Awareness about platelet rich-plasma therapies and technological advancements in the medical devices is expected to bring surge in the platelet rich plasma market. Sports is being adopted worldwide as a major physical activity, and hence people are also experiencing sports injuries. Platelet rich plasma has come up as a new biological tool for fast repair of ligament and tendon damage. Hence, it is in high demand in the sports world. This is a major contributing factor for the expansion of plasma rich platelet market. Researchers has discovered that platelet-rich plasma therapy works by taking an advantage of blood’s natural relieving properties to rebuild muscles, tendons, bones and cartilages. This method is being implemented for treatment in osteoporotic as well as arthritis impairment.
All the above elements propel the platelet rich plasma market at a CAGR (Contributing annual growth rate) 12.0% in between years 2018-2026. According to the report given by Transparency Market Research, the value of platelet rich plasma market will be US 543.5 Mn by the year 2026.
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Innovation in Platelet Rich Plasma Therapies is Opening Door for New Opportunities
Advancements in the therapeutic technology would fasten the treatment process of chronic diseases which include- wound management, cosmetic surgeries, cardiovascular, and neurovascular diseases. The technologies are being developed to integrate platelet-rich therapy with ultrasound to treat several orthopedic disorders.
This method would be implemented worldwide for quick and easy recovery. Hence, companies investing in research and development of the plasma rich platelet technology and applications are expected to witness significant growth opportunities.
Platelet rich plasma application is being used in cosmetic industry as well. It helps in the modification of facial esthetics in short interval because of reduced healing time. Thus, the cosmetic surgery is likely to contribute in the expansion of CAGR during the forecast period i.e. 2018 to 2026.
Awareness in Population is Likely to Boost the Revenue in Platelet Rich Plasma Market
Application of Platelet rich plasma enables minimally invasive surgery. This plays a major role in plastic surgery. It promises a growth in the platelet rich plasma market in North America in the forecast period as 17.5 million cosmetic surgeries were performed in the year 2017. The number of surgeries mentioned previously is 2% more than that performed in the year 2016.
In the year 2017, Asia Pacific, Latin America, North America, Middle East and Africa have altogether contributed to the 40% of global platelet rich plasma market. This is due to high rate of orthopedic disorders, demand for cosmetic surgeries, and PRP system approval by the U.S. FDA and increasing awareness among the population of patients.
Orthopedic disorders and chronic wound have been reported in considerable number in Asia Pacific. This would give rise in platelet rich plasma market in the region. In Europe, there is increase in per capita income and health expenditure. This is a promising factor resulting in surge in the platelet rich plasma market in the region.
Key players in platelet rich plasma market are EmCyte Corporation, ISTO Biologics, Regen Lab SA, AdiStem Ltd. and Cesca Therapeutics.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Platelet-rich Plasma Market (Type - Pure Platelet-rich Plasma, Leukocyte-rich Platelet-rich Plasma, Pure Platelet-rich Fibrin; Origin - Autologous Platelet-rich Plasma, Allogeneic Platelet-rich Plasma, Homologous Platelet-rich Plasma; Application - Orthopedic Surgery, Neurosurgery, Cosmetic Surgery, General Surgery) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”
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