According to the Market Statsville Group (MSG), the global platelet rich plasma market size is expected to grow from USD 484.2 million in 2022 to USD 1,803.8 million by 2033, growing at a CAGR of 12.7% from 2023 to 2033.
Blood platelets have many growth factors that are helpful in the healing process. This has led the researchers to inject a high concentration of platelets in plasma (platelet-rich plasma) at the injury site. PRP has been used since 1970, and it is currently widely accepted worldwide. Some applications where PRP is used include orthopedics, sports medicine, cosmetics, dentistry, wound healing, etc. There is a high impact of musculoskeletal conditions in the world, and the burden of the same is increasing the demand for the PRP currently. PRP is widely used for cosmetic procedures in developed countries like the United States and other European countries. Additionally, its use in orthopedics and cardiology is increasing in the United States and the European region. With the rising number of cosmetic procedures, such as ageing treatment and scalp alopecia, etc., the use of PRP is on the rise. Currently, the insurance does not cover PRP therapy, which makes the procedure expensive.
Platelet-rich plasma is autologous blood with platelet concentrations above baseline levels, which contain at least seven growth factors. Platelet-rich plasma therapy employs injections of the patient's concentrated platelets to accelerate the healing of injured tendons, ligaments, muscles, and joints. Platelet-rich plasma (PRP) has got significance in multiple applications, and the use of PRP in cosmetic procedures is widely accepted. The rising number of cosmetic surgeries, especially in developed nations, is augmenting the demand for PRP. PRP has recently been identified as a ‘trending therapy’ in cosmetic or aesthetic medicine.
During the initial phase of COVID-19, the PRP market witnessed a decline in demand due to the postponement of elective surgeries and the suspension of non-essential medical procedures in several countries. This was mainly due to the focus on controlling the spread of the virus and conserving healthcare resources for COVID-19 patients. However, as the healthcare systems in various countries adapted to the pandemic, elective procedures were gradually resumed, leading to a recovery in demand for PRP. In addition, the growing awareness of the benefits of PRP in various medical specialties, such as orthopedics, sports medicine, and dermatology, among others, is expected to drive the growth of the PRP market in the post-pandemic period. Moreover, the COVID-19 pandemic has also highlighted the importance of developing effective therapies for various medical conditions. This has led to a focus on research and development activities in the PRP market, with several market players investing in developing innovative PRP therapies and expanding their product portfolios.
PRP has significance in multiple applications, and its use in cosmetic procedures is widely accepted. The rising number of cosmetic surgeries, especially in developed nations, is augmenting the demand for PRP. PRP has recently been identified as a ‘trending therapy’ in cosmetic or aesthetic medicine. The National Institute of Health has conducted a study on the application of PRP in cosmetic procedures, and they found that PRP is largely used for injection into ageing skin, lipofilling, facial surgery, scalp alopecia, and fractional laser. A large percentage of application was seen for ageing skin, lipofilling, and scalp alopecia. As per the American Society of Plastic Surgeons (ASPS), approximately 17.7 million cosmetic procedures were performed in 2018. It has been studied that the number of procedures has increased over the past five years. People's preference for minimally invasive cosmetic surgery across the United States has increased. Similarly, in China, around 22 million people underwent cosmetic procedures in 2018, which is also a rise in the number of procedures compared to the past years. Among these people, around 54% (approximately 12 million) were under the age of 28 years. This indicates the demand for cosmetic procedures in China and the ultimate effect of the same on the PRP market. Due to the rising preference for cosmetic surgeries across various countries in the world and rising applications of PRP in these surgeries, it is indicated that the market for PRP will witness rapid growth over the forecast period.
