Global Platelet Rich Plasma Market - Segmented by Type, Source, Application, End-User and Geography - Growth, Trends, and Forecast (2018 - 2023)
The platelet-rich plasma market is expected to grow at a CAGR of 14% during the forecast period. Platelet-rich plasma (PRP) prolotherapy, like dextrose prolotherapy, is a method of injection designed to stimulate healing. Platelet-rich plasma is defined as autologous blood with concentrations of platelets above baseline levels, which contains at least seven growth factors.
Prevalence of Arthritis
Osteoarthritis (OA) is the most common form of chronic disorder of the joints, and it has some detrimental effects on the quality of life of the patients. Progressive cartilage destruction, osteophyte formation, and subchondral sclerosis are characteristic to osteoarthritis. Platelet-rich plasma (PRP) is an autologous concentration of a high number of platelets in a small volume of plasma. PRP is prepared centrifuging blood. In knee OA, PRP injections target to promote cartilage repair in order to relieve symptoms of osteoarthritis, hence delaying the need for joint replacement surgery. This will help boost the growth of this market in the forecast period. Along with this, other factors, such as rising incidences of sports injuries, increase in the number of androgenic alopecia patients, and growing use of platelet-rich plasma in various therapeutic areas will also lead to the growth of the market.
High Prices of Plasma Therapy
Plasma-rich platelet therapy, being a relatively new procedure, is generally expensive to undergo. Therefore, patients who have the symptoms might require plasma-rich platelet therapy. Also, as insurance companies consider platelet-rich plasma therapy as an experimental treatment, it is also not covered by them and leads to out-of-pocket expenses, which ends up being costly for the patients. This, along with other factors, such as stringent regulatory policies, will lead to the slowdown of the growth of the market.
North America to Maintain Lead in the Market
North America is expected to dominate the market, followed by Europe. Asia-Pacific is expected to grow at the highest CAGR during the forecast period. This can be attributed to the rising number of osteoarthritis and sports injury cases in this region in the APAC region. The increasing focus of prominent players on APAC is also supporting market growth in the region.
Key Developments in the Market: