emerges as a key factor for the market expansion.
• Rising occurrence of numerous ailments such as arthritis and rapid expansion of healthcare infrastructure in the country presents a key driver for the market revenue growth.
• Favorable regulatory framework and government assistance to support sport players and athletes to prevent from early osteoarthritis (OA) and chronic injuries are expected to boost the market revenue.
• High cost of PRP therapy and products along with lack of policies for clinicians to implement this therapy on a wide scale are key challenges limiting the market growth.

Scope of the Platelet Rich Plasma Report

The report on the US 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 PRP segment is expected to expand at a robust pace

Based on types, the US platelet rich plasma market is divided into pure PRP, leukocyte rich PRP, and others. The leukocyte rich PRP segment is expected to expand at a robust pace in the market during the forecast period and held a revenue share of more than 45.2% in 2020.

The segment growth can be attributed to wide adoption of the therapy type due to certain advantages such as effective tissue formation and repair, fast healing, and improved overall functions. Furthermore, the segment expansion is further accelerated due to the effective eradication of unwanted effect, such as an allergic or immunological reaction, with this treatment strategy.

LR-PRP promotes bone formation by improving cell viability, proliferation, migration, osteogenesis, and angiogenesis in vitro and in vivo. However, these products have some negative effects as compared to the pure PRP therapy type. In contrast, these are effective soft tissue reconstruction tools that reduce operating time, postoperative pain, and the risk of wound healing complications.

On the other hand, the pure PRP is projected to hold a large market share in the coming years owing to wide acceptable of the treatment type for bone regeneration. The combination of this therapy with tricalcium phosphate is considered to be an effective and safe treatment option for bone defects.

Get Free Sample Report

Cosmetic Surgery & Dermatology segment is projected to constitute a key share

On the basis of applications, the market is segmented into orthopedics, sports medicine, cosmetic surgery & dermatology, ophthalmic surgery, neurosurgery, general surgery, and others. The sports medicine segment is further divided into PRP Injections, PRP Kits, and PRP Systems. The cosmetic surgery & dermatology segment is projected to constitute a key share of the market during the forecast period.

As per a report by the American Society of Plastic Surgeons, almost 5.9 million reconstructive surgeries were performed in the US in 2019. Plastic surgeons and dermatologists are increasingly using PRP treatments to improve the volume, tone, and texture of the skin. When paired with fat grafting techniques, it decreases the appearance of wrinkles and provides favorable aesthetic benefits.

On the other hand, the orthopedics segment held a revenue share of more than 20.2% of the overall market in 2020. The segment growth is attributed to wide adoption of orthopedic therapeutics as they are more convenient than conventional therapeutics in terms of healing and creating degenerative tissue to repair and regenerate itself. Long-term relief and improved healing after surgery are two benefits of this therapy that have increased the demand for PRP in soft tissue restructuring and bone reconstruction. In addition, as the frequency of OA rises in the US, so does the demand for the regenerative therapy in orthopedics.

Hospital segment is projected to account for a large market share

In terms of end-users, the US platelet rich plasma market is segmented into hospitals, clinics, and others. The hospital segment is expected to account for a key share of the market during the forecast period.

With a significant number of hospitals in the US that are able to deliver a large number of PRP-based therapies, the hospital segment accounted for a major revenue share of more than 45.9% in 2020. Furthermore, the availability of medicines for knee OA patients and wide acceptance of the treatment in hospitals is boosting the segment growth.

Meanwhile, wide acceptance for point-of-care (POC) settings is expected to push the segment expansion of others. One of the significant factors contributing to high CAGR is the recent products approval in the US for the speedy and safe preparation of this medication in Point-of-Care settings. In November 2019, the FDA approved the Fidia PRP Kit of Fidia Farmaceutici s.p.a., an Italian firm operating in the US, for the quick and safe synthesis of autologous platelet rich plasma at the patient's point of care.

The XCELL PRP Platelet Concentrating System 60ml from Apex Biologix received FDA approval in April 2019. The availability of these methods and kits for PRP preparation in POC settings is expected to propel the market forward at a profitable rate.

Get Free Sample Report