Platelet rich plasma Market Overview
Platelet rich plasma is a part of the plasma fraction of analogous blood, which have platelet concentration more than standard concentration. Platelets contain bio proteins which help in tissue regeneration, healing, and blood loss. Platelet rich plasma have three proteins, fibrin, fibronectin, and vitronectin that acts as cell adhesive molecules. The use of platelet rich plasma therapy is largely raised after 2009 due to its wide applications and no side effects. Platelet rich plasma is used for the treatment of joints, muscle, injured tendons and ligaments. Use of PRP therapy on patients with low back pain helps them to recover. It is also hugely used for the treatment for baldness, as PRP treatment increase the blood flow by supporting the hair growth.
Global Platelet Rich Plasma Market is valued at USD 179 million in 2016 and projected to grow at a CAGR of 8.02 percent to reach USD 295 million by 2021.
PRP treatment is accepted worldwide due to no side effects. PRP therapy can be used for various procedures such as orthopedics, cosmetic surgery and pain reliving treatment. Leukocyte rich PRP treatment has observed to show the huge growth, as it affects the growth of tissues, which helps in the treatment of soft tissue defects of human body in future. Orthopedics segment occupies the largest share in PRP market, as PRP helps in the treatment of various orthopedic disorders, such as knee osteoarthritis, achilles tendinopathy, and rotator cuff tears.
Drivers and Restraints:
Increased usage of platelet rich plasma therapy in therapeutic areas, increased number of surgical procedures, rising incidences of sports surgeries are acting as major factors for the development of the global platelet rich plasma market. However, there are certain restraints restricting the market growth such as weak reimbursement policies, volatile prices of platelet rich plasma therapy, etc.
The global platelet rich plasma market is divided into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America is leading the platelet rich plasma market due to improvements in healthcare facilities and technology. Growth in cosmetic surgery, orthopedic surgeries, and sports injuries will help the growth of platelet rich plasma market in this region. In 2015, around 15.9 million cosmetic procedures are done in the U.S. According to Stop Sports Injuries report, there are around 2 million sports injuries takes place in high school athletes and more than 3.5 million kids under 14 years receive treatment for sports injury in the U.S. Europe is the second largest market for platelet rich plasma treatment. The increase in demand for cosmetic procedures across the economies is expected to boost the PRP treatment market. Asia Pacific is the third largest growing market for PRP and this region has shown tremendous growth from past few years due to increase in geriatric population and demand for advanced cosmetic surgeries. According to the World Economic Forum, it is predicted that geriatric population will be more than 2 billion by 2050.
Key players operating the platelet rich plasma market include Harvest Technologies Corporation, Biomet Inc., Arthrex Inc., Arteriocyte Medical systems, Dr. PRP America LLC, EmCyte Corporation, Regen Lab Sa, Exactech Inc., and Cesca Therapeutics Inc. Harvest Technologies Corporation, Arthrex Inc., and Biomet Inc.
Scope of the report:
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