The global Platelet Rich Plasma Market is estimated to be valued at US$ 2.28 Billion in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Platelet Rich Plasma or PRP is an injectable autologous product that is prepared from whole blood. It is a concentrated solution of platelets with several growth factors. PRP injection is used for various treatments like orthopedic, dental and cosmetic surgeries. It helps in tissue healing and regeneration. Some key advantages of PRP include reduction in pain and inflammation, accelerate healing, improvement in mobility and range of motion and decrease healing time. PRP therapy is being increasingly used as an alternative therapeutic option for conditions involving soft tissue injuries, tendinopathies and joint diseases.
Market key trends:
One of the key trends in the Platelet Rich Plasma market is increasing adoption in sports medicine and orthopedic injuries. PRP therapy is found effective in treating various chronic tendinopathies and muscle injuries in athletes. It enhances tissue healing and regeneration. Growing preference for minimally invasive therapies is another major trend. PRP injections provide a natural healing alternative to medication and surgeries with less complications. In addition, easy availability of commercial kits for preparing PRP at medical facilities is boosting its adoption. Several technologies are being developed to automate the PRP preparation process to standardize quality and doses. This will further propel the Platelet Rich Plasma market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and small economies of scale will pose a low threat of new entrants.
Bargaining power of buyers: Large number of buyers in the healthcare industry gives them more bargaining power over prices.
Bargaining power of suppliers: Limited availability of advanced raw materials and equipment gives existing suppliers higher bargaining power.
Threat of new substitutes: Emerging therapies such as autologous conditioned serum or bone marrow aspirate concentrate pose threats of substitution.
Competitive rivalry: Major players differentiate products on quality and effectiveness leading to high competitive rivalry.
Key Takeaways
Global Platelet Rich Plasma Market Demand Is expected to witness high growth, exhibiting a CAGR of 12% over the forecast period, due to increasing demand for orthopedic surgeries and sports injuries.
The North America region is expected to dominate the global platelet rich plasma market over the forecast period, owing to rising healthcare expenditure and advanced healthcare infrastructure in the region.
Key players operating in the platelet rich plasma market are Arthrex, Inc., Stryker Corporation, Johnson and Johnsons Ltd., Zimmer Biomet Holdings Inc., Terumo Corporation, Glofinn Oy, Medira Ltd., Regen Lab S.A., CollPlant, Generex Biotechnology Corporation, Estar Technologies Ltd., Dr. PRP America, Cesca Therapeutics, Inc., and Harvest Technologies Corp. Major players are focusing on new product launches and technological advancements to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
