Published Date : 04 Jan 2024
The global platelet rich plasma market size was exhibited at USD 535 million in 2022 and is anticipated to touch around USD 1,840.29 million by 2032, expanding at a CAGR of 13.2% from 2023 to 2032.
Platelet rich plasma abbreviated as PRP is a form of blood with an elevated concentration of platelets compared to the standard levels. PRP-based procedures involve utilizing a component of blood known as platelets, which possess clotting capabilities. In addition to their role in hemostasis, platelets possess several growth factors fostering tissue regeneration properties that help heal within the targeted region by initiating cell proliferation. Based on the cellular composition platelet rich plasma is categorized into three types: pure PRP, leukocyte-rich fibrin, and leukocyte-rich PRP.
PRP treatments are commonly employed to facilitate faster healing for sports injuries such as hamstring injuries, tendon cuffs, rotator cuffs, and tennis elbow. PRP injections are preferred over other methods due to their efficacy in rapidly repairing degenerative tissues and promoting self-regeneration. Moreover, conditions like erectile dysfunction and facelift procedures have also employed several components of the blood as a form of treatment or symptom management.
The increasing geriatric population and the rapidly rising prevalence of orthopedic conditions are significant factors contributing to the growth of the platelet rich plasma market. According to data from the National Center for Biotechnology Information, over 1.4 million individuals are diagnosed with fractures related to osteoporosis annually. PRP therapy is emerging as a superior alternative for both treatment and surgeries compared to other forms of cellular therapy and tissue engineering, especially in senior citizens. In combination with the growing awareness, the market is expected to further develop during the forecast period.
PRP therapy is gaining widespread popularity and acceptance in arthritis treatment owing to its ability to inhibit inflammation, slow the progression of osteoarthritis, and promote the development of new cartilage. Moreover, it enhances the production of natural lubricating joint fluid, alleviating painful joint friction. PRP therapeutics also include proteins that modify a patient's pain receptors, thus reducing pain. These factors are expected to contribute significantly to the growth of the orthopedics segment.
The market is also gaining recognition for its applications in hair restorative procedures, particularly for the treatment of androgenic alopecia. The positive outcomes are supported by quantifiable measures such as hair count and dermoscopic photomicrographs, highlighting its efficacy. Platelets help regulate hair follicle growth by effectively increasing the count of human dermal cells. Whether used independently or in conjunction with hair transplant procedures, PRP has improved hair density. The success of this segment, in combination with rising hair loss conditions, has led to a significant growth of the overall market.
North America commands a significant share of the global platelet rich plasma market, mainly due to being the base for major players. This region is anticipated to lead the global market throughout the forecast period. The growth is attributed to the high incidence of orthopedic disorders, an increase in rheumatology cases, a rise in the number of sports injuries, and a growing acceptance of platelet-rich plasma therapy in the region.
Recently, there has been extensive use of PRP in clinical settings owing to its increased application in cosmetic surgeries. Reconstructive procedures involving PRP, such as tumor removal and scar revisions, contributed to the increasing demand for these treatments. Dermatologists and plastic surgeons utilize such options for their natural healing properties that enhance the skin's appearance and health, resulting in positive outcomes. Furthermore, in this region, the increasing aging population is anticipated to lead to a substantial rise in the prevalence of doctor-diagnosed arthritis throughout the forecast period. Osteoarthritis, the most common form of arthritis, is projected to impact approximately 31 million Americans annually.
|Market Revenue in 2023
|USD 602.95 Million
|Projected Forecast Revenue by 2032
|USD 1,840.29 Million
|Growth Rate from 2023 to 2032
|CAGR of 13.2%
|2023 to 2032
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
The market is growing due to increased orthopedic disorders, sports injuries, and the expanding use of PRP in cosmetic and medical applications. Evidence-based studies supporting PRP-based wound healing are enhancing market value. The expanding use of PRP therapy among Medicare beneficiaries presents potential growth opportunities.
Rapid advancements in medical devices
The market has seen advancements in PRP devices, resulting in increased use of pure platelet-rich plasma in diverse applications and higher platelet concentrations. Moreover, the industry has gained advantages from breakthroughs like smart home diagnostic kits, which are anticipated to propel market growth.
His costs associated with treatments
The platelet rich plasma market is experiencing significant growth due to fewer adverse effects, a low risk of immune reactions, and minimal allergic responses. However, the high cost of treatment and concerns about the quality of test results pose critical challenges to its growth.
Rising prevalence of chronic diseases
The growing occurrence of chronic disorders, including orthopedic, cardiovascular, and neurovascular diseases, has increased awareness of the advantages of PRP, particularly among the working and geriatric populations. These disorders can prompt lifestyle changes and negatively impact patients' health, leading to discomfort and acute pain. Numerous research studies highlight the effectiveness of PRP injections in promoting tissue healing and reducing inflammation. Consequently, the increasing prevalence of such conditions presents a lucrative opportunity for the market.
Increasing preference for dermatological surgeries
The frequency of dermatological surgeries has significantly risen in the past decade, and PRP has gained increased utility through ongoing technological advancements. PRP enhances skin color and texture, contributing to facial rejuvenation and wrinkle reduction. Its diverse applications include stimulating collagen production and micro-needling procedures. Moreover, PRP effectively tightens facial skin, diminishes acne scars, and addresses pigmentation issues.
Buy this Research Report@ https://www.precedenceresearch.com/checkout/1237
You can place an order or ask any questions, please feel free to contact at email@example.com | +1 650 460 3308