Global Platelet Rich Plasma (PRP) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Platelet Rich Plasma (PRP) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Platelet Rich Plasma (PRP) is a concentrate of platelet-rich plasma protein derived from whole blood, centrifuged to remove red blood cells. It is a substance which is considered to promote healing after injection.

Market Overview:

The latest research study on the global Platelet Rich Plasma (PRP) market finds that the global Platelet Rich Plasma (PRP) market reached a value of USD 430.06 million in 2022. It’s expected that the market will achieve USD 830.8 million by 2028, exhibiting a CAGR of 11.6% during the forecast period.

Influence of COVID-19 Outbreak on Platelet Rich Plasma (PRP) Industry Development

Platelet-rich plasma (PRP) injection appears as a regenerative medicine to enhance the body's self-healing ability, which may be helpful for further popularization of the market. Due to the lack of antiviral therapy and the fact that plasma therapy is an emergency treatment, the current COVID-19 pandemic further helps to expand the market.
SARS-CoV-2 virus will destroy the normal human immune system and lead to uncontrolled inflammatory reaction. Studies and experiences show that activated platelet-rich plasma (PRP) has anti-inflammatory effect in inflammatory state, which is beneficial to tissue regeneration.

Various manufacturers operating in the plasma therapy market are investing heavily in R&D and clinical trials, hoping to launch antiviral drugs to fight coronavirus. For example, in October 2020, the Japanese company Takeda Pharmaceutical Co., Ltd. recruited the first patient in the world to participate in the clinical trial of COVID-19 plasma therapy after several months' delay in supervision. In some cases, especially in COVID-19 critically ill patients, plasma therapy is regarded as the only hope. Donating plasma from fully recovered patients through plasma exchange, and infusing separated plasma from the whole blood of these patients.

However, during the epidemic, orthopedics and cosmetic surgery declined sharply, which had a great impact on PRP industry to a certain extent, and the decrease of downstream demand may have an adverse impact on the industry.

Manufacturers, business owners, and suppliers of PRP therapy products within all the developed and developing economies were impacted severely due to the increase in the number of patients affected by COVID-19. During the outbreak, low- and middle-income countries faced more challenges due to underdeveloped health infrastructures and restrictions imposed by the authorities on suppliers and industries. The pandemic led to a significant decrease in PRP therapies demand in regenerative medicine and pain management, such as tennis elbow, arthritis, torn ligaments, cosmetic & plastic surgeries, and others. The COVID-19 outbreak severely impacted the countries depend on export and tourism for revenue generation, medical tourism suffered significant losses due to travel restrictions. For instance, according to the Malaysian Health Tourism Council (MHTC), medical tourism in the country reported a decline by 75% in revenues in 2020 ($120 million) compared to 2019. The negative impact on health tourism due to the pandemic resulted in the decrease in the adoption of PRP treatments, decreasing the usage of PRP products.

Increase in downstream applications drives market growth

Humans have been exploring PRP since the last century, and now it can be used in various musculoskeletal repairs, skin and hair aesthetic improvement, and enhanced sexual health, etc., and its clinical effectiveness and value have been extensive Recognition. The wide application of PRP has driven the sales of PRP kits to a certain extent.

Due to an increase in the elderly population, obesity, sports injuries or accidents and injuries, orthopedic cases are increasing worldwide. Osteoarthritis affects more than 30 million adults in the United States and has been proven to be cured by PRP therapy. It is equivalent to sodium hyaluronate in the early stage of treatment, but with time, the application of PRP to relieve pain is better and stable, and the recurrence rate is lower.

In addition, Orthopedic specialists and sports medicine physicians have been using PRP injections to treat patellar, quadriceps, hamstring, bicipital, peroneal, and achilles injuries. The increase in muscle, tendon, joint and other orthopedic diseases has greatly promoted the demand for platelet-rich plasma therapy, which has had a positive impact on the market.

In cosmetic surgery procedures, PRP can be used for beauty. Platelet-rich plasma plays an important role in the healing of body parts/parts that have undergone surgery and also speeds up the healing process. The use of PRP therapy can also find anti-aging results by restoring the collagen layer, reducing fine lines, wrinkles, stretch marks and scars, and tightening the skin.

Many studies have demonstrated PRP as an effective treatment for androgenic alopecia, a common hair disorder affecting 45 percent of men and 35 percent of women over the age of 60. Most showed evidence of hair regrowth after three months.

The principles of PRP therapy can also be used to enhance sexual function or treat sexual disorders. The restoration of blood supply can enhance sensation and have lasting effects for erectile dysfunction in males and for vaginal rejuvenation in females. Due to these factors, the PRP market continues to grow globally.

High growth in cosmetic surgery and dermatology

With the development of economy and society and the change of consumption concept, the public's consumption in cosmetic surgery and dermatology is increasing day by day. Facial repair and appearance improvement procedures have become a huge industry in the world. People are very motivated to invest money in cosmetic surgery, which can help them improve their facial appearance and overall appearance. Platelet-rich plasma uses the patient's own blood to increase the growth of new cells, improve and enhance the skin texture, and restore the lost facial appearance and skin color. As a result of these improvements in facial care, a large global population is investing in cosmetic surgery and dermatology. It is expected that they will achieve considerable income within the predicted time.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

Stryker is one of the major players operating in the Platelet Rich Plasma (PRP) market, holding a share of 7.06% in 2021.

Stryker is one of the world’s leading medical technology companies. The company offers innovative products and services in Orthopaedics, Medical and Surgical, and Neurotechnology and Spine that help improve patient and hospital outcomes.

Terumo BCT, Inc. is a global integrated solution provider in the fields of blood composition, therapeutic blood separation and cell technology.

Segmentation Overview:

Among different product types, P-PRP segment is anticipated to contribute the largest market share in 2028.

P-PRP products are preparations that do not contain leukocytes and low-density fibrin networks. All products in this series can be used as liquid solutions or gels activated by using thrombin or calcium chloride. P-PRP can be injected for muscle/tendon injury, or placed on the wound or suture during the gelation process.

L-PRF products are preparations with leukocytes and with a high-density fibrin network. Similar to the P-PRF, these products only exist in a strongly activated gel form and cannot be injected or used like traditional fibrin glues. However, because of a strong fibrin matrix, they can be handled as solid material for other applications. It has most commonly been used in dentistry and periodontics to stimulate wound healing and bone regeneration.

L-PRP products are preparations with a high concentration of leukocytes and a low-density fibrin network after activation. As with P-PRP, it can be used in liquid solution or activated gel form and can be injected at the site of the injury or placed during gelling on a skin injury or suture. There is controversy over the presence of leukocytes (neutrophils, monocytes, macrophages and lymphocytes) with potentially beneficial or harmful effects on injured tissues. Leukocytes stimulate an immune response against infections and promote chemiotaxis, cell proliferation and differentiation. However, leukocytes also release inflammatory cytokines such as interleukin-1 beta and tumor necrosis factor-alpha, as well as reactive oxygen species, which are suggested to potentially result in adverse effects on treated tissues.

Application Overview:

By application, the Orthopedic Surgery segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Platelet Rich Plasma (PRP) market covered in Chapter 3:

Emcyte Corporation
DrPRP USA LLC
Terumo BCT, Inc.
Exactech
APEX Biologix
T-Biotechnology (T-LAB)
Crown Aesthetics
Stryker
Arthrex
Zimmer Biomet
Eclipse
Selphyl

In Chapter 4 and Chapter 14.2, on the basis of types, the Platelet Rich Plasma (PRP) market from 2018 to 2029 is primarily split into:

P-PRP
L-PRF
L-PRP

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Platelet Rich Plasma (PRP) market from 2018 to 2029 covers:

Orthopedic Surgery
Cosmetic Surgery
General Surgery
Other Surgeries

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)