by Platelet Rich Plasma (PRP) is an enrichment of platelet-rich plasma that is obtained from whole blood through centrifugation. It contains several growth factors release from platelet alpha granules, known to accelerate healing and reduce inflammation. PRP is used across various medical applications such as orthopedics, dentistry, neurology, ophthalmology, and cosmetic surgeries. The products are used to treat muscoskeletal injuries including tennis elbow, Achilles tendonitis, and plantar fasciitis, among others. PRP helps in tissue regeneration and reduces healing time by releasing growth factors important for cellular communication, growth, and migration.
The global Platelet Rich Plasma Market is estimated to be valued at US$ 2.28 Bn in 2023 and is expected to exhibit a CAGR of 15.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major market trends is growing demand for minimally invasive procedures. PRP therapies are emerging as a safer alternative to medications and surgeries in orthopedics and esthetic applications. For instance, PRP is commonly used for hair regrowth as it aids collagen production and improved blood circulation in the scalp without any side effects. Adoption of such non-surgical methods is rising amongst consumers seeking quick and painless treatment options. This is expected to strongly support market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The platelet rich plasma market requires high initial capital investments for setting up plasma collection centers and related infrastructure which poses a barrier for new companies.
Bargaining power of buyers: Individual buyers have low bargaining power given the specialized nature of platelet rich plasma therapies. However, large hospitals and clinics can negotiate better prices in bulk purchase agreements.
Bargaining power of suppliers: A few major companies dominate the supply of critical equipment required for platelet rich plasma separation kits. This allows them significant influence on prices.
Threat of new substitutes: Alternate therapies like stem cell therapy and hyaluronic acid injections provide competition but do not completely replace the benefits of platelet rich plasma.
Competitive rivalry: The market has the presence of many international and regional players offering similar products. Companies compete based on product quality, reliability, pricing and market reach.
Key Takeaways
The Global Platelet Rich Plasma Market Demand is expected to witness high growth.
Regional analysis: Asia Pacific is projected to be the fastest growing market during the forecast period. Rising medical tourism, growing geriatric population prone to osteoarthritis and increasing healthcare investments are driving the platelet rich plasma market in the region.
Key players: Key players operating in the platelet rich plasma market are Menlo Systems GmbH, Luna Innovations, TOPTICA Photonics AG, Advantest Corporation, Bakman Technologies LLC, Teravil Ltd, Terasense Group Inc., Gentec Electro-optics Inc., HÃœBNER GmbH & Co. KG, Microtech Instruments, Inc., TeraView Limited. Companies are investing in advanced products to consolidate their market shares.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
