The global platelet-rich plasma market is expected to be valued at US$ 594 million in 2024. For 2023, the CAGR was marked at 10.0%. The market’s progress is projected to be invigorating from 2024 to 2034, with a CAGR of 12.1%. By 2034, the market value is forecast to hit US$ 1.8 billion.
The increasing prevalence of sports injuries, orthopedic diseases, and chronic medical conditions is accelerating the market. PRP therapy is non-invasive and has minimal side effects, making it a preferred treatment option among patients and medical professionals. Furthermore, PRP therapy is a key component of regenerative medicine, which is a rapidly growing field that focuses on using the body’s own healing mechanisms to regenerate damaged tissues and cells.
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The rising awareness of the benefits of this therapy is increasing its demand among developed and emerging economies. Increasing awareness among patients and medical professionals toward PRP therapy for the wound healing process drives its demand among athletes and the elderly. Moreover, PRP therapy has been found to be effective in treating a wide range of chronic conditions, such as osteoarthritis and tendinitis. As the prevalence of these conditions continues to rise, the demand for PRP therapy is also expected to increase.
The availability of advanced technology and equipment for PRP therapy makes the treatment more accessible and affordable to patients. This leads to an increase in patients receiving PRP therapy, contributing to the overall market growth.
The production process needs to be more standardized, resulting in consistent product quality, which is expected to hamper market growth in the forecast period. High treatment costs and restrictive reimbursement regulations hinder market growth.
“Rising prevalence of chronic inflammation and stress granules among older adults spurring the demand for new therapeutics development to enhance life expectancy and protect from SG dysfunction. Therefore, the healthcare experts should focus on providing effective therapy and a better healing process,” Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Platelet-rich Plasma Market
- The platelet-rich plasma market is estimated to register a CAGR of 12.1% with a valuation of US$ 1.8 billion by 2034.
- The pure platelet-rich fibrin (P-PRF) segment is anticipated to dominate the global market by registering a 42.1% share in 2024.
- With an 86.2% share, the autologous platelet-rich plasma is likely to drive the market by 2024.
- Japan is the leading country in the platelet-rich plasma market, with a CAGR of 13% from 2024 to 2034.
- The market of platelet-rich plasma in the United Kingdom is estimated to record a growth of 10.9% through 2034.
- The United Kingdom is the second-leading country in platelet-rich plasma, with an impressive growth of 12.4% through 2034.
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Competitive Landscape:
Various established market participants and new startups attempting to build their presence have been in business for several years. These companies provide a wide range of platelet-rich plasma-related products and services, such as kits and devices, and focus on innovating products to meet the growing demand. Some prominent companies in the market include Harvest Technologies Corp., Zimmer Biomet Holdings Inc., Arthrex, Inc., and Arteriocyte Medical Systems, Inc.
Recent Development:
Zimmer Biomet Holdings Inc., a medical technology company, signed a strategic collaboration with OSSIS, a hip replacement treatment company based in New Zealand, in 2021. The partnership aimed to promote Zimmer Biomet’s patient-specific 3D-printed titanium hip replacement joints throughout Asia.
Key Market Segments:
By Product Type:
- Pure-Platelet-rich Plasma (P-PRP)
- Leukocyte-Platelet-rich Plasma (L-PRP)
- Leukocyte-Platelet-rich Fibrin (L-PRF)
By Origin Type:
- Autologous
- Homologous
- Allogenic
By Application Type:
- Orthopedic Surgery
- Cosmetic Surgery
- General Surgery
- Neurosurgery
- Other Surgeries (Urological, Cardiothoracic, Periodontal, and Oral and Maxillofacial)
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- The Middle East and Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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