Platelet-Rich Plasma Uptake Is Poised To Surge At A Staggering 12% CAGR To Surpass US$ 1.5 Bn By 2031

Fact.MR’s recent report projects the global platelet-rich plasma market to surpass a value of around US$ 1.5 Bn by 2031, registering a CAGR of nearly 12%. Growth is spurred by extensive applications across hair fall treatment and treatment of inflammatory disorders due to physical injuries.

Uptake of platelet-rich therapy was equally high in the historical period ranging from 2016 to 2020. As per Fact.MR’s report, the market expanded at over 10% CAGR to top US$ 400 Mn by 2020. Further impetus was received with the onset of COVID-19, as healthcare providers conducted clinical trials to verify the possibility of plasma-based therapy to treat infected patients.

The platelet-rich plasma market remains influenced by its integral use in the healthcare industry, especially in orthopedic surgeries and cosmetic surgeries. Injuries like the rotator cuff, tendon injuries, tennis elbow, and hamstring among others are healed quickly and effectively with the help of platelet-rich plasma therapy.

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Key Takeaways from the Market Study

• Pure platelet-rich plasma kits demand surpassed 50% as of 2020, expected to sustain through 2031
• By application, demand likely to remain strong across orthopedic surgeries, exhibiting a robust 10% CAGR
• Hospitals to dominate the end-user segment through 2031, registering 10% CAGR
• Cosmetic surgery to turn into a lucrative segment, attributed to rising haircare industry
• S to generate high demand, expanding at around 9% CAGR across the forecast period
• The UK to remain the dominating country in Europe, likely to expand at around 8% CAGR
• India likely to exhibit substantial opportunity, approximating a CAGR of 8% through 2031

“Continued onslaught of COVID-19 is anticipated to keep demand for platelet-rich plasma therapy elevated, as healthcare providers strive to discover possible breakthroughs in its applications to eradicate the novel coronavirus,” says the Fact.MR analyst.

Is Platelet-Rich Plasma Therapy an Alternative to Steroid-based Therapy?

Platelet-rich plasma is trending as a quick and effective treatment for orthopedic diseases, neurological diseases, sports injuries, and cardiothoracic diseases.  Companies in the platelet-rich plasma market are becoming aware of the benefits of platelet-rich plasma therapy for back pain.

Interventional pain physicians at the Ohio State University Wexner Medical Center are utilizing platelet-rich plasma (PRP) injections to treat sacroiliac (SI) joint pain and back pain. The treatment has been widely studied and used for knee osteoarthritis and physicians are not using the therapy to treat other joints, particularly in the spine.

Platelet-rich plasma therapy is emerging as an alternative to steroid injections and is contributing towards the growth of the platelet-rich plasma market owing to its long-lasting benefits as compared to steroids.

How is the U.S Emerging as a Promising Hub for Platelet-Rich Plasma Therapy?

The United States is anticipated to dominate the market demand for platelet-rich plasma during the forecast period, experiencing a CAGR of around 9% until 2031.

The U.S Food and Drug Administration oversaw multiple clinical trials regarding the potential of plasma-rich proteins in treating COVID-19, prompting healthcare providers and leading manufacturers to increase PRP therapy uptake.

As per a survey conducted by the Centers for Disease Control and Prevention (CDC), in the United States, about 54.4 million adults (22.7%) are diagnosed with common arthritis, rheumatoid arthritis, and gout, increasing uptake of the treatment.

According to research, around 86,000 athletes are treated with plasma-rich protein therapy in the U.S. annually. Moreover, platelets play an important role in healing wounds and other muscular injuries. This is anticipated to drive the segment over the next few years.

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Competitive Landscape

The market is moderately competitive and is divided into companies that are expected to remain active in the expansion of the global platelet-rich plasma market through 2031. Companies are leveraging strategic collaborative initiatives to increase their market share and profitability. They are also acquiring start-ups working on technologies to strengthen their product capabilities. In addition to this, in February 2020, EmCyte completed the acquisition of Cellmedix Holdings LLC, including all the assets of the U.S.-based company such as the proprietary product system, namely Centrepid Platelet Concentrator.

Players focus on adopting various strategies to expand product offerings and strengthen geographic presence. With the advancement in technology, new players are expected to enter the market.

• For instance, in February 2021, Atlas Health Medical Group announced PRP availability (Platelet Rich Plasma) Microneedling Facelifts to patients.
• In February 2021, Atlas Health Medical Group announced PRP availability (Platelet Rich Plasma) Microneedling Facelifts to patients. In addition to this, in February 2020, EmCyte completed the acquisition of Cellmedix Holdings LLC, including all the assets of the U.S.-based company such as the proprietary product system, namely Centrepid Platelet Concentrator.

Key Market Players:

• Arthrex, Inc.
• Johnson & Johnson
• Zimmer Biomet Holdings, Inc.
• Exactech, Inc.
• Stryker Corporation
• Terumo Medical Corporation
• Biotest Aktiengesellschaft
• CSL Ltd

Key Segments Covered

Product Type

• Platelet-Rich Plasma Instruments
• Pure Platelet-Rich Plasma Kits
• Leucocyte-Rich Platelet-Rich Plasma Kits
• Platelet-Rich Fibrin Kits
• Pure Platelet-Rich Fibrin Kits

Application

• Platelet-Rich Plasma for Orthopedic Surgery
• Platelet-Rich Plasma for Cosmetic Surgery
• Platelet-Rich Plasma for General Surgery
• Platelet-Rich Plasma for Neurosurgery
• Platelet-Rich Plasma for Other Surgeries

End User

• Platelet-Rich Plasma Therapy in Hospitals
• Platelet-Rich Plasma Therapy in Orthopedic Clinics
• Platelet-Rich Plasma Therapy in Dermatology Clinics
• Platelet-Rich Plasma Therapy by Other End Users

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