Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Platelet Rich Plasma Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, March 22, 2021 (GLOBE NEWSWIRE) -- The Global Platelet Rich Plasma Market is expected to grow at a CAGR of around 12.1% from 2020 to 2027 and reach the market value of over US$ 983.8 Mn by 2027.
The global platelet-rich plasma market is estimated to exhibit the fastest growth over the forecast period from 2020 to 2027. The increasing application in various medical procedures is the primary factor supporting the market growth. PRP is gaining potential growth in cosmetic surgery and plastic surgeons and dermatologists are utilizing the natural healing properties of the platelets in order to enhance the appearance and overall health of the skin. Additionally, the PRP is also a potential growth factor in facial rejuvenation.
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The global platelet-rich plasma market is segmented across type, origin, application, end-user, and geography. On the basis of type, the market is bifurcated into pure platelet-rich plasma, leukocyte platelet-rich plasma, pure platelet-rich fibrin, and leukocyte platelet-rich fibrin. Based on origin, the market is divided into autologous platelet-rich plasma, allogeneic platelet-rich plasma, and homologous platelet-rich plasma. Platelet-rich plasma has application across cosmetic surgery, orthopedic surgery, ophthalmic surgery, dentistry, cardiac surgery, neurosurgery, and other indications. Additionally, the end-user of platelet-rich plasma include hospitals, clinics (orthopedic clinics, ophthalmic clinics, cosmetic/dermatology/trichology clinics), physician's office/private practice, and academic & research institutes.
North America is leading the market with maximum revenue share (%) and the region is gaining growth on account of its major economies. The presence of major players in the region like APEX Biologix, EmCyte Corporation, Arthrex, Inc, Celling BioSciences, Stryker Corporation, Dr. PRP America, LLC, DePuy Synthes, and others are majorly supporting the regional market value. The high demand for PRP in the US and Canada as the countries have high-income population base which is propelling the regional market value.
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Furthermore, Asia Pacific is anticipated to experience the fastest growth over the estimated timeframe from 2020 to 2027. The rapidly developing economies of the region are primarily contributing to the regional market growth. The increasing expenditure in the healthcare sector, the rising prevalence of surgical procedures, and the increasing focus of major manufacturers in the region are further increasing the regional market value.
Some of the leading competitors are APEX Biologix, Arthrex, Inc., Celling BioSciences, Dr. PRP America, LLC, EmCyte Corporation, Glofinn Oy, Johnson & Johnson (DePuy Synthes), Juventix, Stryker Corporation, T-Biotechnology (T-LAB), Terumo BCT, Inc., and Zimmer Biomet. The major players are continuously involved in strategic development activities including mergers and acquisitions, new product development, and partnerships and collaborations in order to expand their offerings and market share.
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Some of the key observations regarding the platelet rich plasma industry include:
- According to the American Academy of Orthopedic Surgeons, very few insurance plans provide reimbursement for any PRP injections. As well, the cost also differs from location to location and on the basis of how injections are used. Additionally, some of the estimates show the cost of the treatment. For instance, according to the ABC News 7 estimates, San Francisco reports PRP treatments for hair loss cost $900 for one treatment and $2,500 for a set of three treatments. As per the Washington Post estimates, knee injections of PRP can cost anywhere from $500 to $1,200 per treatment.
- Aesthetics Biomedical Inc. has announced additional scientific findings for its patented skincare product, SoME Skincare in February 2021. SoME skincare is the first in its class, utilizing personalized autologous platelet-rich plasma (PRP) in a topical skincare product for ninety (90) days of home use.
- In 2020, EmCyte has completed the acquisition of Cellmedix Holdings LLC. The strategic acquisition includes the proprietary product system named Centrepid Platelet Concentrator. Additionally, this acquisition expands the product portfolio of EmCyte as well as the company’s intellectual property profile.
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