The platelet-rich plasma (PRP) market is expected to register a CAGR of approximately 14.2%, over the forecast period. The key factors that are augmenting the growth of the market include rising incidences of sports injuries, an increasing number of cosmetic and surgical procedures, and growing use of platelet-rich plasma in various therapeutic areas.
PRP contains at least seven growth factors, and it can be used for various treatments, such as chronic tendon injuries, acute ligament and muscle injuries, surgery, knee arthritis, fractures, and pain. In orthopedics, the use of PRP is expected to increase over the period. PRP is increasingly being used in the treatment of acute sports injuries, such as muscle injuries. The popularity of PRP is on the rise, but its true effectiveness is yet to be fully established. The PRP is thus widely used in surgery to repair torn knee ligaments, such as the anterior cruciate ligament (ACL). The PRP facilitates the fast healing of the tissue after surgical procedures.
Several research studies are currently being conducted to evaluate the effectiveness of PRP in other treatment areas, such as in the case of herniated disc and hair loss. The use of PRP has grown widely in different therapeutic areas, owing to the increasing availability and ability to enable faster healing.
Additionally, this treatment can reduce the economic costs for standard medical procedures, although it cannot replace certain important conventional therapies.
Key Market Trends
Orthopedics Segment by Application is Expected to Hold the Largest Market Share
According to the US Arthritis Foundation, arthritis is the leading cause of disability among adults in the country. By conservative estimates, about 54 million adults were diagnosed with arthritis and almost 300,000 children were suffering from arthritis or rheumatic condition (as in 2017-18).
Despite not being considered a standard practice, a growing number of people are opting for PRP injections, to treat an expanding list of orthopedic conditions, including osteoarthritis. It is most commonly used for knee osteoarthritis but may be used on other joints as well. While treating osteoarthritis with platelet-rich plasma, a doctor injects PRP directly into the affected joint, in order to reduce pain, improve joint function, and slow, halt, or even repair damage to the cartilage. In such cases, platelet-rich plasma is derived from a sample of the patient's own blood.
Platelet-rich plasma therapy is thus witnessing a significant rise in its popularity and acceptance, for treating arthritis, owing to the fact that it inhibits inflammation, reduces the rate of progression of osteoarthritis, stimulates the formation of new cartilage, increases the production of natural lubricating joint fluid, thus easing painful joint friction, and it also contains proteins that alter a patient's pain receptors and reduces pain sensation. Hence, the aforementioned factors are expected to fuel the growth of the arthritis segment.
North America Dominates the Market and is Expected to Depict Similar Trend Over the Forecast Period
The market growth in the country can be attributed to several factors, including the rise in the prevalence of several disorders, such as arthritis, well-established healthcare infrastructure, better regulatory framework, and government support. As per a survey conducted by the Centers for Disease Control and Prevention (CDC), in the United States, during the study period, as in 2018, about 54.4 million adults (22.7%) were diagnosed with common arthritis, rheumatoid arthritis, and gout.
Moreover, in the country, due to the growing aging population, the prevalence of doctor-diagnosed arthritis is expected to rise significantly, over the forecast period. Osteoarthritis is the most prevalent type of arthritis and affects about 31 million Americans every year.
PRP is also one of the techniques that are very commonly used in cosmetic procedures. Platelet Rich Plasma treatment is the latest anti-aging procedure for enhancing facial shape and adding volume. Hence, all these factors mentioned above are expected to contribute to the growth of the platelet-rich plasma market in the United States.
Some of the key market players include Arthrex, Inc., Cambryn Biologics LLC, China Biologic Products Inc., DePuy Synthes, Dr. PRP USA LLC, EmCyte Corporation, Glofinn Oy, T-Biotechnology, Terumo BCT, Inc., and Zimmer Biomet. With the advancement in technology, new players are expected to enter the market.
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