Global Platelet-rich Plasma Market: Analyst’s Estimations
While the concept of minimally invasive surgery is currently being harnessed furiously, the technology is limited in terms of applications and is expensive. Meanwhile, rapid and efficient healing post a surgical procedure remains a therapeutic-stage of great importance for the caregivers and platelet-rich plasma (PRP) has been serving the cause adequately. As the world continues to witness growing prevalence orthopedic disorders that need surgery, and the trend of cosmetic surgeries engulfs developed regions with vast geriatric populations, the demand in the global PRP market is primed to attain new heights. According to the findings of this business and commerce report, the demand in the global platelet rich plasma market will expand at an impressive CAGR of 12.7% during the forecast period of 2017 to 2024. In terms of revenue, the global PRP market is estimated to be worth US$451.9 million, swelling up from its moderate valuation of US$195.2 million as of 2017.
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P-PRP Segment to Remain Dominant, but P-PRF Segment to Exhibit Higher CAGR
Leukocyte-platelet rich plasma (L-PRP), pure-platelet-rich fibrin (P-PRF), and pure-platelet rich plasma (P-PRP) constitute the key market segments based on product. Among these, the P-PRP segment provided for the most prominent chunk of demand and is expected to attain a valuation of US$291.2 million by 2023. Pure platelet-rich plasma, also called leukocyte-poor platelet-rich plasma, is blood plasma that contains only platelets and trace amount of leukocytes. P-PRP has richer content of platelets compared to the conventional variants of PRP, which is the key factor aiding its growth.
While P-PRP segment is expected to remain dominant over the next few years, it is the P-PRF segment, which is expected record a higher CAGR during the course of the forecast period. P-PRF exhibits higher efficiency and the presence of a large number of leukocytes and stem cells. This is anticipated to bolster demand from the segment significant in the near future.
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North America to Remain Dominant Regional PRP Market through Forecast Period
Regionally, the global platelet rich plasma market can be segmented into Asia Pacific, Europe, Latin America, the Middle East and Africa, and North America. Among these regions, North America emerged dominant in 2017 with a share of over 48% in the global platelet rich plasma market. The increasing incidence of orthopedic diseases and sports injuries, coupled with the availability of improved diagnostics and advanced healthcare facilities augmented the demand for PRP from North America. Going forward, the high uptake of PRP products will seal North America’s dominance in the global market over the forecast period.
In 2017, Europe emerged as the second-leading market for platelet rich plasma and is also expected to retain its position during the forecast period. The rising demand for cosmetic procedures across the leading economies will aid the expansion of PRP market in Europe. Besides this, the market players will also have a highly lucrative market in Asia Pacific. The growth witnessed by the PRP market in Asia Pacific will be at a phenomenal pace due to the rising geriatric population and the increasing demand for latest cosmetic surgeries in the region.
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At the forefront of the global platelet rich plasma market, companies such as Nuo Therapeutics, Regen Lab SA, DePuy Synthes Inc., ISTO Biologics, Regen Lab SA, Emcyte Corp., Arthrex Inc., AdiStem Ltd., Zimmer Biomet, Exactech Inc., Cesca Therapeutics Inc Stryker Corp., and Harvest Technologies Corp will register their prominence.