Platelet rich plasma (PRP) therapy is a form of regenerative medicine. In this procedure, the growth factors in the blood, like platelets containing plasma, are injected into the wounded site to improve new tissue growth and promote healing. This procedure is widely used in the field of orthopedics, dermatology, ophthalmology, and others. PRP therapy is used to promote bone healing in osteoporosis, arthritis, and sports medicine. It is also used to rejuvenate skin, remove acne scars, treat alopecia, promote healing of eye injury, and in other applications
Musculoskeletal disorders are associated with sports, occupational injuries, and age-related dysfunction. The most common musculoskeletal diseases are back pain, rheumatoid arthritis, osteoarthritis, osteoporosis, septic arthritis, gout, myasthenia gravis, and systemic lupus erythematosus (SLE). Lower back pain, shoulder impingements, tennis elbow, runner's knee, and tendonitis are among the most common sports injuries found among athletes and the young population.
In developing countries such as India and China, most low-income groups are engaged in physically demanding occupations that increase lower back pain and associated disabilities. According to a report published in September 2018, lower back pain in India is alarming, with nearly 80% of the people in India suffering from the condition at some point during their lifespan. Furthermore, according to the Indian Orthopedic Association (IOA), arthritis, especially knee arthritis, is likely to emerge as the fourth most common cause of physical morbidity in India. The most common factors for the onset of early-age arthritis include poor nutrition and obesity.
According to the Indian Ministry of Health, more than 150 million (15 crores) people in India suffer from knee-associated conditions. Intra-articular injections such as administration of platelet rich plasma are a safe, inexpensive, and effective method for treating chronic pain caused due to various musculoskeletal diseases. Thus, the increasing number of people with these diseases is expected to drive the market's growth.
In addition, the rising number of sports injuries among athletes is also anticipated to positively impact the market's growth. According to Stanford Children's Health data, in 2020, an estimated 30 million teenagers and children participated in sports annually in the U.S. Furthermore, according to the estimates given by the institution, open field and athletic sports witness an estimated 3.5 million injuries each year in the U.S. The substantial number of sports participation and injuries are projected to accelerate the growth of the platelet rich plasma therapy market during the forecast period.
The outbreak of the COVID-19 pandemic and the lockdowns implemented by governments to control the spread of the disease impacted various industries. The upsurge of COVID-19 infected patients affected the management of hospitals due to its limited resources and staff compared to the sudden growth in the number of infected patients, which led to a delay in some of the surgeries and medical procedures. The procedures that were not life-threatening were delayed, and medical procedures that would have severely impacted patients and even caused loss of life if not carried out were prioritized.
Platelet rich plasma (PRP) therapy is largely used in cosmetics, dermatology, orthopedics, dental procedures & oral surgeries, and sports medicine. The disorders and treatments associated with these problems are usually non-life-threatening. Therefore, PRP treatments to patients with these medical requirements were not prioritized. For instance, according to the American Society of Plastic Surgeons (ASPS), the PRP procedures for cosmetics in the U.S. fell to 231,140 procedures in 2020, from 275,101procedures in 2019, with a decline of 16%.
The global platelet rich plasma (PRP) therapy market is expected to grow at a CAGR of 12.2% during the forecast period to reach $882.5 million by 2028. Some of the recent developments in this field include:
- In February 2020, EmCyte acquired Cellmedix Holdings LLC (U.S), which included its proprietary product system, Centrepid Platelet Concentrator, to bolster the intellectual property profile and expand its product development capabilities including PRP.
- In November 2020, Stryker Corporation (U.S.) acquired Wright Medical Group N.V (U.S.) to strengthen its products capabilities in the orthopedic segment.
- In July 2019, Adimarket LLC, (U.S.), a subsidiary of Global Stem Cells Group, Inc. (U.S.), launched a platelet rich plasma (PRP) kit. This product provides physicians with organized treatment protocols to relieve patients needing critical aesthetic, wound, and orthopedic care. This development also expanded its presence in Europe and the Middle East.
The rising number of patients suffering from musculoskeletal diseases is leading to an increase in the adoption of PRP therapies as a parallel therapy for various applications, which is expected to drive the global platelet rich plasma (PRP) therapy market at a CAGR of 12.2% to reach USD 882.5 million by 2028, according to Meticulous Research®.
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