PLATELET RICH PLASMA MARKET ANALYSIS

Market Size and Trends

The global platelet rich plasma market is estimated to be valued at USD 550.5 Mn in 2024 and is expected to reach USD 1,255.8 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 12.5% from 2024 to 2031.

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The market is driven by the growing popularity of non-invasive cosmetic procedures and increasing use of platelet rich plasma in therapeutic areas like orthopedic, general surgery, and neurosurgery. The rising adoption of platelet rich plasma therapy over drug therapies due to lesser side effects also supports market expansion. However, high cost of PRP procedures and therapies may hamper the market growth to some extent during the forecast period.

Increasing Number of Cosmetic Surgeries

Increasing number of cosmetic surgeries is expected to propel the growth of the global platelet rich plasma market over the forecast period. For instance, in 2021, according to a survey of the International Society of Aesthetic Plastic Surgery (ISAPS), in 2020, approximately 10,129,528 surgical procedures such as eyelid surgery, ear surgery, and liposuction were performed worldwide and 14,400,347 non- surgical procedures such as hair removal, photo rejuvenation, and botulinum toxin were performed.

Market Concentration and Competitive Landscape

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The high prevalence of sports injuries has become a major concern globally which is one of the key factors fueling the growth of platelet rich plasma market. Athletes from all age groups are facing various musculoskeletal injuries during training and competitions which prolongs their recovery time. Platelet rich plasma (PRP) therapy has emerged as an effective alternative for treating ligament tears, muscle strains and other sports-related injuries. PRP helps in faster healing of the injured tissue by concentrating platelets from the patient's own blood which secrete growth factors. For instance, according to the National High School Sports-Related Injury Surveillance Study 2021-2022, 1,385,717 cases of sport-related injuries were recorded in high schools in the U.S.

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Increasing recommendations by government bodies against the use of PRP is expected to hinder the market growth. For instance, in January 2020, the American College of Rheumatology, in partnership with the Arthritis Foundation, released the 2019 ACR/AF Guideline for the Management of Osteoarthritis of the Hand, Hip and Knee, which did not recommend the use of PRP injections for treatment of hip and knee osteoarthritis. Lack of standardization in the preparation and dosage of autologous blood concentrate and platelet-separation techniques is a major factor hindering the market growth. Lack of standardization has led to the lack of strong evidence to support the increasing clinical use of platelet-rich plasma therapy as a treatment modality for musculoskeletal injuries, including orthopedic bone and soft-tissue injuries.

Market Opportunities – Increasing Research and Development Activities by Key Market Players

Increasing research and development activities for PRP by key market players, in order to expand their product portfolio is expected to drive the market growth over the forecast period. For instance, in June 2022, a research article published in the Journal of Skin and Steam Cells, where researchers found that under sterile conditions, platelet rich plasma preparation and administration protocol reduced the prevalence of further contamination and complications associated with it. The occurrence of infection after injection was zero, even in patients with hemophilia. When carried out under controlled circumstances, platelet rich plasma therapy is effective for treating a wide range of etiologies and involves both intra-articular and soft tissue operations with no danger of infection.

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The type segment includes Pure PRP, Leukocyte rich PRP, Pure PRF, and Leukocyte rich PRF. The Pure PRP sub-segment is estimated to hold 46.9% of the market share in 2024 owing to its purity and proven effectiveness. Pure PRP isolates only the platelet fraction to obtain a highly concentrated preparation without any additional blood components. This purity allows Pure PRP treatments to specifically and precisely target injured or degenerative tissues by delivering an optimal dose of growth factors locally. Numerous clinical studies have validated the superior healing outcomes of Pure PRP across various therapeutic areas such as orthopedic injuries, dental/oral procedures, and dermal rejuvenation due to its well-defined composition. In comparison, other types involving additional blood components cannot replicate the focused regenerative actions of growth factors from Pure PRP. Additionally, being devoid of leukocytes, Pure PRP minimizes any inflammatory reactions at the treatment site. Its simplicity of preparation and administration have also fueled Pure PRP's widespread adoption among healthcare practitioners.

Insights, By Origin: Autologous Origin Fosters Safety and Customized Efficacy

The origin segment includes autologous, allogenic, and homologues. The autologous sub-segment is estimated to hold 37.4% of the market share in 2024 owing to its safety and ability to tailor treatment outcomes. With Autologous PRP, a patient's own blood is used to prepare the platelet concentrate, eliminating any risks of disease transmission or immunological rejection. This autologous nature confers a superior safety profile valuable for treating various medical conditions. Furthermore, using a patient's own blood takes into account their individual biological characteristics as well as the specific requirements of the condition being addressed. Customizing PRP compositions precisely to each patient enables optimizing the therapeutic effects and clinical outcomes. Such personalized care has set the benchmark for regenerative therapies with platelet rich plasma. In contrast, allogeneic and homologous preparations face challenges in replicating these advantages due to inter-individual variability in therapeutic responses.

