Autologous Platelet Rich Plasma (PRP) is the largest segment driving 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 is an enriched concentration of autologous platelets that can be injected into a joint, tendon or muscle to promote healing. It helps deliver growth factors such as plateled-derived growth factor and transforming growth factor-beta to injury sites stimulating cellular activity and tissue regeneration.
Market key trends:
One of the key trends in the platelet rich plasma market is the rising preference for non-surgical treatments. Platelet rich plasma injections are gaining popularity as minimally invasive outpatient procedures for treating sports injuries, tendinopathies, osteoarthritis and wounds. These injections help reduce pain, inflammation and accelerate tissue healing without requiring extensive rehabilitation or complex surgery. Some other benefits include shorter recovery time, lower cost compared to surgical procedures and being covered by insurance in many countries.
Market key trends:
One of the major trends in the platelet rich plasma market is the growing demand for platelet rich plasma injections for various orthopedic applications including treatment of sports injuries, tendonitis, and osteoarthritis. Due to the regenerative properties of PRP, it is able to help cartilage repair, heal damaged tissues, reduce swelling and inflammation, and relieve pain. Moreover, PRP procedures have minimal side effects and faster recovery time compared to other conventional treatments involving medication and surgery.
SWOT Analysis:
Strength: PRP therapy is minimally invasive, uses the body's own growth factors to accelerate healing, and has a faster recovery time than traditional surgical procedures.
Weakness: High cost of PRP procedures, lack of standard protocols and guidelines for treatment, variability in quality and concentration of platelets produced.
Opportunity: Untapped growth potential in emerging markets, increasing usage of PRP in applications beyond orthopedics like cosmetics, research and development of improved PRP systems.
Threats: Stringent regulatory environment, presence of established alternatives like hyaluronic acid injections, risk of infections from improper handling and storage of PRP.
Key Takeaways:
The global platelet rich plasma market is expected to witness high growth at a CAGR of 12% over the forecast period, due to rising incidence of musculoskeletal injuries due to sports and accidents.
Regional analysis: North America currently dominates the market owing to technological advancements and growing adoption of PRP therapy, while Asia Pacific is expected to exhibit fastest growth over the next decade supported by large patient population, increasing sports and medical tourism, and rising healthcare expenditures in countries like China and India.
Key players operating in the platelet rich plasma market include 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., and Harvest Technologies Corp.
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