Platelet Rich Plasma Market Growth, Business Strategy, Product Portfolio, Key Development and Competitive Analysis | Cesca Therapeutics, Inc., DePuy Synthes, Inc. & Exactech Inc.
Platelet rich plasma is obtained through centrifuge operation of blood and is used in the plasma treatment process. It is the combination of body’s self-healing ability and modern technology, wherein, blood of an individual is processed in a centrifuge to separate platelets from other components of blood. These concentrated platelets are then injected in and around the injury to facilitate rapid healing of the injury. The process is gaining popularity in treatment of orthopaedic, and neurological injuries owing to rapid healing and limited risk of allergies and infections. The Global Platelet Rich Plasma Market was valued at US$ 265 Million in 2019 and is anticipated to witness prominent growth owing to rising awareness and increasing healthcare spending across many parts of the word.
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Growing demand for leukocyte rich fibrin platelet rich plasma to drive market demand
The global platelet rich plasma (PRP) market is segmented based on product type, origin, application, and geography. Based on product type, the global platelet rich plasma market is segmented into pure PRP, leukocyte rich PRP, and leukocyte rich fibrin. The pure platelet rich plasma contributed the largest share to the global market in 2019 and is anticipated to grow at a steady compound annual growth rate during the forecast period. Pure platelet rich plasma is obtained from blood by elimination of red blood cells and neutrophils, and these components do not therapeutic effect. Additionally, the red blood cells and neutrophils contain inflammatory components, which might increase post treatment pain. The leukocyte rich fibrin is anticipated to be the fastest growing product type during the forecast period owing to the improved healing response and faster recovery time offered by this type of platelet rich plasma.
Rising awareness regarding benefits of plasma therapy to bolster demand from cosmetic surgery applications
Based on application, the global platelet rich plasma market is segmented into orthopaedic surgery, cosmetic surgery, general surgery, neurosurgery, and others. The orthopaedic surgeries contributed the largest share to the global platelet rich plasma market due to increased orthopaedic disorders across the world. Rising number of musculoskeletal disorders such as tennis elbow, Achilles tendon injuries, rotator cuff. The cosmetic surgery application of platelet rich plasma is anticipated to be the most lucrative segment during the forecast period. The emergence of plasma therapy as a preferred non-surgical process for facial rejuvenation is anticipated to contribute towards the growth of platelet rich plasma in cosmetic surgical applications.
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Based on geography, the global platelet rich plasma market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America contributed the largest share to the global platelet rich plasma market owing to the high consumer awareness regarding the applications and benefits of plasma therapy across the region. Additionally, increasing number of cosmetic surgeries across the United States is anticipated to contribute a prominent share to the global platelet rich plasma throughout the forecast period. Asia Pacific is anticipated to be the most lucrative market during the forecast period owing to expanding application base in China, India, and Japan. Moreover, rising awareness regarding the benefits of plasma therapy, and growing medical tourism across the region is anticipated to be the fuelling factor for platelet rich plasma market during the forecast period.