Insights, Application: High Prevalence of Musculoskeletal Disorders and Sports Injuries

The application segment includes neurosurgery, cosmetic surgery, orthopedic surgery, general surgery, and others. The orthopedic surgery sub-segment is estimated to hold 44.7% of the market share in 2024 due to the high prevalence of musculoskeletal disorders and sports injuries. Common orthopedic issues such as tendinopathies, ligament/muscle tears, arthritis, and bone defects are increasingly addressed with PRP therapy. These pathologies afflict people of all ages but have particular relevance among physically active populations and older demographics prone to degeneration. Additionally, the prominence and growth of contact/extreme sports have resulted in a surge in orthopedic trauma cases treatable with PRP's regenerative properties. Rising healthcare expenditures on joint replacements and reconstructive surgeries have also promoted interest in PRP as a lower-cost alternative or adjuvant. Successful outcomes from case studies and clinical evidence continue to support widespread orthopedic applications of platelet rich plasma.

Regional Insights

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North America remains the dominant region in the global platelet rich plasma market and is estimated to hold 36.8% of the market share in 2024. The presence of major market players along with advanced healthcare infrastructure and increasing adoption of platelet rich plasma therapy for various therapeutic areas such as orthopedic surgery are some key factors contributing to its large market size. The U.S. accounts for the major share due to growing inclination towards non-surgical treatment options and highly developed healthcare system.

Asia Pacific is recognized as the fastest growing regional market for platelet rich plasma. The rising medical tourism industry coupled with improving access to advanced treatment options is supporting the market growth. Furthermore, growing geriatric population suffering from orthopedic disorders and chronic injuries has increased the demand for effective therapies like platelet rich plasma. Countries like China and India are emerging as lucrative markets because of increasing healthcare spending by both public and private players. Additionally, lack of stringent regulatory policies has encouraged domestic players to enter the market. The platelet rich plasma market in Asia Pacific is also gaining from growing exports from various countries. This is encouraging international companies to expand their regional presence and collaborate with local players. Large patient pool and rising awareness about newer technologies make Asia Pacific an attractive market. Lower manufacturing and marketing costs compared to developed markets further strengthens its position as fastest developing regional segment for platelet rich plasma over the forecast period.

Market Report Scope

Key Developments

• In December 2023, Hairline International Hair and Skin Clinic, the hair clinic, announced the launch of an advanced hair regeneration therapy called Sonicated PRP, based on groundbreaking research utilizing platelet-rich plasma (PRP). The cutting-edge treatment, aims to revolutionize hair follicle activation and regeneration.
• In January 2023, RegenOrthoSport, an orthopedic clinic, in Mumbai, Maharashtra, announced that it had received an approval from the National Ethics Committee Registry for Biomedical and Health Research (NECRBHR), under the Ministry of Health and Family Welfare for the use of Autologous Bone Marrow Aspirate Concentrate (BMAC) and Platelet Rich Plasma (PRP) on patients affected with musculoskeletal disorders
• In May, 2022, Ester Medical, a pharmaceutical company announced that it had signed an agreement with Aesthetic Management for exclusive long-term marketing and distribution of Eclipse PRP and Tropocells in the U.S. market.
• In March 2020, EmCyte Corporation, a manufacturer of medical devices announced the acquisition of all of the assets of Cellmedix Holdings, a biotechnology company, including its Centrepid Platelet Concentrator system. EmCyte’s acquisition of Cellmedix Holdings LLC’s (Cellmedix) assets could expands its intellectual property profile and product development capabilities.

*Definition: Platelet-rich plasma (PRP), also called platelet enriched plasma or platelet gel, is a blood plasma product, which contains elevated level of platelets and growth factors (at least four to ten times) than normal blood concentration. An increased blood plasma concentration accentuates the injury healing process by releasing high amount of growth factors at the injury site. Some of the main benefits of injecting PRP are that they may reduce the need for anti-inflammatory drugs or more potent drugs such as opioids.

Market Segmentation

•  Type Insights (Revenue, USD Mn, 2019 - 2031)
  • Pure PRP
  • Leukocyte rich PRP
  • Pure PRF
  • Leukocyte rich PRF
•  Origin Insights (Revenue, USD Mn, 2019 - 2031)
  • Autologous
  • Allogenic
  • Homologues
•  Application Insights (Revenue, USD Mn, 2019 - 2031)
  • Neurosurgery
  • Cosmetic Surgery
  • Orthopedic Surgery
  • General Surgery
  • Others
• Regional Insights (Revenue, USD Mn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Arthrex, Inc.
  • Ester Medical
  • Zimmer Biomet
  • Terumo Corporation
  • Glofinn Oy
  • Medira Ltd.
  • Regen Lab S.A.
  • CollPlant
  • Generex Biotechnology Corporation
  • Estar Technologies Ltd.
  • Cesca Therapeutics, Inc.
  • Arteriocyte Medical Systems
  • Harvest Technologies Corp.
  • EmCyte Corporation
  • T-Biotechnology Ltd.
  • Isto Biologics