Plasma Therapy Market by Type (Pure Platelet-rich Plasma, Platelet-rich Fibrin), Application (Orthopedics, Dermatology, Cosmetology, Rheumatology, Ophthalmology), End User (Hospitals and Clinics, Research Institutes) - Global Forecast to 2028

The Plasma Therapy Market is expected to grow at a CAGR of 12.2% during the forecast period to reach $882.5 million by 2028.

The growth of this market is mainly attributed to factors such as the advantages offered by PRP treatment, increasing awareness towards PRP therapies; the rising prevalence of musculoskeletal, sports, & orthopedic injuries; and the growing number of cosmetic procedures worldwide.

In addition, increasing PRP treatments and advancing healthcare in emerging economies are likely to offer significant growth opportunities for platelet rich plasma therapy providers.

However, the availability of alternatives for PRP treatment and side-effects associated with PRP is expected to restrain the growth of the platelet rich plasma therapy market to some extent during the forecast period. Also, the stringent regulatory framework for PRP use is the major challenging factor observed in this market.

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Impact of COVID-19 Pandemic on the Plasma Therapy Market

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.

The platelet-rich plasma (PRP) is mainly 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 275,101 procedures in 2019, with a decline of 16%.

Manufacturers, business owners, and suppliers of PRP therapy products within Asian economies were impacted severely by the rapid growth in the number of patients. During the outbreak, low- and middle-income countries faced more challenges due to underdeveloped health infrastructures and restrictions imposed by the authorities on suppliers and industries. The pandemic led to a significant decrease in PRP demand in regenerative medicine and pain management such as, tennis elbow, arthritis, torn ligaments, and cosmetic & plastic surgeries.

 Lockdowns were implemented worldwide to stop the transmission of the disease. The implementation of lockdown and other preventative measures impacted the supply chain and the availability of medical devices. It also affected the revenue of the companies and led to an increase in unemployment. For instance, according to a statement given by Tricell Bio, a manufacturer of PRP kits based in India, COVID-19 has impacted the business across all the industries and hopes to recover from the setback soon.

The COVID-19 outbreak severely impacted the countries in the Southeast Asian region as several countries from this region depend on export and tourism for revenue generation. Also, medical tourism suffered significant losses due to travel restrictions. For instance, according to the Malaysian Health Tourism Council (MHTC), medical tourism in the country reported a decline by 75% in revenues in 2020 ($120 million) compared to 2019. The negative impact on health tourism due to the pandemic resulted in the decrease in the adoption of PRP treatments, decreasing the usage of PRP products.

Key Findings in the Global Plasma Therapy Market Study

The Leukocyte-rich PRP Segment Expected to Grow at the Highest CAGR During Forecast Period

Based on type, the global platelet rich plasma market is segmented into pure PRP, leukocyte–rich PRP, pure platelet-rich fibrin, and leukocyte and platelet rich fibrin. In 2021, the pure PRP segment is estimated to account for the largest share of the global platelet rich plasma therapy market. Little or no risks associated with pure PRP and its ability to accelerate the healing process of tissue, tendons, and bones are the factors driving the demand for pure PRP in the market. On the other hand, the increasing use of L-PRP in patients suffering from osteoarthritis of the knee and hips and positive effects of L-PRP in certain medical applications for therapeutic purposes are expected to account for the high growth of the leukocyte–rich PRP segment during the forecast period.

The Dermatology and Cosmetology Segment Expected to Grow at the Highest CAGR During Forecast Period

Based on application, the global platelet rich plasma market is segmented into orthopedics & traumatology, rheumatology, dermatology & cosmetology, ophthalmology, stomatology & odontology, and other applications. The dermatology & cosmetology segment is expected to grow at the highest CAGR during the forecast period. The rising number of patients with skin and hair-related conditions, growing beauty consciousness amongst the general population, and increasing adoption of microneedling for cosmetic purposes support the market growth of this segment.

The Hospitals & Clinics Segment Estimated to Account for the Largest Share of Global PRP Therapy Market in 2021

Based on end user, the global platelet rich plasma therapy market is segmented into hospitals & clinics and research institutes. In 2021, the hospitals & clinics segment is estimated to account for a larger share of the global platelet rich plasma therapy market. The large share of this segment is attributed to factors such as the increase in healthcare spending and growing awareness and prescriptions for PRP treatments and procedures to patients for various medical conditions.

North America Estimated to Account for Largest Share of Global PRP Therapy Market in 2021

Based on geography, the PRP therapy market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, North America is estimated to account for the largest share of the global PRP therapy market. The region’s largest market share is primarily attributed to the presence of leading platelet rich plasma therapy product manufacturers, growing awareness toward advantages of platelet rich plasma therapies, active involvement of academic and research institutes to conduct advanced research and development, and support from government and regulatory authorities to promote the use of PRP for medical applications.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategic developments that market participants adopted over the past four years. The key players profiled in the global platelet-rich plasma therapy market report include Arthrex, Inc. (U.S.), DePuy Synthes Inc. (U.S.), Dr PRP USA LLC (U.S.), EmCyte Corporation (U.S.), Exactech Inc. (U.S.), Global Stem Cells Group, Inc. (U.S.), Celling Biosciences, Inc. (U.S.), Terumo Corporation (Japan), Regen Lab SA (Switzerland), Stryker Corporation (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), and Juventix Regenerative Medical LLC (U.S.).

Scope of the Report:

Platelet Rich Plasma Therapy Market, by Type

• Pure Platelet-rich Plasma
• Leukocyte-rich PRP
• Platelet-rich Fibrin
• Leukocyte & Platelet-rich Fibrin

Platelet Rich Plasma Therapy Market, by Application

• Orthopedics and Traumatology
• Dermatology and Cosmetology
• Rheumatology
• Stomatology and Odontology
• Ophthalmology
• Others

Platelet Rich Plasma Therapy Market, by End User

• Hospitals and Clinics
• Research Institutes

Platelet Rich Plasma Therapy Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific (APAC)
  • Japan
  • China
  • India
  • Rest of APAC (RoAPAC)
• Latin America
  • • Brazil
    • Mexico
    • Argentina
    • Rest of LATAM (RoLATAM)
• Middle East & Africa

Key questions answered in the report: