Platelet-Rich Plasma (PRP) Market to Witness Stellar Growth Rate in the Next 10 Years

Platelet-Rich Plasma (PRP) Market Analysis:
Platelet-rich plasma (PRP) refers to a concentration of platelet-rich plasma protein extracted from the blood of the patient and centrifuged to remove red blood cells. Platelet-rich plasma is also called autologous conditioned plasma. PRP has extremely high healing capacities and is used for the healing of muscles, tendons, ligaments, and joints. They are highly capable of blood clotting as well. Platelet-rich plasma therapy uses a patient’s healing system to improve the injuries and helps to increase the speed of the healing process majorly. The patient’s blood is extracted from the body and then spun continuously in a machine That separates platelets above the regular values. PRP has multiple uses and offers a wide range of healing benefits. For instance, they can be used to treat rotator cuff, broken shoulder, tendon repair, and other injuries. Platelet-rich protein therapy has the least risk of any infections or allergic reactions being transferred to the patient’s body as the platelets are extracted from their own blood which makes the process highly safe and reliable. Owing to the processes healing benefits and capacity to repair at an enhanced pace, it has become a highly popular procedure amongst various divisions in the healthcare industry.

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Increasing geriatric population, growing orthopedic conditions, and rise in cosmetic surgeries are the major factor driving the market growth
Massively increasing geriatric population across the globe has increased the case of orthopedic conditions and other medical problems which require plasma therapy. As per a 2019 report by United Nations (UN), there were around 703 million people globally aged 65 years and above in the year 2019, which is expected to reach 1.5 billion by the year 2050. Further, the geriatric population share grew from 6 percent of the global population in 1990 to over 9 percent in 2019. This has caused a rise in the cases or muscular, tendons, joints, and other orthopedic conditions majorly. Modern healthcare systems find the platelet-rich plasma therapy to be the best route of therapy as it is highly safe and effective in the geriatric population with little to no chances of complications. Further, the orthopedic cases across the globe have been on the rise owing to the growing geriatric population, obesity, sports injuries, or by unforeseen accidents and injuries. This has fueled the demand for platelet-rich plasma therapy by a huge margin, which is positively impacting the market. Also, a huge part of the global population is getting attracted to get cosmetic surgical procedures done, to enhance their looks and appearance. Platelet-rich plasma plays an important role in healing the body part/portion where surgery has been carried out and fastens the healing process as well. Owing to these factors the platelet-rich plasma market is on continuous growth across the globe.

High costs involved in the procedure and difficulty related to quality control are hampering the market growth
Platelet-rich plasma is a costly process and requires a lot of funds. The medical devices and machinery required for the process are usually available only at high costs, which affects the treatment costs. High treatment costs with limited reimbursement schemes demotivate people to opt for platelet-rich plasma therapy. Further, the process requires utmost care when it comes to quality control to ensure the test outcomes aren’t hampered. Often due to some issues like improper handling, defective storage, machine malfunctioning the results get impacted negatively and increase the overall cost.

Technological advancements, growing healthcare infrastructure, and new treatment applications to create lucrative market opportunities
Technological advancements and up gradation in the healthcare sector have significantly lowered the cost of platelet-rich plasma therapies. While it was restricted only to a few technologically advanced regions, now it is available across the globe. Upgradation has made the procedure more effective and decreased the chances of the test result in getting hampered. Further, growing healthcare infrastructure worldwide has boosted the investment inflow in the industry and created opportunities from various poor, underdeveloped, and developing regions. Also, extensive research and development activities have showcased new possible treatments like vampire facelift, erectile dysfunction, and hair restoration using platelet-rich plasma. This has opened up a whole new segment of the population for new treatment methods and created lucrative opportunities for the platelet-rich plasma market’s growth.

Platelet-Rich Plasma (PRP) Market, by Product:
Pure platelet-rich plasma to dominate the product segment
The pure platelet-rich plasma segment is expected to dominate the products segment and hold the largest market share in the platelet-rich plasma market during the forecast period. Pure PRP has excellent quality of eliminating red blood cells (RBC) and neutrophils completely from the extracted results and enhance the result outcomes. RBC’s and neutrophils have no therapeutic effects on the human body and contain inflammatory elements. These elements can decrease the effectiveness of the treatment and can increase post-treatment pain. Owing to these benefits they are widely used for patient’s treatment.

Leukocyte-rich fibrin expected to grow at a fast pace
Leukocyte-rich fibrin is anticipated to grow at a fast pace in the product segment during the forecast timeframe. Leukocyte-rich fibrin has enhanced healing response and reduces the recovery time significantly.
They have high contents of natural healing proteins which accelerate the healing process for strong bone and muscle regeneration. They are also cost-effective which is positively impacting the segment’s growth in the platelet-rich plasma market.

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Platelet-Rich Plasma (PRP) Market, by Application:
Cosmetic surgery and dermatology segment to be the most lucrative till 2027
Cosmetic surgery and dermatology segment will have a dominating share in the global market and they are expected to register a significant revenue during the forecast timeframe. Facial rejuvenation and appearance enhancement procedures have become a massive industry across the globe. People are highly motivated to invest funds into cosmetic surgeries which can help them in enhancing their facial looks and overall appearance. Platelet-rich plasma uses the patient’s own blood to increase new cell growth, improve and enhance skin texture, restore lost facial volume, and complexion. Owing to these facial enhancements, a huge population group across the globe is investing in such cosmetic surgeries and dermatology.

Platelet-Rich Plasma (PRP) Market, by Region:
North America region to hold the largest market share
North America region is anticipated to hold the largest market share in the platelet-rich plasma market during the forecast period. Owing to developed healthcare infrastructure, technologically advanced medical
industry, highly aware population, and growing demand for cosmetic surgeries the demand for platelet-rich plasma therapy has increased massively. The region also has major geriatric population, high accident and injury rate increasing the demand for orthopedic surgeries and treatments. Due to these factors the region holds a dominating share in the platelet-rich plasma market and will continue to hold the share during forecast period as well.

Asia-Pacific region to grow at a significant rate
Asia-Pacific region is expected to grow at a significant rate in the platelet-rich plasma market during the forecast timeframe. Growing government investments in the healthcare sector, developing infrastructure, and technological up gradations are fueling the market growth in the region. Increased spending power of the consumers in the region have enabled them to invest majorly in cosmetic surgeries and dermatology sector. Further, increasing geriatric population with orthopedic issues in the region has created lucrative opportunities for market growth.

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Some of the significant platelet-rich plasma market players include EmCyte Corporation, t-lab prp kit, TERUMO BCT INC., Dun & Bradstreet Inc., Medical Devices Business Services Inc., Stryker, Arthrex Inc, Zimmer Biomet, Glofinn Co. Ltd., and Isto Biologics.

Market players prefer inorganic growth strategies to expand into local markets. Platelet-rich plasma market players have been emphasizing more on acquisition & mergerand advanced product development. These are the frequent and common strategies used by established organizations. To emphasize more on the competitor analysis of market players, the Porter’s five force model is explained in the report.

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