The global Europe Platelet rich Plasma Market Growth Accelerated by Increasing Adoption in Cosmetic surgeries
Platelet-rich plasma (PRP) is an autologous blood product that is made from entire blood by concentrating platelets into a small volume of plasma. PRP is widely used in various medical therapies such as orthopedic surgeries, neurosurgeries, and cosmetic surgeries as it promotes healing and has anti-inflammatory properties. In sports medicine, PRP injections are used to treat various problems such as pain and tissue healing in chronic tendinopathies, knee cartilage repair, and healing of chronic ulcers.
The global Europe Platelet rich Plasma Market is estimated to be valued at US$ 127.19 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The market opportunity lies in the rising demand for minimally invasive surgeries. Minimally invasive surgeries are gaining popularity as they reduce patient recovery time and postoperative complications as compared to traditional open surgeries. Platelet rich plasma injections offer minimally invasive alternatives for treating various musculoskeletal conditions such as orthopedic injuries, arthritis pain, chronic tendinopathy, and ligament/tendon repair. PRP injections provide faster recovery time and less invasive treatment options compared to traditional open surgeries. Therefore, the growing preference for minimally invasive treatments is expected to boost the demand for platelet rich plasma, driving the growth of the Europe platelet rich plasma market over the forecast period.
Porter's Analysis
Threat of new entrants: The Europe PRP market has low-medium threat of new entrants due to high capital requirement for R&D and manufacturing. However, new players can enter through tie-ups and partnerships.
Bargaining power of buyers: Buyers have medium bargaining power due to presence of many players offering substitutes. However, specialized nature of PRP therapy increases customer dependence.
Bargaining power of suppliers: Suppliers have low-medium bargaining power due to availability of substitutes and less differentiation in raw materials.
Threat of new substitutes: Threat from new substitutes is medium as new cell-based therapies are emerging but PRP still offers advantages over them.
Competitive rivalry: High due to many multinational companies offering similar PRP products and services.
SWOT Analysis
Strengths: Growing adoption in injury treatment and cosmetic surgery. Availability of portable PRP preparation kits.
Weaknesses: High costs associated and limited medical reimbursements. Variations in efficacy due to processing inconsistencies.
Opportunities: Expanding applications in orthopedic, dental and cardiac neurology. Increasing popularity of recreational and sports activities boosting demand.
Threats: Stringent regulatory framework. Adoption of alternative therapies like adult stem cells.
Key Takeaways
The European PRP Market Size is expected to witness high growth due to rising number of sports injuries and accidents as well as increasing demand for augmenting muscle gain and aesthetic improvements. The global Europe Platelet rich Plasma Market is estimated to be valued at US$ 127.19 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031.
Regional analysis shows that Germany dominates the European PRP market currently owing to high per capita healthcare expenditure and large number of medical device companies in the country. The UK and France are other major regional markets.
Key players operating in the European PRP market include Husqvarna Group, Stiga, Stihl, Robert Bosch, Oregon Tools, Active, Al-Ko Kober, Einhell Germany, Cobra, Emak Group. These established players are focusing on product innovation and introducing portable PRP preparation systems with emphasis on simple usability and handling. For instance, Husqvarna Group offers a range of lawn mowers and trimmers along with associated PRP therapy kits and supplies for injury and pain management applications.
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