Platelet rich plasma therapy is gaining popularity for various musculoskeletal applications such as orthopedic surgeries, knee osteoarthritis, and acute sports injuries. Platelet rich plasma contains growth factors that help in tissue regeneration and healing. It is produced from the patient’s own blood through centrifugation process which separates and concentrates platelets from other blood components. This natural method aids in healing by stimulating cells and initiating wound healing cascade through release of growth factors from platelets. The injection of platelet rich plasma regulates cell differentiation and increases collagen matrix production to repair damaged tissues. It has shown efficacy in reducing inflammation and pain for various musculoskeletal disorders.
The global Platelet Rich Plasma Market is estimated to be valued at US$ 500.25 Mn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/platelet-rich-plasma-market-936
Market key trends:
Increase in number of orthopedic and sports-related injuries is one of the major factors driving the platelet rich plasma market. According to the data provided by the Centers for Disease Control and Prevention (CDC), almost 30 million injuries from sports and recreation activities are reported each year in the US. Rising participation in sports at professional and amateur levels has increased the risk of musculoskeletal injuries. Platelet rich plasma therapies are widely used for treating acute and chronic ligament injuries, tendonitis, muscle tears, and osteoarthritis. With growing sports culture globally, the demand for platelet rich plasma for treatment is expected to rise significantly over the forecast period.
Threat of new entrants: The threat of new entrants is moderate as the platelet rich plasma market requires significant investments in R&D and manufacturing facilities. However, established players have significant competitive advantages in terms of brand, scale and access to resources.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as platelet rich plasma has many substitutes available. Buyers can negotiate on price and demand customized product offerings.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers of platelet rich plasma related equipment, kits and raw materials are fragmented. However, suppliers have increased bargaining power due to high switching costs for buyers.
Threat of new substitutes: The threat of new substitutes is moderate to high. Alternatives like stem cell therapy, bone marrow transplantation etc. provide similar therapeutic benefits.
Competitive rivalry: The competitive rivalry is high due to presence of many global and regional players offering similar platelet rich plasma products. Players compete based on product quality, price and service offerings.
The global platelet rich plasma market is expected to witness high growth over the forecast period of 2024 to 2031. The global Platelet Rich Plasma Market is estimated to be valued at US$ 500.25 Mn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.
North America is currently the largest and fastest growing regional market for platelet rich plasma. In North America, the United States holds the largest share due to advanced healthcare infrastructure and rising prevalence of osteoarthritis and sports injuries. Europe is also a significant and well-established regional market for platelet rich plasma due to growing awareness among individuals and physicians.
Key players operating in the platelet rich plasma market include Arthrex, Inc., Zimmer Biomet Holdings Inc., Stryker Corporation, Terumo BCT, Inc. Biomet Biologics, LLC. These players are focusing on new product development and launches. For instance, in 2021, Arthrex, Inc. launched Angel® platelet rich plasma (PRP) system and Angel® Pure PRP system. These systems offer comprehensive platelet enrichment with minimal RBC and neutrophil contamination.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it