Platelet rich Plasma is Estimated to Witness High Growth Owing to...

Platelet rich Plasma is Estimated to Witness High Growth Owing to Rising Applications in Orthopedic Surgery

Posted 2024-01-22 12:31:24

Platelet rich plasma is a concentration of platelets derived from centrifuging a patient's own blood. It has applications in various medical conditions where enhanced healing is required, especially in orthopedic surgeries and sports medicine. Some key applications include tendonitis, arthritis, and sports injuries where PRP can help augment the body's natural healing response and promote more rapid recovery.

The global 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 Dynamics:
The platelet rich plasma market size is driven primarily by the rising demand for minimally invasive treatments and the ability of PRP therapy to enhance the natural healing process. PRP finds widespread application in orthopedic surgeries such as knee, hip and shoulder reconstruction procedures where it is used to facilitate faster recovery. The growing geriatric population worldwide also contributes to demand as PRP offers an effective treatment alternative for age-related orthopedic conditions. However, stringent regulatory norms and lack of clinical evidence in some applications could hamper market growth over the forecast period.

SWOT Analysis
Strength: Europe holds strong base of healthcare facilities and high adoption of advanced medical technologies. Presence of favorable reimbursement policies and growing awareness about platelet rich plasma therapy among patients and doctors are further expected to aid market growth. PRP procedures are minimally invasive and have shorter recovery duration compared to surgical procedures.
Weakness: High costs associated with PRP procedures and therapies restrict market growth to an extent. Lack of clinical trials evaluating long term efficacy and safety of PRP compared to other treatments pose certain challenges.
Opportunity: Rising geriatric population and increase in incidence of orthopedic injuries and musculoskeletal disorders present lucrative opportunities. Favorable regulatory scenario and ongoing trials are likely to help broaden approved clinical applications over the forecast period. PRP has potential applications in wound healing and disease management in veterinary field.
Threats: Certain side effects and complications associated with autologous blood collection poses difficulty. Lack of reimbursement policies in certain countries limits adoption. Stringent regulatory framework exists for developing and launching novel PRP products.

Key Takeaways
The European Platelet rich Plasma Market is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is estimated to be US$ 127.19 Mn, projected to rise at a CAGR of 5.3% through 2031.

Regional analysis: Germany dominates the Europe PRP market currently, with Italy and France also representing significant revenue share. Rising orthopedic and sports medicine procedures along with growing use of regenerative therapies drives the European market. The region is further expected to gain from ongoing research and new clinical applications of PRP.

Key players related content:
Key players operating in the Europe Platelet rich Plasma Market include Husqvarna Group, Stiga, Stihl, Robert Bosch, Oregon Tools, Active, Al-Ko Kober, Einhell Germany, Cobra, Emak Group. These players are focusing on new product launches, facility expansion and collaboration strategies to strengthen their position in the European market.