Platelet Rich Plasma Market Will Grow at CAGR of 13.2% By 2032

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 Market Size and Growth Rate From 2023 To 2032

Market Overview

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.

  • According to the American Society of Plastic Surgeons (ASPS), approximately 18.1 million cosmetic procedures have been conducted in the United States in recent years.
  • In recent years, an estimated 654 million individuals aged 40 and above were reported to have knee osteoarthritis. Furthermore, the prevalence of knee osteoarthritis among individuals aged 20 and above was found to be 203 per 10,000 person-years.

Regional Snapshot

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.

  • On March 7, 2023, Zimmer Biomet Holdings, Inc., a prominent global medical technology leader, disclosed its intention to introduce the latest upgrades to ZBEdge™ Dynamic Intelligence™ at the American Academy of Orthopaedic Surgeon's (AAOS) 2023 annual meeting in Las Vegas.
  • On October 18, 2023, Isto Biologics, a renowned global leader in regenerative and autologous therapies, officially confirmed a successful merger with Advanced Biologics, operating commercially as Biologica Technologies.

Platelet Rich Plasma Market Report Scope

Report Coverage Details
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%
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa


Market Dynamics

Drivers

Multidomain applications

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.

Restraint

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.

Opportunities

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.

Recent Developments

  • In December 2023, Hairline International introduced sonicated PRP, an advanced hair regeneration therapy, signifying an innovative development in the field.
  • On November 7, 2022, Crown Aesthetics, a division of Crown Laboratories, Inc., announced the completion of the rebranding of ProGen PRP Advantage, now known as ProGen PRP Eclipse.
  • On February 14, 2023, Royal Biologics, a company specializing in advanced cellular technologies and enhanced autologous solutions, officially introduced BIOINCYTE™ PRFM, a state-of-the-art PRP system. This innovative system transforms conventional PRP into platelet-rich fibrin matrix formulations.

Key Market Players

  • Zimmer Biomet
  • Arthrex, Inc.
  • Harvest Technologies Corporation
  • Stryker Corporation
  • DePuy Synthes, Inc.
  • Cesca Therapeutics, Inc.
  • AdiStem Ltd.
  • Exactech Inc.
  • ISTO Biologics
  • Nuo Therapeutics

Market Segmentation

By Product

  • Leukocyte Rich PRP
  • Pure PRP
  • Leukocyte Rich Fibrin

By Origin

  • Allogeneic PRP
  • Autologous PRP
  • Homologous PRP

By Application

  • Cosmetic Surgery & Dermatology
  • Orthopedic Surgery
  • General Surgery
  • Ophthalmic Surgery
  • Neurosurgery
  • Other

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