Pune, India, Nov. 10, 2021 (GLOBE NEWSWIRE) -- The global platelet rich plasma market is set to grow on account of increase in the occurrence of orthopedic and sports injuries. Key insights have been shared by Fortune Business Insights in its report, titled “Platelet Rich Plasma Market Size, Share and Global Trend by Origin (Allogeneic, Autologous, Homologous), By Type (Pure PRP, Leukocyte rich PRP, Leukocyte rich fibrin), By Application (Orthopaedic surgery, Cosmetic surgery, General surgery, Neurosurgery, Others), And Geography Forecast Till 2026”.
The reports analyses the different factors influencing the growth of this market during the forecast period. Plasma is a part of blood that contains proteins that help in clotting of blood and support cell growth. Platelet-rich plasma is a substance that is injected into the body to accelerate healing. The basic idea is to stimulate the body to grow new and healthy cells by injecting the platelet-rich plasma into it. Cases where platelet-rich plasma injections are used include hair growth, tendon injuries, osteoarthritis, and post-surgical repair. It has also been applied to reduce inflammation and promote tissue healing.
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Increase in Demand for Cosmetic Surgeries to Aid Growth in the Market
The global platelet rich plasma market is set to experience rapid growth owing to the rise in demand for cosmetic surgeries in the forecast period. This is expected mainly due to the potential held by platelet-rich plasma in catalyzing the healing process of tissues.
The significance of the technology is also rising in post-surgical repair processes involved in treating orthopaedic disorders. For example, doctors have met with considerable success after injecting patients with osteoarthritis in the knees. Besides these factors, platelet-rich plasma is finding increasing demand in the treatment of chronic diseases such as cardiovascular and neurovascular diseases.
A similar trend is seen in the global platelet rich plasma market with regard to sports injuries. The market size is expected to expand on account of rising sports injuries and the need for sportspersons to heal quickly. For example, sportsmen like Tiger Woods and Rafael Nadal have been known to use platelet-rich plasma injections to accelerate the healing process.
Thus, large scale applicability of the platelet-rich plasma technology is treating a variety of diseases and injuries is accelerating the growth of the global platelet rich plasma market.
Quality and Cost Issues Hampering the Rise of the Market
While the global platelet rich plasma market is on the threshold of experiencing rapid growth, it has to overcome certain hurdles. These are mainly in the form of high costs platelet-rich plasma therapies and poor quality control of test results.
Moreover, the US Food and Drug Administration has not yet approved of the platelet-rich plasma treatments. Such hindrances are hampering the smooth rise of the global platelet rich plasma market.
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Stiff Competition in This Nascent Market
Competition in the global platelet rich plasma market has come to be characterised by mergers and acquisitions, and innovations. For example, the US-based Regenexx acquired another US-based company, Harbour View Medical Services, in 2017. In terms of innovation, the market players are getting fiercer. This was seen in 2016 when Alliance Partners received FDA approval for their Cyclone Platelet Rich Plasma (PRP) Concentrating System. Competition driven by innovation and diversification of product portfolios through mergers and acquisitions is expected to aid the growth of the global platelet rich plasma market in the forecast period.
Some of the key market players identified by Fortune Business Insights are mostly from America. These include ISTO Biologics, Stryker Corporation, Zimmer Biomet, Arthrex, Inc., Nuo Therapeutics, among others.
North America to Make the Largest Contribution to the Market
The global platelet rich plasma market to rise on the shoulders of North America as the region is slated to hold the top position in terms of market share in the forecast period. High prevalence of sports injuries and orthopaedic surgeries coupled with high demand for cosmetic treatments are the factors that are expected to drive the market. In terms of CAGR, Asia-Pacific, primarily India and China, are anticipated to widen the market base. Main reasons identified for Asia-Pacific are the rising percentage of the population having rheumatology disorders. Added to this is the increasing demand of cosmetic surgeries and growing instances of sports injuries.
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