The regulation of PRP in the European Union (EU) falls under the purview of Directive 2001/83/EC of the European Parliament and of the Council of 6 November 2001, which pertains to the Community code concerning medicinal products for human use. Whereas, in the United States, Title 21 United States Code of Federal Regulations Part 1271 (21 CFR 1271) governs the human cell or tissue transplantation and cell or tissue-based products. HCT/Ps are the human cells or tissues-based products intended for transplantation or transfer into human recipients. To get approval from the FDA for commercializing these products, they must qualify for the 361-product exemption. All products under Section 361 must go through the different regulatory pathway, which requires animal studies and clinical trials, making the regulatory procedure more stringent. However, the FDA has approved few centrifuge devices meant for PRP preparation. One of the FDA-approved devices is Cascade Autologous Platelet System by MTF Biologics. The FDA does not yet approve PRP therapy, but these products have clearance for certain orthopedics indications. Considering the above-mentioned statements, it has been observed that the regulatory framework for PRP is different and difficult, which acts as a barrier to market growth.
PRP contains at least seven growth factors, and it can be used for various treatments, such as chronic tendon injuries, acute ligament and muscle injuries, surgery, knee arthritis, fractures, and pain. In orthopedics, the use of PRP is increasing over the period. According to a 2017 article published in SICOT-J journal by Nasir Hussain et, al, approximately 86,000 athletes are treated with PRP annually in the United States. PRP is increasingly being used in treating acute sports injuries, such as muscle injuries and pulled hamstring muscles, in thigh and knee sprains. PRP's popularity is rising, but its true effectiveness is yet to be fully established. The PRP is widely used in surgery to repair torn knee ligaments, such as the anterior cruciate ligament (ACL). The PRP facilitates the fast healing of the tissue after surgical procedures. The use of PRP has grown widely in different therapeutic areas, owing to increasing availability and ability to enable faster healing. Additionally, this treatment can reduce the economic costs of standard medical procedures, although it cannot replace certain important conventional therapies.
The study categorizes the platelet rich plasma market based on product, origin, application, and end-use area at the regional and global levels.
Based on the origin, the market is divided into autologous platelet-rich plasma, allogeneic platelet-rich plasma, and homologus platelet-rich plasma. The autologous platelet-rich plasma segment is expected to dominate the market share in 2022 in the global platelet rich plasma market. Autologous PRP is derived from the patient's own blood, where a small amount of blood is drawn and processed in a centrifuge to separate the platelets from the other blood components. The concentrated platelets are then injected back into the patient's body at the site of injury or damage, releasing growth factors and promoting tissue regeneration and healing. Autologous PRP has gained significant popularity in various medical specialities such as orthopedics, sports medicine, and dermatology. In orthopedics and sports medicine, it treats conditions such as osteoarthritis, tendonitis, and ligament injuries, among others. In dermatology, it is used for skin rejuvenation and hair restoration. The advantages of autologous PRP include its safety, as it is derived from the patient's blood and its effectiveness in promoting tissue regeneration and healing. Moreover, the increasing adoption of autologous PRP in various medical specialities and the rising prevalence of musculoskeletal and dermatological conditions are expected to further drive the growth of the autologous PRP market in the coming years.
Based on the regions, the global platelet rich plasma market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. North America is projected to account for the highest market share of around 38.7% in 2022. The growth of the PRP market in North America can be attributed to the increasing prevalence of musculoskeletal disorders, the rising geriatric population, and the growing demand for minimally invasive and non-surgical treatments. In addition, the presence of established healthcare infrastructure and high healthcare spending in North America is expected to contribute to the growth of the PRP market in the region. The United States is one of the largest contributors to North America's PRP market growth. The country has a well-established healthcare system, and the high adoption of advanced medical technologies drives the demand for PRP in various medical specialities. The increasing number of outpatient surgeries and a rise in sports-related injuries also contribute to the growth of the PRP market in the United States. Moreover, the growing focus of market players on expanding their product portfolios and offering innovative PRP therapies is expected to drive further the growth of the PRP market in North America.
The platelet rich plasma market is a significant competitor, and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
Major key players in the global platelet rich plasma market are:
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