Competitive Landscape for PRP Market Key Trends 2024
Of late, the global market for platelet rich plasma (PRP) has been witnessing a remarkable rise in its valuation. The upswing in the incidence of orthopedic diseases, propelled by the increasing cases of sports injuries, and the growing prevalence of cardiothoracic and neurological disorders has emerged as the main factor behind this tremendous growth of this market.
In addition to this, the surge in cosmetic surgeries and the rising awareness level of people regarding the benefits of PRP are likely to boost this market significantly in the near future. Researchers expect the opportunity in the worldwide market for PRP to increase from US$160.0 mn in 2015 to US$451.9 mn by 2024, expanding at a CAGR of 12.50% between 2016 and 2024.
P-PRF Segment to Witness Fast-paced Growth
Pure-platelet rich plasma (P-PRP), pure-platelet-rich fibrin (P-PRF), and leukocyte-platelet rich plasma (L-PRP) are the key products available in the global PRP market. Among these, the consumption of P-PRP is higher than other products. The P-PRP segment led the overall consumption of PRP across the world with a share of more than 60% in 2015. The rich content of platelets and the conventional type of PRP present in P-PRP are the key factor behind its high demand.
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While the P-PRP segment is likely to remain leading the global demand for PRP over the next few years, the P-PRF segment is estimated to register the growth at a faster pace during the forecast period. The presence of a large number of stem cells and leukocytes in P-PRF, together with its high efficiency, is anticipated to boost this segment substantially in the near future.
North America to Retain Dominance
The worldwide market for PRP is spread across Latin America, Europe, the Middle East and Africa, and Asia Pacific. In 2015, North America led the global market with a share of more than 45%. The rising prevalence of orthopedic diseases, sports injuries, advanced health care facilities, and improved diagnostic technologies boosted the North America PRP market significantly. Going forward, the high adoption rate of the PRP products is expected to ensure the dominance of this regional market throughout the forecast period.
Europe, which emerged second in the overall market in 2015, is anticipated to retain its position in the coming years, thanks to the rising applications of the PRP products in cosmetic procedures and for the treatment of various orthopedic diseases. Asia Pacific, on the other hand, is expected to witness a phenomenal pace of growth over the next few years. The rise in the geriatric population and the fast-developing cosmetic surgery industry are likely to drive the Asia Pacific region market for PRP in the coming years.
At the forefront of the global PRP market are Regen Lab SA, Exactech Inc., Nuo Therapeutics, Emcyte Corp., Cesca Therapeutics Inc., ISTO Biologics, AdiStem Ltd., Stryker Corp., DePuy Synthes Inc., Zimmer Biomet, Arthrex Inc., and Harvest Technologies Corp.
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