PLATELET RICH PLASMA MARKET ANALYSIS

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.

Global platelet rich plasma market is estimated to be valued at US$ 442.7 million in 2022 and is expected to exhibit a CAGR of 12.4% during the forecast period (2022-2030).

Figure 1.Global Platelet Rich Plasma Market Share (%), by Application, 2022

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Global Platelet Rich Plasma Market- Drivers

Increase in number of cosmetic surgeries is expected to propel growth of the global platelet rich plasma market over the forecast period. For instance, according to a survey of International Society of Aesthetic Plastic Surgery (ISAPS), 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.

Moreover, high prevalence of sports injuries is also expected to aid in growth of the global platelet rich plasma market over the forecast period. 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.

Figure 2.Global Platelet Rich Plasma Market Share (%), by Region, 2022

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Global Platelet Rich Plasma Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting production and demand of drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, faced problems with regard to the transportation of drugs and vaccines from one place to another.

However, the COVID-19 pandemic had a positive impact on the global platelet rich plasma market. For instance, on August 1, 2021 a phase 3 clinical trial sponsored by Centre Hospitalar Universities Saint Pierre, results showed that Olfactory dysfunction (OD) is a well know symptom of coronavirus disease that platelet rich plasma in the olfactory cleft increases the olfactory threshold one month after injection and platelet rich plasma is a safe treatment because no adverse effects were found.

Global Platelet Rich Plasma Market: Key Developments

High prevalence of alopecia is expected to boost growth of the global platelet rich plasma market. For instance, on September 2, 2022, figures from Scandinavian Biolabs states that 95% of male hair loss is caused by androgenetic alopecia, and one in four men will begin to bald before the age of 21. The use of autologous platelet-rich plasma (PRP) has become a common procedure in cosmetic surgery and dermatology to improve hair growth and thickness in patients with androgenetic alopecia.

Increasing and evolving role of platelet rich plasma in plastic surgeries is expected to boost the global platelet rich plasma over the forecast period. For instance, on December 23, 2020, a press release produced by American Society of Plastic Surgeons, stated that treatments using platelet rich plasma show great improvement for harnessing body’s own natural tissue repair process.

Global Platelet Rich Plasma Market: Restraint

High cost of platelet rich plasma products is also expected to hinder growth of the market. The average price of platelet rich plasma injections starts from US$ 200 to US$ 800, based on its application areas. In addition, treatment of chronic diseases/injuries requires minimum three to six injections, which increases the overall cost of the treatment. Similarly, according to Coastal Orthopedics platelet rich plasma therapy for muscle or tendon injury will cost US$1400 (US$700 per injection).

Global Platelet Rich Plasma Market- Key Players

Major players operating in the global platelet rich plasma market include Arthrex, Inc., Stryker Corporation, Johnson and Johnsons Ltd., Zimmer Biomet Holdings Inc., Terumo Corporation, Glofinn Oy, Medira Ltd., Regen Lab S.A., CollPlant, Generex Biotechnology Corporation, Estar Technologies Ltd., Dr. PRP America, Cesca Therapeutics, Inc., Arteriocyte Medical Systems, Harvest Technologies Corp.