Platelet rich plasma market is estimated to be valued at USD 550.5 Mn in 2024 and is expected to exhibit a CAGR of 12.5% over the forecast period (2024-2031). Rapid advancement in platelet rich plasma therapies and the development of innovative platelet rich plasma preparation systems are positively impacting the platelet rich plasma market growth. Furthermore, the growing demand for platelet rich plasma in various orthopedic applications such as the treatment of osteoarthritis and musculoskeletal injuries is further fueling the global platelet rich plasma market.
Market Dynamics:
The global platelet rich plasma market is primarily driven by increasing applications of platelet rich plasma in various orthopedic procedures. Platelet rich plasma therapies are widely being used for the treatment of a variety of orthopedic injuries and conditions like osteoarthritis, joint reconstruction, tendon injuries, and chronic wounds. Additionally, continuous innovation in platelet rich plasma preparation systems with improved features is encouraging more physicians to adopt PRP therapies in routine practices. Advanced systems are offering standardized and less time-consuming platelet rich plasma preparation. Major players are focused on developing innovative single-use kits and automation in PRP therapy devices to simplify the process.
Growing Use of Platelet Rich Plasma in Orthopedic Therapies is Driving the Market Growth
Platelet rich plasma (PRP) therapy is increasingly being used for orthopedic applications such as treating tendinopathy, ligament injuries, joint pain, and other musculoskeletal conditions. PRP contains several growth factors that help in cartilage repair, wound healing, and reducing inflammation. With the aging population and rising incidence of degenerative joint diseases, the use of PRP as an alternative treatment method over surgery is growing. PRP therapy offers advantages like faster recovery time, reduced pain, and risks associated with surgery. The positive clinical outcomes of PRP therapy in orthopedic applications are encouraging more patients to opt for it, thereby driving the overall platelet rich plasma market growth.
Increasing Adoption of Platelet Rich Plasma in Aesthetic Procedures is Another Key Growth Driver
PRP is also gaining popularity for its anti-aging effects in aesthetic procedures like hair regrowth, skin rejuvenation, and facial rejuvenation. The high concentration of growth factors in PRP stimulates collagen production and tissue regeneration, reducing signs of aging like wrinkles and tightening loose skin. Non-invasive PRP procedures offer shorter downtime compared to other treatments and most patients see visible improvement in 3-6 months. With rising consumer spending on medical aesthetics, especially non-surgical procedures, the adoption of PRP in cosmetic applications is projected to drive significant growth in the platelet rich plasma market during the forecast period.
High Procedure Costs act as a Significant Market Restraint
While PRP therapy shows promising clinical outcomes, its high costs remain a major restricting factor for widespread adoption. The overall costs include equipment, consumables, specialized technical training, and physician fees. A typical PRP procedure ranges between US$ 500 - US$1500 which may not be reimbursed or covered by many insurance plans, restricting its use among cost-sensitive patients. Additionally, lack of standardized protocols and regulatory approvals in some regions increase the costs further. The high costs negatively impact the affordability of PRP therapy, thereby limiting the market’s growth potential.
Lack of Awareness about Clinical Efficacy Restrains the Market Growth
Despite growing applications, there remains a lack of awareness among patients and even physicians about the clinical efficacy of PRP therapy. This is partly due to insufficient research data, inconsistent protocols, and lack of formal regulatory approvals for various therapeutic indications. Many clinicians still remain skeptical about its benefits compared to traditional treatments like corticosteroid injections or surgery. This lack of awareness and clinical evidence negatively impacts the wider adoption and overall growth of the platelet rich plasma market globally.
Increasing Research on New Applications will Create Growth Opportunities
Ongoing research into expanding the clinical applications of PRP holds significant potential as a market opportunity. Promising areas being explored include cardiac muscle regeneration after myocardial infarction, treatment of neurological conditions, wound healing, dental/maxillofacial applications, and others. Various research studies are also evaluating the benefits of combining PRP with other therapies. Successful research validating PRP’s efficacy in new indications will encourage more clinical adoption and drive market revenues over the long term.
*Link: https://www.coherentmarketinsights.com/market-insight/platelet-rich-plasma-market-936
Key Development
- In December 2023, Hairline International Hair and Skin Clinic, a 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, medical equipment supplier in U.S. for the 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 Corporation’s acquisition of Cellmedix Holdings LLC’s (Cellmedix) assets could expands its intellectual property profile and product development capabilities.
Key Players: 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., and Isto Biologics