The top five players in the global platelet rich plasma (PRP) market account for a share of about 60%. They are: Biomet Inc., Harvest Technologies Corp., Arteriocyte Medical Systems, Arthrex Inc., and Cytomedix, Inc. HarvestTechnologies Corp. holds a dominant position in the market in terms of revenue, by dint of a wide array of quality products it manufactures and also a robust distribution network. Two of its renowned products are SmartPrep PRP System and SmartPrep2 PRP System.
The global market for platelet rich plasma is semi-consolidated, with smaller players going head-to-head with well-entrenched ones. Another reason why the competition is intense is because of the high emphasis on research for the development of new and innovative products and the race to get them approved. The global platelet rich plasma market is expected to reach US$352.795 mn by the end of 2020, registering an impressive CAGR of 11.9% during the forecast period from 2014 to 2020.
Asia Pacific to Grow at Rapid Pace Owing to Increasing Awareness of Products and Medical Tourism
PRP is a concentrated version of blood plasma, encapsulating five to ten times more platelets than found in normal blood plasma. Platelet-rich plasma products are segmented into pure PRP and leukocyte-rich PRP (L-PRP). The pure PRP segment commands the dominant share in the market and is predicted to expand at a strong CAGR of 11.9% in the forecast period from 2014 to 2020, to command over 60% of the market in 2020. This is on account of its ease of application to injuries and ligaments, conventional method to produce PRP, rich concentration of platelets, and limited contamination with RBCs and PPP.
Based on its origin, PRP can be classified as allogenic blood, autologus blood, and homologus blood. Autologus blood is the patient’s own, whereas allogenic blood is that which is gathered from unknown donors. Homologus blood is collected from blood relatives.
Geographically, the global PRP market can be segmented into: Asia Pacific, Europe, North America, and Rest of the World. North America leads the PRP market, followed by Europe on account of a large number of people afflicted by obesity, orthopedic diseases, cardiac and neurological diseases, and the growing popularity of cosmetic surgeries. However, Asia-Pacific is likely to grow at a significant CAGR due to the increasing awareness about PRP products and expanding medical tourism.
Reduced Healing Time in PRP Treatment Leads to its Popularity
PRP treatment slashes injury healing time in orthopedic diseases to three to five weeks from four to six months with surgery. This, along with an increase in the number of orthopedic patients globally, is anticipated to majorly push the PRP market. According to the U.S. Centers for Disease Control and Prevention (CDC), around 67 million would be diagnosed with some form of arthritis by 2030. The rising demand for cosmetic surgeries worldwide is also projected to drive market growth, for PRP therapy finds application in cosmetic surgeries as dermal fillers and substitutes for hyaluronic acid.
Technological advancement in the production of PRP is also another crucial growth driver. “Market players are striving to bring innovative and technologically advanced products and equipment in the market due to the gradual increase in the demand for PRP products. The regulatory approvals from the U.S. FDA, the U.K. MHRA and others and market entry of new devices and technologies are likely to contribute to the growth of PRP therapy in the near future,” says a TMR analyst.
The high cost of PRP products and devices, however, would hobble market growth. As per the analyst of the report, “The average price of PRP injections starts from US$ 200 to US$800, based on its application areas. In addition, the treatment of chronic diseases/injuries requires a minimum of three to six injections, which increases the overall cost of the treatment. Similarly, the average price of PRP centrifuge is around US$2,000 to US$15,000 (varies according to capacity and other parameters) and a PRP kit is around US$25 to US$200 (single use kit). Thus, the high cost of PRP treatment is considered a major restraint on the PRP market.”
The information presented in this review is based on a Transparency Market Research report, titled, “Platelet Rich Plasma Market - Global Industry Analysis, Size, Share, Growth, Trends & Forecast 2014-2020.”
Key Segments of the Platelet Rich Plasma Market
Platelet Rich Plasma Market, by Type
Platelet Rich Plasma Market, by Origin
Platelet Rich Plasma Market, by Application
Platelet Rich Plasma Market, by Geography
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