Platelet Rich Plasma Market Size, Share & Trends Analysis Report By Type (Pure Platelet Rich Plasma, Leukocyte Rich), By Application (Orthopedics, Sports Medicine, Cosmetic Surgery), By End-use, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global platelet rich plasma market size was valued at USD 546.6 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 15.11% from 2022 to 2030. Platelet-rich plasma usage is witnessing growth owing to the increasing participation in sporting events leading to the increasing cases of sports injuries and an upsurge in cosmetic surgery. Increasing research applications of platelet rich plasma (PRP) are also fueling the industry growth. For instance, in 2020, according to the American Society of Plastic Surgeons, a 25% rise in the use of PRP in cosmetics was observed in the last 4 years.

In March 2020, the WHO declared COVID-19 a global pandemic. This outbreak has considerably affected the global market. In response to the COVID-19 outbreak, governments of various countries and states announced protective or preventative actions, such as imposing restrictions. As COVID-19 had reached almost everywhere during the last two weeks of March 2020, its far-reaching consequences were supply chain disruption, constraints in resource allocation, and hindrances in patient treatment activities among other reasons, which resulted in the decline in demand. However, by January 2021, the market stabilized and continued to recover in terms of demand and supply.

In recent years, there has been a spurt in demand for use of platelet-rich plasma in the treatment of sports injuries, orthopedic disorders, and musculoskeletal conditions. It concentrates on growth factors and can significantly improve healing time. Regenerative medicines too have PRP as an important source of custom products for each patient, supporting wound healing and repair cascade.

Platelet-rich plasma has evolved in plastic surgery. It has promising results to utilize the body’s own natural tissue repair process to achieve improved form and function. The characteristics such as ease of use, inexpensive to produce utilizing patient’s cells, and little or no risk of adverse reactions are the major reasons behind the rising adoption of PRP in treatments.

Platelet-rich plasma has multiple utilities in skin rejuvenation, improving skin texture and color, and lighting wrinkles depth. Currently, evidence has shown micro-needling and topical application of PRP in improving collagen production and skin tightening for vampire facials. It has also emerged in application in skin pigmentation disorders and treating acne scars. In hair transplants, PRP can bind to growth factors and elevates the proliferation of human derma papilla cells leading to the formation and maintenance of hair follicles. Thus, PRP has a growing number of uses leading to an increase in market growth.

Wound healing, bone formation of bisphosphonate-based osteonecrosis of the jaw, and soft tissue healing in the alveolar socket after tooth removal are promising results of PRP. Moreover, medicinal factors are anticipated to generate several therapeutic expansion opportunities, thus driving the market in the future.

Type Insights

Pure platelet-rich plasma held the largest revenue share of over 50.0% in 2021 due to its widespread use in the healing process, tissue repair, and regeneration. PRP offers minimum risk and adverse effects due to allergic and immune responses in treatments. It is mostly known for its off-label use and manufacturers are interested to develop different products, which are expected to boost the industry growth.

The leucocyte-rich segment has the potential to grow due to its increasing utility across general surgery, orthopedic, and sports injuries. The segment is expected to expand at a CAGR of 15.65% from 2022 to 2030. Evidence has demonstrated that LR-PRP is effective in bone regeneration and the non-surgical management of knee osteoarthritis, which is anticipated to fuel market growth in the forecast period.

Application Insights

The orthopedics segment has the largest revenue share of over 25.0% in 2021. However, other segments such as dermatology, sports medicine, and ulcer healing are expected to grow at a lucrative CAGR during the forecast period. In comparison to conventional treatments, PRP has favorable results for effective healing in chronic tendon injuries. PRP in orthopedic therapeutics is conveniently used because of improved healing, tissue repair, and regeneration. Moreover, PRP offers long-lasting relief, soft tissue reconstruction, and bone reconstruction, thus leading to market growth.

The sports medicine segment has shown growth because of the autogenous advantage of PRP-based treatment, investigated safety profile, ease of preparation, and reduced cost of preparation. In addition, it fulfills the need for rapid recovery so that sportspersons can return to the field, which fuels the market growth.

The dermatology segment is anticipated to grow at a faster rate during the forecast period owing to cosmetic surgeries and expanding use in ulcer treatment. PRP-based micro-needling in cosmetic procedures has driven market demand and is expected to fuel market growth. In the case of chronic ulcers, treatment with PRP reduces ulcer size and completely heals ulcer wounds.

End-use Insights

Hospitals held the largest revenue share of over 45.0% in 2021. This can be attributed to a rapid expansion of PRP-based therapies in hospitals owing to the increasing new osteoarthritis cases in recent years, high demand for non-surgical management in treatment, and rising hair loss incidences.

Companies such as Focus Technology Co. and Changsha Biomed Supply Co. are supporting by providing the installation of centrifuge systems in hospitals, which further creates lucrative opportunities for industry growth. The others segment is projected to expand at a higher CAGR during the forecast period.

Regional Insights

North America was the largest revenue-generating region with a share of over 40.0% in 2021. This can be attributed to the presence of a large number of manufacturing units interested in developing novel approaches with PRP-based treatments, high procurement at end-users such as hospitals and clinics, and the presence of key market players. Furthermore, regulatory authorities are supporting and granting approvals, which strengthened the market presence. Such activities are expected to contribute to expanding the platelet-rich plasma available in the market and boost growth.

In Europe, Germany held a considerable revenue share in 2021 owing to strong research facilities for platelet-rich plasma. For instance, in 2020, a survey called ‘Working Group for Clinical Tissue Generation’ was studied, which demonstrated the need for PRP preparation Standardization and its application protocols for indications such as knee osteoarthritis. The availability of a large number of manufacturers and service providers in the region will further drive the market.

The Asia Pacific region is expected to be the fastest-growing region during the forecast period due to the rising number of cosmetic surgeries, the growing interest in research and academic institutes, and increasing government support for healthcare developments.

Key Companies & Market Share Insights

Major players are opting for strategies such as geographical expansion, new product launches, partnerships, mergers, and acquisitions in key regions. For example, in February 2020, EmCyteCo. acquired Cellmedix Holdings LLC, along with its Centrepid platelet concentrator system. This expanded the company’s product portfolio and improved its market presence. Some prominent players in the global platelet-rich plasma market include:

• Johnson & Johnson

• Arthrex, Inc.

• EmCyte Corporation

• DR. PRP AMERICA, LLC

• Juventix

• Terumo Corporation

• Zimmer Biomet

• Stryker

• Apex Biologix

• Celling Biosciences

Platelet Rich Plasma Market Report Scope

Global Platelet Rich Plasma Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For the purpose of this report, Grand View Research has segmented the global platelet-rich plasma market report based on type, application, end-use, and region:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Pure Platelet Rich Plasma

  • Leukocyte Rich Platelet Rich Plasma

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Orthopedics

  • Sports Medicine

  • Cosmetic Surgery

  • Dermatology

    • Ulcer Healing

      • Venous Ulcer

      • Traumatic Ulcer

      • Diabetic Ulcer

      • Pyoderma Gangrenosum Ulcer

      • Trophic Ulcer

      • Vasculitic Ulcer

      • Others

    • Others

  • Ophthalmic Surgery

  • Neurosurgery

  • General Surgery

  • Others

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Clinics

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE