Platelet-rich Plasma Market: Introduction
According to the report, the global platelet-rich plasma market was valued at ~US$ 248 Mn in 2019. The market is projected to expand at a higher CAGR from 2022 to 2030. Plasma is a component of blood, which contains blood cells and promotes blood clotting that helps wounds of the body to heal. Furthermore, as per research, injecting high concentration of platelets in damaged tissue or inflammation is likely to enhance their healing process. Platelet-rich plasma is extensively utilized in hair growth, tissue healing, reducing inflammation.
North America dominated the global platelet-rich plasma market in 2019, followed by Europe and Asia Pacific. North America’s dominance can be ascribed to the growing awareness about the platelet-rich plasma treatment; adoption of PRP in orthopedic, cosmetic surgeries; healthcare investments; growing research & development; and approval of USFDA for fewer PRP therapies.
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Rise in Awareness about Platelet-rich Plasma Therapies to Drive Global Market
The revolutionary platelet-rich plasma treatment for hair growth is the ultimate breakthrough in hair treatment. Earlier, awareness about advantages and applications of PRP & stem cell therapy was limited to research laboratories. However, demand for the therapy has increased due to rise in awareness about it among people. The PRP therapy offers several advantages over conventional treatments for alopecia, orthopedic injuries, cosmetic surgeries, and other conditions. Increased awareness has been driving the demand for PRP therapy over the past few years in Japan, India, Brazil, and Russia and developed regions such as North America and Europe. Several programs have been conducted to spread awareness about PRP therapies to educate the population on the ethical aspects of the field. The use of the PRP therapy for hair treatment gained popularity and is widely accepted as an efficient therapy by physicians.
Every October, the global stem cell community comes together to promote appreciation and understanding of stem cell research on Stem Cell Awareness Day. Additionally, every first Saturday of August, World Alopecia Community Inc. celebrates the International Alopecia Day around the world. September is observed as the National Alopecia Awareness month across the world. During the month, organizations, such as Alopecia UK and National Alopecia Areata Foundation aim to increase awareness about the treatment of autoimmune hair loss disorder, alopecia. Moreover, private players actively promote the advantages of treatment of alopecia with the stem cell therapy across the globe.
In June 2018, Advanced Hair Studio, a leading U.S.-based hair restoration company offering stem cell and PRP therapy conducted a hair wellness awareness campaign in Pune, India, to promote new treatment procedures for hair loss.
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Platelet-rich Plasma Market: Prominent Regions
In terms of region, the global platelet-rich plasma market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global platelet-rich plasma market in 2019, followed by Europe and Asia Pacific. High rate of adoption of advanced products and rise in market penetration of new market entrants with novel technology are likely to boost the platelet-rich plasma market in North America. Technological advancements, developed infrastructure, and increase in disease prevalence across countries in the region are anticipated to propel the platelet-rich plasma market during the forecast period.
The platelet-rich plasma market in Asia Pacific is anticipated to expand at a high CAGR from 2022 to 2030. The expansion of the platelet-rich plasma market in the region can be ascribed to the increase in healthcare expenditure, rise in focus of key players on emerging regions, growth in geriatric population, and countries, such as Singapore, Malaysia, Sri Lanka, and South Korea providing efficient and smart PRP therapies to the increasing patient burden. These factors are also anticipated to propel the market in the region.
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Product Launch, Mergers & Acquisitions, and Innovation by Key Players to Drive Global Market
The global platelet-rich plasma market is consolidated in terms of number of players. The market is dominated by key players that focus on innovative product offerings, robust & strong geographic presence, strategies for expansion of product portfolio, and adoption of technological advancements in the market. Key players include Zimmer Biomet Holdings, Inc., AdiStem Ltd, ISTO Biologics, ThermoGenesis Holdings, Inc., Stryker, Exactech, Inc., EmCyte Corporation, Regen Lab, Arthrex, Inc., and DePuy Synthes Companies (Johnson & Johnson).
In Feb 2018, Zimmer Biomet published positive results from the PROGRESS clinical trial phase II of the autologous protein solution with nSTRIDE APS Kit for the treatment of knee osteoarthritis. For instance, AdiStem Ltd. owns proprietary rights of various technologies for isolation and processing of PRP and stem cells. Major technologies patented by AdiStem Ltd. include AdiLight-2 PRP PhotoActivation technology, Adipose-derived Adult Stem Cells technology, and Adiceuticals.
In November 2022, Stryker Corporation completed acquisition of the Wright Medical Group NV, a medical device company, which focuses on extremities and biologics. This acquisition provides significant opportunities in offering innovation to patients.
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