Orthopaedics leading now; dermatology and Cosmetic Surgery to Stimulate the Platelet Rich Plasma Market
As per a report published on XploreMR, the platelet rich plasma market is all set to witness a double-digit CAGR between 2020 and 2030. This could be attributed to usage of platelet rich plasma (PRP) in cosmetic surgery, ophthalmology, neurosurgery, and orthopaedics. PRP injection is looked upon as the safest medication as the possibility of allergic reactions or infections is ruled out. This is because the patient’s own blood is being used in the healing process.
The growing orthopaedic ailments combined with geriatric population increasing at an alarming rate are expected to catalyse the platelet rich plasma market. Close to 1.5 Mn individual’s contract osteoporotic-related fracture every single year – says the National Center for Biotechnology Information. As of now, PRP is capable of addressing several orthopaedic issues pertaining to wrist, elbow, ankle, back, knee, hip and shoulder. These factors are expected to drive the platelet rich plasma market in the forecast period (2020-2030).
Let’s be Insightful
“Pure PRP” holds the largest market share owing to its capability of eliminating neutrophils and RBCs. It is a known fact that neutrophils are devoid of therapeutic effect. Also, they do contain inflammatory components that are likely of increasing post-treatment pain.
The future herein is anticipated to belong to leukocyte-rich fibrin. It is reported to enhance the healing response and reduce recovery time. Also, the containment of natural healing proteins in leukocyte-rich fibrin facilitates bone regeneration.
Dermatology and cosmetic surgery are expected to draw greater attention in the forecast period. When it’s about facial rejuvenation processes, plasma therapy comes into picture. It is amongst the most sought-after procedures that do not involve surgery of any kind. As such, the individual’s own blood gets used for stimulating cell growth and enhancing skin texture, complexion, and restoring the lost facial volume.
From the Geographical Perspective
North America dominates the platelet rich plasma market. Broadening application in therapeutics along with an ever-increasing population contracting orthopaedic ailments hold the responsibility of North America getting there. Also, North America houses significant players in PRP market. Europe is also doing well, with PRP being deployed extensively to cater to the population aged 65 and above (Europe is amongst the regions housing the highest number of baby boomers).
Besides, Asia Pacific is expected to witness the highest growth between 2020 and 2030, mainly because countries like India, Thailand, and Korea are witnessing cosmetic surgeries for improvising on facial features. Plus, growing medical tourism industry is expected to drive adoption of PRP herein.
Platelet Rich Plasma Market Constraints
Though North America generates the maximum revenue for plasma rich therapy, the high cost is drawing a wedge between the therapy and patients. For instance – a PRP centrifuge costs between US$ 2,000 and US$ 15,000 (as per capacity). On the analogous grounds, a PRP injection does not cost less than US$ 200. The upper price is US$ 800. Plus, abysmal reimbursement related to platelet rich plasma therapies and products is expected to restrain the market.
Moreover, the outbreak of Covid-19 has diverted the medical personnel towards research regarding preventive/corrective measures to combat Covid-19. However, the year 2021 is expected to bring the market to the normal situation.
Platelet Rich Plasma Market: Competitive Landscape
The key players in the platelet rich plasma market include CSL Ltd., Biotest Aktiengesellschaft, Zimmer Biomet Holdings, Inc., Terumo Medical Corporation, Arthrex, Inc., Johnson & Johnson, and Exatech. Inorganic growth formulae are being applied by the key players to gain a competitive edge over one another. For instance – Cesca Therapeutics, Inc. and Boyalife WSN Ltd., in Aug 2017, did sign a distribution agreement for selling and marketing of the former’s solutions in Phippines, Singapore, India, and China.
XploreMR offers 8-year forecast on the Europe PRP market between 2016 and 2024. In terms of value, the PRP market is expected to register a CAGR of 6.6% during the forecast period. This study demonstrates market dynamics and trends in EU5 and rest of European countries that are expected to influence the current environment and future status of the Europe PRP market over the forecast period.
This XploreMR report examines the PRP market for the period 2016–2024. The primary objective of the report is to offer insights into developments in the PRP market that are significantly helping transform the healthcare industry into a more comprehensive industry.
The Europe PRP market report begins by defining ‘PRP’ and its types. It also lists the various application for PRP therapy. This is followed by an overview of the Europe PRP market. The overview section includes XMR’s analysis of the key trends, drivers, restraints, trends and opportunities that are influencing growth of PRP market currently. Impact analysis of the key growth drivers and restraints based on the weighted average model has also been included in the ‘European Platelet Rich Plasma (PRP) Market’ to better equip customers and readers with country specific trends and insights.
