Platelet Rich Plasma (PRP) Market to increase at a CAGR of 6.6% during 2016-2024
By product type, PRP kits will continue to outsell instruments, accounting for over 75% revenue share of the market in 2016. Among the various platelet rich plasma kits, autologous kits will account for the highest demand on the basis of blood type, representing a market value worth US$ 24.2 Mn. P-PRF kits—valued at US$ 10 Mn in 2015—will witness the highest growth by end-product type, increasing at 8.6% in 2016.
By application, adoption of PRP therapy will continue to remain highest in the treatment of knee and elbow injuries. While knee application segment revenues will grow by 7.2%, elbow application segment revenues are projected to grow by 6.3%. Use of PRP therapy in the treatment of ever-increasing incidences of osteoarthritis and tennis elbow will gain further traction in 2016 and beyond.
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PRP revenues in the UK—the largest market in Europe—will grow by 7.3% in 2016, an increase of 0.20% from the 7.1% growth in 2015. High prevalence of sports-related incidents in the U.K., combined with high awareness about the benefits of PRP therapy among healthcare community and patients, will continue to fuel the growth of the market in the country.
France will maintain its position as the second largest market for PRP in Europe, growing by 6.5% in terms of revenues in 2016. France is home to subsidiaries and distributors of several PRP players, such as Biomet, Inc., DePuy Synthes, Inc., and Stryker Corporation and a range of highly innovative products are available in the market.
Johnson & Johnson Inc. and Stryker Corporation are the established players in the Europe PRP market. Johnson & Johnson’s PEAK™ Platelet Rich Plasma System and Stryker Corporation’s RegenKit THT Autologous Platelet-rich Plasma (A-PRP) will continue to witness sizeable sales in 2016. Arthrex - Arthrex Angel System™ from Arthrex Inc. and GPS® III Platelet Separation System by Zimmer Biomet Holdings Inc. will also account for substantial revenue share of the Europe PRP market.
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Long-term Outlook: The PRP market in Europe is expected to increase at a CAGR of 6.6% during the forecast period 2016-2024. The UK will continue to be at the forefront of overall demand, with France and Germany accounting for sizeable market share. While FMI maintains a positive outlook on the Europe PRP market, challenges, including lack of standardisation in preparation and dosage of autologous blood concentrate, and uncertainty about therapy efficacy can impede growth during the forecast period.
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