Global Platelet Rich Plasma Market Analysis & Forecast to 2024-2034

The global platelet rich plasma market size was estimated to be USD 0.724 billion in 2023 and is expected to reach at USD 3.41 billion by 2034 with a CAGR of 15.13% during the forecast period 2024-2034. Rise in engagement in sports events, an increase in occurrences of sports-related injuries, a surge in cosmetic surgical procedures, expanding research applications for platelet-rich plasma (PRP), growing adoption of these therapies in cosmetic treatments, a heightened demand for the utilization of platelet-rich plasma in addressing sports injuries, orthopedic issues, & musculoskeletal conditions, rising prevalence of chronic diseases, a growth in strategic initiatives by key industry players to introduce & distribute advanced products globally, and increasing regulatory approval of innovative medical devices for platelet-rich plasma therapy are some of the key factors boosting the market growth.

Increasing regulatory approval of innovative medical devices for platelet-rich plasma therapy is predicted to boost the market growth during the forecast period. Platelets are recognized for their blood-clotting abilities, which include containing growth factors capable of promoting tissue regeneration and repair in the targeted area. They play a role in hastening the recovery of tendons, muscles, and ligaments by aiding in the process of blood coagulation. Platelet Rich Plasma (PRP) therapy falls under the category of regenerative medicine, harnessing the inherent growth factors present in blood cells to facilitate the healing of damaged tissues. For instance, In May 2023, Regen Lab, a worldwide medical technology company actively engaged in researching, developing, registering, manufacturing, and commercializing exclusive tissue engineering products, declares that its top-notch medical devices - REGENKIT, CELLULAR MATRIX fig, and Arthrovisc - have received CE certification in accordance with the EU Regulation 2017/745 on Medical Devices (MDR).

By type, pure platelet rich plasma was the highest revenue-grossing segment in the global platelet rich plasma market in 2023 owing to the extensive utilization in the process of healing, tissue repair, & regeneration, growing introduction of reconstructive care options, and increased approvals by regulatory entities. Platelet Rich Plasma (PRP) is recognized for its minimal risk and low occurrence of adverse effects, attributed to the limited potential for allergic and immune responses during treatments. Its primary association is with off-label applications, prompting manufacturers to express interest in developing diverse products. For instance, in May 2023, Dr. John Kahen, the creator of Beverly Hills Med Spa, has been granted a U.S. patent for Smart PRP therapy. Primarily employed for hair restoration, Smart PRP also finds applications in skin rejuvenation, addressing skin scarring, managing pigmentation, and enhancing skin texture. Additionally, leucocyte-rich is predicted to grow at the fastest CAGR during the forecast period owing to its expanding application in general surgery, orthopedics, & sports injuries, rising acceptance in the non-surgical treatment of knee osteoarthritis & bone regeneration, and increase in the introduction of various products.

By application, orthopedics was the highest revenue-grossing segment in the global platelet rich plasma market in 2023 owing to the increasing incidence of orthopedic disorders such as arthritis, osteoarthritis, rheumatoid arthritis, & bursitis, is accompanied by a robust use of Platelet Rich Plasma (PRP) products in addressing these medical conditions. Additionally, dermatology is predicted to grow at the fastest CAGR during the forecast period owing to the increase in the number of cosmetic surgeries, an extended application in ulcer treatment, a growing embrace of PRP-based micro-needling in cosmetic procedures, and a rising trend in the introduction of innovative products. For instance, in November 2022, Crown Aesthetics has renamed its product, changing it from ProGen PRP Advantage to ProGen PRP Eclipse. This user-friendly system is asserted to deliver reliable outcomes, catering to the diverse requirements of their customers.

By end-user, hospitals was the highest revenue-grossing segment in the global platelet rich plasma market in 2023 owing to the escalating cases of knee osteoarthritis, a heightened demand for non-surgical management options, an uptick in incidents of hair loss, and a growing number of hospitals offering these treatments. Additionally, clinics is predicted to grow at the fastest CAGR during the forecast period owing to the increasing count of cosmetic procedures conducted in specialized clinics to address skin aging concerns and alopecia, a surge in collaborations among industry players, and a rising influx of new product launches. For instance, in September 2022, Suneva Medical, Inc. has introduced a 30ml version of its Amplifine Platelet Rich Plasma (PRP) gel tubes, offering patients and practices a greater volume of PRP for more effective addressing of various concerns. Suneva Medical, Inc. is an innovative medical technology company that employs regenerative products to redefine the standard of care in patient treatments. The U.S. Food and Drug Administration (FDA) granted the 30 mL PRP tubes 510(k) approval earlier this year.

North America region is anticipated for the highest revenue share during the forecast period owing to the existence of numerous manufacturing units keen on devising innovative approaches through PRP-based treatments, an increase in approvals from regulatory bodies, a rise in research endeavors related to platelet-rich plasma, and a surge in the introduction of new systems. For instance, in February 2023, Royal Biologics, a firm specializing in Advanced Cellular Technologies and Enhanced Autologous Solutions, has unveiled the commercial release of BIOINCYTE PRFM. This advanced PRP system transforms conventional PRP into Platelet Rich Fibrin Matrix (PRFM) formulations. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increasing frequency of cosmetic surgeries, a heightened interest from research and academic institutions, augmented government support for healthcare advancements, the abundant presence of manufacturers and service providers, and a growing number of hospitals and institutes offering plasma therapy treatments. For instance, in December 2022, The Visakha Institute of Medical Sciences has achieved the distinction of being the inaugural government hospital in Andhra Pradesh, India, to provide PRP therapy.

Segmentation: Platelet Rich Plasma Market Report 2023 - 2034

Platelet Rich Plasma Market Analysis & Forecast by Type 2023 - 2034 (Revenue USD Bn)

• Leukocyte Rich Platelet Rich Plasma
• Pure Platelet Rich Plasma
• Others

Platelet Rich Plasma Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)

• Dermatology
• Ulcer Healing

 Pyoderma Gangrenosum Ulcer

 Trophic Ulcer

 Diabetic Ulcer

 Traumatic Ulcer

 Vasculitic Ulcer

 Venous Ulcer

 Others

• Others
• Neurosurgery
• Orthopedics
• Ophthalmic Surgery
• Sports Medicine
• General Surgery
• Cosmetic Surgery
• Others

Platelet Rich Plasma Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)

• Hospitals
• Clinics
• Others

Platelet Rich Plasma Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• UK
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of LATAM
• Middle East & Africa
• South Africa
• GCC
• Rest of MEA