Postponement and rescheduling of medical treatments have affected revenue flow in the platelet rich plasma market during the ongoing pandemic. Nevertheless, companies are implementing comprehensive vendor reviews to ensure robust medical supplies at healthcare facilities. They are reviewing processes for monitoring expiration dates and replace old supplies with new ones.
The platelet rich plasma market is expected to reach the valuation of US$ 815.3 Mn by 2031. Although the equipment used to produce PRP and the injections have been cleared by the FDA (Food and Drug Administration), this procedure is considered investigational and has not been officially approved by the FDA for many uses. Nevertheless, PRP is a low-risk procedure and linked with minor side effects.
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Outside of the orthopedic treatment, PRP is being used for the treatment of hair loss, for skin rejuvenation, and post-surgical healing. Healthcare companies are establishing stable revenue streams with the help of PRP injections meant for tendon, muscle, and join injuries.
Dramatic Skin Improvement with Cosmetic PRP Creating Revenue Opportunities
The platelet rich plasma market is slated to clock a robust CAGR of 11.2% during the forecast period. The American Society of Plastic Surgeons has been witnessing a significant increase in the use of cosmetic PRP in the past few years. This is evident, as treatments using PRP show great promise for harnessing the body’s own natural tissue repair processes to help patients achieve improved form and function.
Platelet rich plasma is being prepared by manufacturers in the platelet rich plasma market with the help of various methods such as centrifugation, which involves spinning a small sample of the patient’s blood into separate components, followed by other steps. The growing popularity of vampire facial consisting of non-surgical microneedling followed by topical application of PRP is creating revenue opportunities for market stakeholders.
PRP Improves Patient Quality of Life with Prevention of Orthopedic Surgery
Since PRP mimics the body’s natural healing process, companies in the platelet rich plasma market are tapping incremental opportunities in orthopedics. Increased levels of platelets lead to increased growth factors, which have the potential to improve signaling and recruitment of cells to promote quicker & efficient healing in complex orthopedic conditions in patients.
AOA Orthopedic Specialists has been gaining recognition for increasing the availability of PRP in order to either delay or prevent an orthopedic surgery or to use in conjunction with the surgery.
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Platelet Rich Plasma Market: Key Segments
In terms of sample type, the global platelet rich plasma market has been classified pure PRP, leukocyte-rich PRP, and pure PRF. The pure PRP segment is projected to account for major share of the global platelet rich plasma market in the near future. The segment’s dominance can be ascribed to technological advancements of PRP devices leading to the use of pure PRP in various cases and rich platelet content are anticipated to boost the growth of the segment in the next few years. Technological advancements such as smart home diagnostic kits has also boosted the growth of the global market.
Based on origin, the global platelet rich plasma market has been categorized into autologous, allogenic, and homologus. The autologous segment dominated the global platelet rich plasma market in 2020. Autologous PRP is a safe, simple, and cost-efficient approach and has positive effect on cell proliferation, migration, and angiogenesis. Autologous PRP is quite beneficial in the treatment of chronic non-healing ulcers. This is expected to drive the demand for autologous PRP, especially in developed countries across the globe.
In terms of application, the global platelet rich plasma market has been segregated into orthopedic surgery, cosmetic surgery, general surgery, neurosurgery, and others. The orthopedic surgery is likely to account for major share of the global platelet rich plasma market during the forecast period. Rise in the number of orthopedic surgeries is projected to drive the segment during of the forecast period.
CAGR of respective segments has also been provided from 2021 to 2031, considering 2020 as the base year.
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Major companies profiled in the platelet rich plasma market report are
SelfDiagnostics
F. Hoffmann-La Roche Ltd.
Trinity Biotech plc
Bionime Corporation
ARKRAY, Inc.
ACON Laboratories, Inc.
Assure Tech. (Hangzhou) Co., Ltd.
Abbott
Becton
Dickinson and Company
Quidel Corporation
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