According to Transparency Market Research’s latest report on the platelet-rich plasma market for the historical period 2017–2018 and forecast period 2019–2027, rise in percentage of orthopedic and sports injuries, increase in the number of cosmetic surgical procedures, and surge in adoption about platelet-rich plasma therapies in the treatment of various chronic as well as acute disorders across the globe are anticipated to drive the global platelet-rich plasma market
According to Transparency Market Research’s latest report on the platelet-rich plasma market for the historical period 2017–2018 and forecast period 2019–2027, rise in percentage of orthopedic and sports injuries, increase in the number of cosmetic surgical procedures, and surge in adoption about platelet-rich plasma therapies in the treatment of various chronic as well as acute disorders across the globe are anticipated to drive the global platelet-rich plasma market
According to the report, the global platelet-rich plasma market was valued at US$ 219.3 Mn in 2018 and is projected to expand at a CAGR of 11.4 % from 2019 to 2027.
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Increasing Incidence of Orthopedic and Sports Injuries expected to propel the market: A Key Driver
- Increase in the number of orthopedic patients globally is considered a major factor fueling the growth of the global platelet-rich plasma market
- PRP treatment reduces injury healing time in orthopedic diseases from four to six months to three to five weeks with surgery. Such sharp reduction in the healing period is likely to propel the platelet-rich plasma market during the forecast period.
- According to the Arthritis Foundation, approximately 54 million adults and around 300,000 children had doctor-diagnosed arthritis in 2017. This number is projected to reach 67 million by 2030.
- According to the International Osteoporosis Foundation, globally, one in three women, aged 50 years and above, is likely to suffer from osteoporotic fracture. The ratio is one in five for men.
- Hence, high prevalence of orthopedic diseases, coupled with increasing preference for PRP therapy, is a key factor contributing to the growth of the global platelet-rich plasma market
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Technological Advancements and Regulatory Approvals for New Devices to drive the Global Platelet-rich Plasma Market
Rising disease awareness through promotional activities
Market players are striving to bring innovative and technologically advanced products and equipment into the market due to the gradual increase in demand for platelet-rich plasma products
- The U.S. FDA approved the Centrepid Platelet Concentrator (PC) Kit (Cellmedix Holdings, LLC) in July 2014, the PEAK PRP System (registered with DePuy Synthes, Inc. and developed by Royal DSM), and the SmartPrep 2 PRP System (Harvest Technologies) in March 2014
- PEAK PRP System (DePuy) prepares highly concentrated 3 ml of PRP from 27 ml of whole blood in only two and half minutes, compared to 20 minutes to 30 minutes taken by competitor devices
- In October 2014, the Cytomedix re-launched its AutoGel chronic wound care system under the brand name, Aurix System
New application areas (hair restoration treatment, vampire facelift, and erectile dysfunction) of PRP are being developed. This is expected to boost the growth of the global platelet-rich plasma market during the forecast period.
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High Cost of Products and Therapy to Hamper Market
- The average price of PRP injections starts from US$ 200 to US$ 800, based on the application area. In addition, treatment of chronic diseases/injuries requires a minimum of three to six injections, which increases the overall cost of the treatment.
- Similarly, the average price of PRP centrifuge is around US$ 2,000 to US$ 15,000 (varies according to capacity and other parameters) and PRP kit is around US$ 25 to US$ 200 (single use kit).
- High cost of treatment, combined with limited reimbursement coverage of platelet-rich plasma products and therapies, has restricted the growth of the market.
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Global Platelet-rich Plasma Market: Competitive Landscape
- This report profiles major players in the global platelet-rich plasma market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
Leading players operating in the global platelet-rich plasma market are
- Cesca Therapeutics, Inc.
- AdiStem Ltd.
- DePuy Synthes, Inc.
- Arthrex, Inc
- Zimmer Biomet,
- Exactech, Inc.
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