Platelet Rich Plasma (PRP) Market in 2024: Asia Pacific to be the most lucrative region by 2024.


Orthopedic diseases such as osteoporosis and osteoarthritis are one of the most prevalent chronic diseases in the world, and rising number of sports injuries, combined with increasing number of patients undergoing cosmetic surgeries including both surgical as well as non-surgical procedures are some major factors that are diving the phenomenal growth of the global platelet-rich plasma market globally. According to International Society of Aesthetic Plastic Surgeons (ISPAS), there were more than 10 Mn non-surgical cosmetic procedures performed around the world in 2014, of which, more than 2 Mn procedures were performed in the U.S. alone. Increasing applications of platelet-rich plasma products in the cosmetic surgeries such as facial rejuvenation and hair transplant, along with increasing applications in wound healing and soft tissue healing in orthopedic diseases, is major driving factor for the global platelet-rich plasma market during the forecast period of 2016-2024.

North America dominated the global Platelet-Rich Plasma market, with a market share of over45% in 2015. According to Arthritis Foundation of America, in 2015 approximately 22% of U.S. adults (more than 50 Mn), were diagnosed with arthritis. The study also found that an estimated 12 Mn people in the U.S. suffered from osteoarthritis, 1.5 Mn with Rheumatoid arthritis, while 30 Mn people suffered from gout. Among cosmetic surgeries, U.S. topped the charts with more than 20 Mn cosmetic procedures performed in 2014, including the surgical and non-surgical procedures. Increasing incidences of orthopedic and sports injuries, better health care facilities, improved diagnostic technologies, and high adoption of the PRP products, are factors driving the platelet-rich plasma market in the North America.

Europe was the second most dominant market, accounting fora share of over25%in terms of revenue in 2015. According to a study by Arthritis Research of United Kingdom, around 7.3 Mn people sought treatment for osteoarthritis in 2014 in England, out of which 4.1 Mn people sought treatment for osteoarthritis of knee, and 2.5 Mn for osteoarthritis of Hip.According to British Association of Aesthetic and Plastic Surgeons (BAAPS), in 2014 around 51,000 people in the U.K., opted for cosmetic surgery which showed a 12.6% increase from the previous year. Rising incidences of orthopedic diseases and increasing applications and awareness of the PRP products in the cosmetic and orthopedic diseases are factors expected to drive the growth of the platelet-rich plasma market in Europe, during the forecast period 2016-2024.

The market in Asia Pacific is projectedto expandat a phenomenalCAGR during the forecast period from 2016 to 2024.Indian cosmetic surgery industry was valued at US$ 200 Mn in 2015, while the cosmetic industry in China was estimated at US$ 2.5 Bn. There were an estimated 3 Mn cosmetic surgery procedures in 2014, in China. According to the United Nations, the percentage of people aged 60 years and above is expected to increase from 8% in 2010 to 19% in 2050 in India. The country would have a geriatric population of around 323 million by 2050. Rising geriatric populations combined with increasing incidences of orthopedic diseases, and the fast growing cosmetic surgery industry are expected to drive the phenomenal growth of the Asia Pacific region during the forecast period.
Major players in the global Platelet-Rich Plasma market include. Harvest Technologies Corporation, Arthrex, Inc. and Biomet, Inc. Other key players include EmCyte Corporation,Regen Lab SA, Exactech, Inc., and Cesca Therapeutics, Inc.