The primary driving factors for the PRP market are significant increase in the number of sports injuries, rising prevalence of musculoskeletal injuries, progressive demographic ageing of the older population and technological advancements in PRP therapy to improve success and recovery rate. Furthermore, increase in demand of PRP therapy in sports injuries and ease in regulatory approvals has also triggered growth of the Europe PRP market.
On the basis of product type, the Europe PRP market is segmented into instruments and kits product type segment. Furthermore, kits product type segment is further sub-segmented into P-PRP kits, L-PRP kits, L-PRF kits and P-PRF kits based on end product type and into autologous - PRP kits, homologous - PRP kits, and allogeneic - PRP kits based on the source of blood. Secondly, the market is also segmented based on application in orthopaedic industry. A detailed analysis of all the categories of application has been provided in terms of market size, Y-o-Y growth rate, absolute $ opportunity and BPS analysis.
The next section of the report highlights the PRP market by country. It provides the market outlook for 2016–2024 and sets the forecast within the context of the PRP market. The study discusses the key regional trends and contracts contributing to growth of the PRP market in European region, as well as analyses the extent to which the drivers are influencing this market in this region. Key country assessed in this report include the U.K., Germany, France, Italy, Spain and rest of Europe.
The above sections – by product type, application, and country – evaluate the present scenario and growth prospects of the PRP market for the period 2016–2024. We have considered 2015 as the base year and provided data for the forecast period, i.e. 2016–2024.
The forecast presented here assesses the total revenue generated across the PRP market in Europe region over the forecast period. In order to offer an accurate forecast, we started by sizing the current market, which forms the basis of how the PRP market is expected to develop in the future. Given the characteristics of the market, we triangulated the outcome on the basis of three different types of analysis, i.e. by supply side, downstream industry demand and the economic envelope.
It is imperative to note that in an ever-fluctuating European economy, we not only conduct forecasts in terms of CAGR, but also analyse based on key parameters, such as Year-on-Year (Y-o-Y) growth rates, to understand the predictability of the market and to identify the right opportunities in it.
The PRP market segments in terms of products, application and countries are analysed on the basis of their respective Basis Point (BPS) to understand the individual segment’s relative contribution to market growth. This detailed level of information is important for the identification of various key trends in the PRP market.
Another key feature of this report is the analysis of key segments in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical for assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective of the PRP market.
To understand key growth segments, Market Insights developed the PRP market ‘Attractiveness Index’. The resulting index helps providers to identify real market opportunities.
In the final section of the report on the PRP market, the ‘Competitive Landscape’ is included to provide report audiences with a dashboard view, to access the key differentiators among the competitor firms. Key categories of providers covered in the report are instruments and kits. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment in the PRP value chain and the potential players with regard to the same. However, this section also includes market strategies and SWOT analysis of the main players in the market.
Detailed profiles of the medical device companies are also included in the scope of the report to evaluate their long-term and short-term strategies. Key players in the market include Arthrex, Inc., Stryker Corporation, Johnson and Johnsons Ltd, Zimmer Biomet Holdings Inc., Terumo Corporation, Glofinn Oy, Medira Ltd., and Regen Lab S.A.
Key Segments Covered
- Product Type
- Kits BY Type
- Pure Platelet-Rich Plasma (P-PRP)
- Leukocyte-Rich Platelet-Rich Plasma (L-PRP)
- Leukocyte-Platelet-Rich Fibrin (L-PRF)
- Pure Platelet-Rich Fibrin (P-PRF)
- Kits BY Origin
- Autologous Platelet-Rich Plasma
- Homologus Platelet-Rich Plasma
- Allogeneic Platelet-Rich Plasma
- Kits BY Type
- By Application
- Foot and Ankle
Key Countries Covered
- The U.K.
- Rest of Europe
- Arthrex, Inc.
- Stryker Corporation
- Johnson and Johnsons Ltd
- Zimmer Biomet Holdings Inc.
- Terumo Corporation
- Glofinn Oy
- Medira Ltd.
- Regen Lab S.A.
Platelet Rich Plasma (PRP) Market: Increased application of PRP Therapy in Sports Injuries is expected to boost the growth of PRP Market: Europe Industry Analysis and Opportunity Assessment, 2016 - 2024Buy Now
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