An alarming rise in the prevalence of chronic ailments including cardiovascular and neurovascular diseases, orthopedic disorders, general surgery, and wound management has put forth the need for platelet rich plasma treatment. In addition, a significant boost in demand for aesthetic procedures is further propelling the worldwide demand for platelet-rich plasma treatment. With the growing geriatric population and concerns around appearance, minimally invasive cosmetic surgery, facelift, and liposuction are becoming more prominent. Platelet-rich plasma is extensively used in anti-aging, muscle injury, joint injury, stretch marks, traumatic injury, skin rejuvenation, ligament injury, tendon injury, musculoskeletal pain, tennis elbow injury, hair loss, osteoarthritis, and fractures. In this context, the global platelet-rich plasma shall expand significantly.
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Emphasis on Enhancing Physical Appearance Bodes Well for Platelet-Rich Plasma Market
Of late, plasma therapy has become quite popular in cosmetic procedures. Major companies in musculoskeletal disorders are tapping into this domain, centering around hair and skin care. As per the National Center for Biotechnology Information, new applications of micro-needling have risen to fame, including skin rejuvenation and transcutaneous drug administration. Furthermore, it was reported that 30 million women and 50 million men are suffering from hair loss. Androgenetic alopecia has become more common in individuals, even in their early teen years, while over 50% of males, above 50 years of age bracket, are experiencing some degree of hair loss. Considering the higher incidence of androgenetic alopecia (AGA), and hormone-related baldness around the world, the platelet-rich plasma market shall prosper in the forecast period.
Growing Incidence of Sport-Related Injuries to Bolster Platelet Rich Plasma Market Growth
Significant participation in sporting events has increased susceptibility to sports injuries. Over the span of the past 20 years, there has been a dramatic rise in the occurrence of sports injuries. Notably, baseball and softball are often found prone to elbow, knee, and shoulder injuries. This has triggered the demand for cosmetic surgeries, albeit increasing the utilisation of platelet-rich plasma. According to the US Centers for Disease Control and Prevention (CDC), there has been a substantial rise in sports participation in the US, with almost 30 million kids and teenagers playing sports. This has increased the risk of sports injuries in young athletes. Approximately, 3.5 million kids under 14 need medical attention due to sports-related injuries. In this regard, the global platelet rich plasma market is set to witness robust growth.
North America Makes Rapid Strides in Platelet Rich Plasma Market Amid Rising Prevalence of Arthritis
Region-wise, platelet rich plasma industry is likely to grow in North America owing to the mounting prevalence of arthritis. With a major revenue share in the market, the region is widely known for its sophisticated healthcare infrastructure, favourable government initiative, and improved regulatory framework, specific to the United States. On the other end of the market, the concentration of platelet-rich plasma research facilities is spearheading growth across Europe’s platelet-rich plasma market. With this and sustained revenue share, the region has gained significant prominence.
Distinguished Market Players
Some of the most competitive players hold a strong position in the global platelet-rich plasma market include EmCyte Corporation; Arthrex, Inc.; Johnson Johnson; Stryker; Apex Biologix; DR. PRP AMERICA, LLC; Juventix; Zimmer Biomet; Terumo Corporation; Celling Biosciences
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