Platelet Rich Plasma Market is Estimated To Witness High Growth Owing To Surging Demand In Sports Medicine and Treatment Of Orthopedic Disorders

Platelet Rich Plasma Market


The Platelet Rich Plasma Market is estimated to be valued at US$ 2.28 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Platelet rich plasma (PRP) refers to concentrate obtained from the blood containing a higher number of platelets than normal blood. PRP therapy uses concentrated platelet-rich gel injected into injured tissues for faster healing and pain relief. It is increasingly used after surgeries to enhance tissue regeneration, repair of injured muscles, ligaments and tendons. PRP helps stimulate repair of damaged tissues by releasing various growth factors.

Market key trends:
Surging demand from sports medicine and treatment of orthopedic disorders are projected to drive the platelet rich plasma market growth. PRP therapy is commonly used to treat orthopedic conditions such as tennis elbow, rotator cuff injuries, Achilles tendonitis and knee injuries. Athletes are also opting for PRP injections to accelerate post-injury recovery. Growing geriatric population prone to musculoskeletal ailments and rising cases of sports injuries are further expected to boost the market during the forecast period. In addition, increasing insurance coverage for PRP procedures in developed markets like U.S. and Europe is likely to benefit the market. However, high costs associated with the PRP procedure, lack of standard guidelines and limited long-term clinical data are some factors expected to restrain the market growth to some extent.

Porter’s Analysis

Threat of new entrants: The PRP market requires high initial investments in R&D and regulatory approvals which create significant barriers for new entrants.

Bargaining power of buyers: The buyer's bargaining power is moderate as the PRP industry is highly fragmented with the presence of numerous small companies. There are also no substitute products for PRP therapies.

Bargaining power of suppliers: The suppliers have moderate bargaining power due to the availability of alternative raw material suppliers in the market.

Threat of new substitutes: There is a low threat of substitutes since PRP is a minimally-invasive and cost-effective therapy compared to other platelet rich therapies.

Competitive rivalry: The competitive rivalry in the PRP market is high among the established players due to their wide global presence and large product portfolios.

SWOT Analysis

Strengths: High growth potential owing to rising orthopedic and sports medicine applications. Minimally invasive nature and faster recovery time.

Weaknesses: Lack of standard protocols and guidelines. High costs associated with production equipment and maintenance.

Opportunities: Increasing demand in developing countries. Emerging therapeutic applications in wound healing and cosmetic surgeries.

Threats: Safety concerns over long term effects. Stringent regulatory framework. Reimbursement issues in some countries.

Key Takeaways

Global Platelet Rich Plasma Market Demand is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing demand for minimally invasive therapies. The market size for platelet rich plasma in 2023 is estimated to reach US$ 2.28 Bn.

Regional analysis: North America dominates the global PRP market and is expected to grow at a CAGR of 10.5% during the forecast period. This is attributed to factors such as advanced healthcare infrastructure, wide acceptance of innovative technologies, and growing sports injuries in the region. Asia Pacific is anticipated to be the fastest growing market, expanding at a CAGR of 14% during 2023-2030 due to increasing medical tourism, rising orthopedic procedures, and improving healthcare spending.

Key players: Key players operating in the platelet rich plasma market are 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.
 

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