In the last few years, the global platelet rich plasma (PRP) market has witnessed significant growth in its valuation. This growth is ascribable to the increasing incidence of orthopedic diseases, propelled by the rising cases of sports injuries and the rising prevalence of neurological and cardiothoracic disorders. Besides this, the market is gaining from the overall surge in cosmetic surgeries witnessed around the world. As people begin realizing the benefits of platelet rich plasma, it is likely its demand to spike.
According to Transparency Market Research (TMR), the global platelet rick plasma (PRP) market is expected to reach US$451.9 mn by the end of 2024, from a valuation of US$160.0 mn in 2015. If these figures hold true the market will exhibit a CAGR of 12.50% between 2016 and 2024.
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P-PRP Segment to Remain Dominant, but P-PRF Segment to Exhibit Higher CAGR
Leukocyte-platelet rich plasma (L-PRP), pure-platelet-rich fibrin (P-PRF), and pure-platelet rich plasma (P-PRP) constitute the key market segments based on product. Of these, due to higher consumption, P-PRP will enjoy dominance in the global market. In 2015, the segment registered its lead with a share of 2015. P-PRP has richer content of platelets compared to the conventional variants of PRP, which is the key factor aiding its growth.
While P-PRP segment is expected to remain dominant over the next few years, it is the P-PRF segment, which is expected record a higher CAGR during the course of the forecast period. P-PRF exhibits higher efficiency and the presence of a large number of leukocytes and stem cells. This is anticipated to bolster demand from the segment significant in the near future.
North America to Remain Dominant Regional PRP Market through Forecast Period
Regionally, the global platelet rich plasma market can be segmented into Asia Pacific, Europe, Latin America, the Middle East and Africa, and North America. Among these regions, North America emerged dominant in 2015 with a share of 45% in the global platelet rich plasma market. The increasing incidence of orthopedic diseases and sports injuries, coupled with the availability of improved diagnostics and advanced healthcare facilities augmented the demand for PRP from North America. Going forward, the high uptake of PRP products will seal North America’s dominance in the global market over the forecast period.
In 2015, Europe emerged as the second-leading market for platelet rich plasma and is also expected to retain its position during the forecast period. The rising demand for cosmetic procedures across the leading economies will aid the expansion of PRP market in Europe. Besides this, the market players will also have a highly lucrative market in Asia Pacific. The growth witnessed by the PRP market in Asia Pacific will be at a phenomenal pace due to the rising geriatric population and the increasing demand for latest cosmetic surgeries in the region.
At the forefront of the global platelet rich plasma market, companies such as Nuo Therapeutics, Regen Lab SA, DePuy Synthes Inc., ISTO Biologics, Regen Lab SA, Emcyte Corp., Arthrex Inc., AdiStem Ltd., Zimmer Biomet, Exactech Inc., Cesca Therapeutics Inc Stryker Corp., and Harvest Technologies Corp will register their prominence.
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