The US is projected to lead the platelet-rich plasma market due to increasing cosmetic surgeries, with a 6% CAGR expected through 2031.
In a recent market survey, ESOMAR-certified consulting firm Future Market Insights (FMI) forecasts an impressive growth outlook for the platelet-rich plasma (PRP) market. The market valuation reached US$ 370.78 Mn in 2021 and is poised to expand at a 6% CAGR through 2031. Growth registered in the platelet-rich plasma market is attributable to increasing applications of PRPs in various procedures such as cosmetic, orthopedic, neurological, and maxillofacial treatments. Increasing awareness regarding the advantages of platelet-rich plasma in wound healing and tissue regeneration will further propel sales in the market.
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PRP is being widely used in cosmetic surgeries aimed at improving facial structure and aesthetics, such as skin texture, and color. In addition, PRP is gaining wide acceptance as a key ingredient used in microneedling, botox treatments, acne scar removal, and laser treatments, which is spurring demand in the market.
Besides this, usage of PRPs in orthopedic treatments is fostering market sales, owing to its cost-effectiveness and negligible side effects. PRPs are increasingly finding application in joint pain treatment, cartilage reconstruction, fracture treatments, and other arthritic treatments.
With rising incidence of cosmetic procedures and sports-related injuries in countries including the U.S, the U.K., and Germany, the market is anticipated to garner significant revenue over the forecast period.
Intensive research and development, coupled with the prevalence of leading market players will further augment platelet-rich plasma market growth, with expansion at 12.4% by volume.
Additionally, growing investments in healthcare infrastructure and increasing disposable income will provide tailwinds to platelet-rich plasma sales in counties such as India, China, Brazil, and South Korea, shaping the demand outlook positively.
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“Growing use of platelet-rich plasma in chronic wound healing, cosmetology, and orthopedic procedures, along with product innovations by leading market players will augment market growth in the upcoming years,” says an FMI analyst.
Key Takeaways from Platelet Rich Plasma Market Survey
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Competitive Landscape
Harvest Technologies Corp., Zimmer Biomet Holdings Inc., Arthrex, Inc., Arteriocyte Medical Systems, Inc., Dr. PRP America, Cesca Therapeutics, Inc., and Regen Lab SA are among the prominent players operating in the global platelet-rich plasma market. As per FMI’s analysis, tier-1 players will account for 15-20% of the total market share.
Growth strategies leveraged by top manufacturers of platelet-rich plasma include strategic partnerships, mergers, acquisitions, and collaborations to launch innovative PRP treatment methods in the market. For instance:
More Insights on the Platelet Rich Plasma Market
In its latest report, FMI offers an unbiased analysis of the global platelet-rich plasma market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (pure platelet-rich plasma, leukocyte platelet-rich plasma, leukocyte platelet-rich fibrin), origin type (autologous, homologous, and allogenic), application type (orthopedic surgery, cosmetic surgery, general surgery, neurosurgery and other surgeries including urological, cardiothoracic, periodontal, oral and maxillofacial), and across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.
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The article discusses the growth of the platelet-rich plasma market, particularly in the US, driven by cosmetic surgeries.
The US leads due to the increasing incidence of cosmetic surgeries and advanced healthcare infrastructure.
PRP is used in cosmetic surgeries, orthopedic treatments, and wound healing, among other applications.
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