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Platelet Rich Plasma Market Porpelled by Growing Geriatric Population and Increasing Number of Patients Suffering from Orthopedic Injuries
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The platelet rich plasma market has found application in diverse surgical fields. The popularity of platelet rich plasma treatments among aesthetic patients has risen in recent years. As patients are constantly realizing the growing long-term and lasting benefits of this procedure, the positive effects of platelet rich plasma reaches far and wide across the globe.
PRP used as effective treatment option for various ailments
Unlike other therapeutic drugs that need to undergo clinical trials before entering the market, the FDA does not regulate such scrutiny over therapeutic treatments such as platelet rich plasma. PRP is often used as an effective treatment to treat different conditions such as sports injuries, orthopedic diseases, cardiothoracic diseases, and neurological diseases. Also, owing to the rising number of cosmetic surgeries around the world, the PRP market finds application as dermal fillers in cosmetic industries.
For millions of people, treating pain without surgery or drugs has now become a reality with the help of platelet rich plasma injection therapy. Apart from the most common sentiment that PRP is marketed as a miracle drug, it is also looked upon as the most exciting breakthrough in the pain management and orthopedic industry.
Multiple applications of PRP fueling its demand
The growing geriatric population and increasing number of patients suffering from orthopedic injuries are factors propelling the PRP market for the forecast period 2014-2020. In addition to this, rising need to treat sports injuries by way of orthopedic surgeries, approval of new drugs and devices, and discovery of new application areas are some of the prime factors driving the growth of the global platelet rich plasma market.
The extensive use of PRP treatments in cosmetic surgeries is considered to be one of the most prominent factors propelling the growth of the global PRP market. Certain increasing application areas such as vampire facelift and erectile dysfunction will also support the growth of this market in the near future.
Use of platelet rich plasma in nonsurgical procedures: Hype or hope?
Currently, PRP therapy enjoys a typical high-tech hype mainly due to great celebrity fanfare and word-of-mouth referral media coverage. However, apart from being an over-hyped regenerative medicine for professional athletes who are constantly seeking faster healing methods, PRP has also proven to be effective in orthopedics and sports medicines for most people in the world.
Some of the medical conditions that benefit the most from PRP are tennis elbow, knee osteoarthritis, ACL reconstruction, rotator cuff damage, hip arthritis, ankle arthritis, Achilles tendon injuries, and chronic tendinopathies.
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The demand for platelet rich plasma therapies is growing at a rapid rate of 11.9% CAGR betweem 2014 and 2020. The market is expected to reach an estimated figure of US$0.35 billion by the end of 2020 from US$0.16 billion in 2013.
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