Platelets are storage pools of growth factors such as platelet-derived growth factor, transforming growth factor-ß, platelet-derived epidermal growth factor, vascular endothelial growth factor, insulin-like growth factor-1, fibroblastic growth factor and epidermal growth factor. Platelets also contain cytokines and other proteins, which promote wound healing.
The global platelet-rich plasma market is estimated to account for US$ 352.8 Mn in terms of value in 2020 and is expected to reach US$ 780.8 Mn by the end of 2027.
Global Platelet-rich Plasma Market: Drivers
Approval and launch of new products is expected to propel growth of the global platelet-rich plasma market over the forecast period. For instance, in August 2020, Ortho Regenerative Technologies Inc. announced that Ortho-R, a Chitosan-based matrix biopolymer mixed with platelet-rich plasma, is designated as a Drug/Biologic combination product, by the FDA Office for Combination Products.
Global Platelet-rich Plasma Market: Opportunities
R&D in platelet-rich plasma is expected to offer lucrative growth opportunities for players in the global platelet-rich plasma market. For instance, in September 2020, researchers from Victoria University, Australia, reported that leucocyte-rich platelet-rich plasma has a continuous stimulatory anabolic and ergogenic effect on human fibroblast cells.
Global Platelet-rich Plasma Market: Restraints
The reimbursement criteria for the use of platelet-rich plasma therapy in cosmetic surgeries have remained unchanged, as of April 2014. This fact is likely to restrict the use of platelet-rich plasma products for cosmetic surgeries. Such scenario is expected to hinder growth of the global platelet-rich plasma market.
The global platelet-rich plasma market was valued at US$ 314.6 Mn in 2019 and is forecast to reach a value of US$ 780.8 Mn by 2027 at a CAGR of 12.0% between 2020 and 2027. Major factor driving the growth of global platelet rich plasma market during the forecast period include technological advancement, and increasing prevalence of chronic diseases.
Pure PRP held dominant position in the global platelet-rich plasma market in 2019, accounting for 40.9% share in terms of value, followed by Leukocyte rich PRP and Pure PRF, respectively. Increasing use of plasma therapy is expected to support growth of the segment over the forecast period.
Increasing geriatric population is expected to boost growth of the global platelet-rich plasma market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Moreover, increasing adoption of platelet-rich plasma is also expected to boost growth of the global Platelet-rich plasma market. For instance, in August 2019, A-to-Zen Regenerative Medicine in Bellevue, Washington, announced expansion of leading menu of skin rejuvenation treatments with state-of-the-art platelet-rich plasma (PRP) Facials and PRP Facelifts for all-natural, age-defying complexion benefits.
Global Platelet-rich Plasma Market: Competitive Landscape
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, and Estar Technologies Ltd.
Global Platelet-rich Plasma Market: Key Developments
Major players in the global platelet-rich plasma market are focused on adopting M&A strategies to enhance their market share. For instance, in January 2019, Generex Biotechnology Corporation entered into a letter of intent to acquire Medisource Partners, an FDA-registered distributor of medical and surgical products including supplies kits to process bone marrow aspirates and platelet-rich plasma biologics at the time of surgery.
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