Platelet Rich Plasma Market Players Eye Opportunities Arising in Sports Injury Management
Platelet Rich Plasma market is estimated to hit US$ 391 Mnby 2022 end, as per a new study by Fact.MR. A few of the key influencing factors include,
- Vital usage in the healthcare sector, particularly in cosmetic surgeries and orthopedic surgeries.
- Treatment of sports injuries or hamstring, tennis elbow, tendon injuries and rotator cuff among others.
- Treatment of medical conditions such as facelift surgeries and erectile dysfunction.
- Approval of novel devices and the finding new application areas
- Increasing awareness in relation PRP treatment in dental health
- Surging awareness amid the worldwide population.
- Increasing geriatric population.
According to the study, the demand for platelet-rich plasma from hospitals will be worthUS$ 184 Mn in 2022, with demand rising at over 10% through 2022. Hospitals in middleincome nations are concentrating on platelet rich plasma therapy for aesthetic applications. Hair loss turning into ageneralconcern, the PRP treatment application for hair loss is rising. These therapies are nonsurgical and cost-efficientas well asseveral hospitals are offering these therapy to patients.
However, the higher costs associated with the PRP therapy might limit the growth of this market amid the assessment period.
How Big is the Opportunity in PRP Instruments?
According toFact.MR, the pure PRP kits segment is poised to account for a market value of close to US$ 90 Mn by 2022 end. Higherimplementationof PRP kits on account of the benefits offered and increasing applications across several therapeutic areas fuel the segment. Additionally, a growing number of service providers is likely to boost the segment expansion. On the other hand, the U.S. FDA has not yet received clear approval for platelet rich plasma as therapy, however it has been approved for off-label usage in the market.
Conversely, instruments segment is projected to attain over 1/4th of the revenue share of the global market for platelet-rich plasma,but, is furtheranticipated to lose market share towards 2022 end.
What % of Revenues are Concentrated in US?
North America is anticipated to spearhead in terms of value the platelet rich plasma market throughout the projected period. The growth can be on account of technological advancements, growing awareness regardingPRP treatments, and the increasing cosmetics surgeries in the region. Dynamic involvement of research and academic institutes, for instance, Yale School of Medicine, for estimating the PRP therapies application further fast-tracks market expansion in the region.
Furthermore, the existence of encouraging regulatory authorities is additionally fuelling the market expansion in the region.
According to the study, in APAC, the market is projected to expand at a rapid rate during the projected period. The surging cosmetic surgeries to enhance facial attributes in nations such as Thailand, India, and Korea is likely to encourage the market expansion in the region. Additionally, the expanding medical tourism sector in the region will boost the implementation of the platelet rich plasma.
The study reveals that the key players are focusing on presenting products in abidance with GMP and GLP standards to fulfilconsumer’s expectations. Majority of players are commercializing and manufacturing products to fulfilseveralneeds in PRP treatments and therapies. With the growingneed for PRP treatments for several applications, particularly in dermatology and cosmetics categories, market competition is likely to strengthen in the approaching years.
The platelet rich plasma market is projected to grow at a sturdy CAGR through 2022.
The insights presented here are from a research study on Platelet Rich Plasma Market by Fact.MR.
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