Global Platelet-rich Plasma Market to Exhibit Robust 12% Growth through 2031: Fact.MR Study
Published : 30 Jul 2021 Industry: Healthcare
Fact.MR’s recent report projects the global platelet-rich plasma market to surpass a value of around US$ 1.5 Bn by 2031, registering a CAGR of nearly 12%. Growth is spurred by extensive applications across hair fall treatment and treatment of inflammatory disorders due to physical injuries.
Uptake of platelet-rich therapy was equally high in the historical period ranging from 2016 to 2020. As per Fact.MR’s report, the market expanded at over 10% CAGR to top US$ 400 Mn by 2020. Further impetus was received with the onset of COVID-19, as healthcare providers conducted clinical trials to verify the possibility of plasma-based therapy to treat infected patients.
The platelet-rich plasma market remains influenced by its integral use in the healthcare industry, especially in orthopedic surgeries and cosmetic surgeries. Injuries like the rotator cuff, tendon injuries, tennis elbow, and hamstring among others are healed quickly and effectively with the help of platelet-rich plasma therapy.
Key Takeaways from the Market Study
- Pure platelet-rich plasma kits demand surpassed 50% as of 2020, expected to sustain through 2031
- By application, demand likely to remain strong across orthopedic surgeries, exhibiting a robust 10% CAGR
- Hospitals to dominate the end-user segment through 2031, registering 10% CAGR
- Cosmetic surgery to turn into a lucrative segment, attributed to rising haircare industry
- U.S to generate high demand, expanding at around 9% CAGR across the forecast period
- The UK to remain the dominating country in Europe, likely to expand at around 8% CAGR
- India likely to exhibit substantial opportunity, approximating a CAGR of 8% through 2031
“Continued onslaught of COVID-19 is anticipated to keep demand for platelet-rich plasma therapy elevated, as healthcare providers strive to discover possible breakthroughs in its applications to eradicate the novel coronavirus,” says the Fact.MR analyst.
Companies are leveraging strategic collaborative initiatives to increase their market share and profitability. They are also acquiring start-ups working on technologies to strengthen their product capabilities.
- For instance, in February 2021, Atlas Health Medical Group announced PRP availability (Platelet Rich Plasma) Microneedling Facelifts to patients.
- In addition to this, in February 2020, EmCyte completed the acquisition of Cellmedix Holdings LLC, including all the assets of the U.S.-based company such as the proprietary product system, namely Centrepid Platelet Concentrator.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the platelet-rich plasma market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (platelet-rich plasma instruments, pure platelet-rich plasma kits, leucocyte-rich platelet-rich plasma kits and pure platelet-rich fibrin kits), application (orthopedic surgery, cosmetic surgery, general surgery, neurosurgery and other surgeries) and end user (hospitals, orthopedic clinics, dermatology clinics and others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
Fact.MR’s Domain Knowledge on Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant - Healthcare