Platelet Rich Plasma Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMMD1333 | Last Updated On: Jun 15 2022 | Available Formats

> Global Platelet Rich Plasma Market Expected to reach a high CAGR of 13.88% By 2029: DataM Intelligence

Global Platelet Rich Plasma Market is segmented By Type (Pure Platelet-Rich Plasma, Leukocyte-Rich Platelet-Rich Plasma, Pure Platelet-Rich Fibrin, Leukocyte-Rich Platelet-Rich Fibrin), By Application (Orthopedics, Cosmetic Surgery, and Dermatology, Neurosurgery, Oral Surgery, Gynecological disorders, Ophthalmology, Others), By Origin (Autologous PRP, Allogeneic PRP, Homologous PRP), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Platelet Rich Plasma Market" is expected to grow at a CAGR of 13.88% during the forecasting period (2022-2029).

Platelet-rich plasma (PRP) is derived from blood. It's made when human blood is spun down and platelet-rich plasma, which has a higher concentration of platelets than normal, is extracted. Platelets assist in blood clotting and assist tendons, muscles, and ligaments repair faster. PRP is used in various operations, including rotator cuff augmentation and tendon repair. Healing factors and connective tissue development is abundant in platelets.

 

Market Dynamics

Emerging platelet-rich plasma (PRP) therapy utilized for various applications is expected to drive market growth.

Platelet-rich plasma therapy is considered a superior emerging choice for therapy and procedures. Platelet-rich plasma therapy has recently been widely used in clinical settings, owing to increased use in cosmetic operations. In addition, dermatologists and plastic surgeons use platelet-rich plasma's natural healing qualities to improve the appearance and health of the skin. Its usage in face rejuvenation has also yielded promising effects. Pure platelet-rich plasma is also used because of its benefits, such as faster tissue formation and repair, faster healing, and greater overall performance. Also, with fewer side effects and a lower risk of immunological reaction and allergic reactions, the Platelet Rich Plasma market is expected to rise rapidly. Thus, the market is expected to drive in the forecast period from the above statements.

Restraint:

There is high price variability in platelet-rich plasma therapy and favorable reimbursement policies in wound care equipment. Furthermore, issues with quality control and test findings and drawbacks associated with platelet-rich plasma therapy induce nerve damage, tissue damage, and infection in the treatment region. Therefore, the market is expected to get hampered in the forecast period from the above statements.

 

COVID-19 Impact Analysis

The COVID-19 pandemic had a positive impact on the market. There are no specific antiviral agents available for its treatment. Thromboembolic complications are frequently observed in Coronavirus disease 2019 (COVID-19). In contrast, COVID-19 is linked to platelet dysregulation. An adverse outcome in COVID-19 was associated with increased basal platelet activation and diminished platelet responses, which aggravated over time. Due to the covid-19 outbreak, platelet-rich plasma therapy was used to treat coronavirus as platelets play a vital role in eliminating respiratory disorder and maintaining the functioning of lungs due to the demand for platelet-rich plasma therapy has been significantly increased. For instance, Convalescent plasma (CP) therapy, classic adaptive immunotherapy, has been applied to prevent and treat many infectious diseases for more than one century. Over the past two decades, CP therapy was successfully used to treat SARS, MERS, and the 2009 H1N1 pandemic with satisfactory efficacy and safety. Thus, this is due to boosting the forecast period's platelet-rich plasma market.

Segment Analysis

Pure Platelet Rich Plasma segment is expected to hold the largest market share in platelet-rich plasma market

The pure platelet-rich plasma segment is expected to dominate in 2020. The segment is benefited because it has rapid healing, tissue repair and production, and general function improvement, which have enhanced their demand across several treatments business spaces, adding to segment expansion. In pure PRP therapeutic approaches, entities in the market are paying attention to the effective elimination of dangers and unwanted effects, such as an allergic or immunological reaction. PRP's present off-label use has prompted numerous manufacturers worldwide to produce various sorts of products, owing to its tremendous promise in treating various chronic illnesses. For instance, Celling Biosciences is dedicated to the scientific understanding and therapeutic application of autologous cell therapy, which includes ART PRP product which is widely used in orthopedic and sports medicine to relieve pain through the natural promotion of healing in musculoskeletal diseases such as tendonitis, arthritis, ligament sprains, and tears. Thus, the market segment is expected to hold the largest market share in the forecast period from the above statements.

 

Geographical Analysis

North America region holds the largest market share in the global platelet-rich plasma market

In 2020, North America accounted for the highest revenue share. The increasing number of cosmetic surgeries, high awareness about platelet-rich plasma-based treatments, technological advancement, well-established infrastructure, product launches and approvals by the market players are some factors that the market is expected to boost in the forecast period. For instance, with approximately four million cosmetic treatments performed in 2020, the United States will have the highest number of cosmetic procedures globally. Over the last decade, the number of surgical and nonsurgical cosmetic treatments performed in the United States has increased, from over 1.6 million in 1997 to over 5.5 million in 2020. Moreover, EmCyte acquired Cellmedix Holdings LLC in February 2020, acquiring all of the latter's assets, including its proprietary product system, the Centrepid Platelet Concentrator. EmCyte's product development skills and intellectual property profile will be enhanced as a result of this strategic purchase. Thus, the North American region is expected to hold the largest market share in the forecast period from the above statements.

 

Competitive Landscape

Major key players in the platelet-rich plasma market are Zimmer Biomet, Johnson & Johnson (DePuy Synthes), Arthrex Inc., Terumo BCT Inc., Celling BioSciences    , APEX Biologix, Juventix, Dr. PRP America, Stryker and Ycellbio Medical Co., Ltd.          

Johnson & Johnson (DePuy Synthes):

Overview:

Johnson & Johnson (DePuy Synthes) designs, manufacture, and markets various orthopedic and neurological devices globally. The company is involved in developing medical devices for diagnosing damaged joints and repairing reconstructing skeletal injuries. It has a comprehensive portfolio of orthopedic products and neuro products, and it focuses on the therapeutic areas of spinal care, orthopedics, sports medicine, and neurosciences. It offers products, services, programs, and R&D capabilities to advance patient care and adds clinical and economic value to healthcare systems. In many countries, the company operates under the name of Johnson and Johnson.

­Product Portfolio:

MyLab9VET

PEAK Platelet Rich Plasma System: The PEAK Platelet Rich Plasma System represents an option in autologous cellular therapies featuring a vertical roto centrifugation process. The proprietary technology consistently delivers 3 ml of 7.8x high-concentration platelet rich plasma (PRP) from 27 ml of whole blood within 2.5 minutes.

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