Platelet rich plasma (PRP) is a portion of the plasma fraction of analogous blood, which contains platelet concentration more than standard concentration. Platelets contains bio proteins that helps in healing, tissue regeneration, and blood loss. Platelet rich plasma protein consists of three proteins, which acts as cell adhesive molecules that are fibrin, fibronectin, and vitronectin. The use of platelet rich plasma therapy is tremendously increased after 2009 due to its wide application and no side effects. Platelet rich plasma is used for the treatment of injured tendons, muscle, joints, and ligaments. Use of PRP therapy on patients with low back pain helps them to recover. It is also widely used for the treatment for baldness, as PRP treatment increase the blood flow. In turn supporting the hair growth.
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PRP treatment is accepted globally due to no side effects. PRP therapy can be used for various procedures, such as cosmetic surgery, orthopedics, and pain reliving treatment. Leukocyte rich PRP treatment has observed to show the highest growth, as it stimulates the growth of tissues, which helps in the treatment of soft tissue defects of human body in future. Orthopedics segment occupies the largest share in PRP market, as PRP helps in the treatment of various orthopedic disorders, such as knee osteoarthritis, achilles tendinopathy, and rotator cuff tears.
Diversified use of platelet rich plasma to fuel the growth of market in near future
Increase in healthcare facilities for geriatric population and sports injuries has boosted the growth of the market. Increasing concern of the young population about the aesthetic appeal has propelled the market growth due to applications of PRP in cosmetic surgery. In 2016, there was increase of around 7% in non-surgical procedures of cosmetic surgery and PRP treatment, which is expected to boost the PRP market in near future.
Emerging economies - major growth engines of the Platelet rich plasma market
The global platelet rich plasma market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America holds a dominant position in platelet rich plasma market due to advances in healthcare facilities and technology. Increase in cosmetic surgery, orthopedic surgeries, and sports injuries will support the growth of platelet rich plasma market in this region. According to the American society of plastic surgeons, in 2015, around 15.9 million cosmetic procedures are done in the U.S. According to Stop Sports Injuries report, there are around 2 million sports injuries takes place in high school athletes and more than 3.5 million kids under 14 years receive treatment for sports injury in the U.S. Europe is the second largest market for platelet rich plasma treatment. The rise in demand for cosmetic procedures across the economies is expected to boost the PRP treatment market. Asia Pacific is the third largest emerging market for PRP and this region has shown tremendous growth from past few years due to rise in geriatric population and demand for advanced cosmetic surgeries. According to the World Economic Forum, it is expected that geriatric population will be more than 2 billion by 2050.
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Key players of platelet rich plasma market
Key players operating the platelet rich plasma market include Harvest Technologies Corporation, Biomet Inc., Arthrex Inc., Arteriocyte Medical systems, Dr. PRP America LLC, EmCyte Corporation, Regen Lab Sa, Exactech Inc., and Cesca Therapeutics Inc. Harvest Technologies Corporation, Arthrex Inc., and Biomet Inc. These are prominent player of the PRP market due to their efficient products and broad distribution network.