by The Europe Platelet Rich Plasma (PRT) Market is estimated to be valued at US$ 110.4 Million in 2022 and is expected to exhibit a CAGR of 15.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Platelet Rich Plasma (PRP) or Platlet rich therapy is an autologous blood product derived from whole blood centrifugation, which has a higher concentration of platelets compared to baseline blood platelet count. PRP provides an enriched concentration of autologous growth factors and other biochemical mediators which assist in accelerating healing process. PRP is often used as an adjuvant treatment for orthopedic and sports medicine applications including tendinopathy, osteoarthritis, and muscle strain injuries.
Market key trends:
The Europe PRP market is driven by rising applications in orthopedic and sports medicine treatments. PRP aids in tendon injuries, joint injuries and muscle strains healing. According to the American Medical Society for Sports Medicine, PRP is effective for treating chronic elbow injuries like lateral epicondylitis or tennis elbow. Studies also highlight PRP benefits in knee osteoarthritis management and rotator cuff rehabilitation. Further, increasing awareness about minimally invasive procedures is propelling the adoption of PRP therapy across Europe.
Porter’s Analysis
Threat of new entrants: The Europe Platelet Rich Plasma market has moderate threat of new entrants due to high capital requirements for R&D and manufacturing needed to commercialize new products.
Bargaining power of buyers: The bargaining power of buyers are moderate as several established players are offering diversified products in the market, giving buyers options to choose.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous suppliers for raw materials used to manufacture platelet rich plasma products.
Threat of new substitutes: There is low threat from substitutes as platelet rich plasma therapeutics offers targeted, minimally-invasive treatment modality.
Competitive rivalry: High as major players are focusing on new product launches and expanding regional presence.
SWOT Analysis
Strength: Established distribution network, continuous product innovations, growing awareness about regenerative therapies.
Weakness: High costs associated with PRP procedures, low awareness in developing nations.
Opportunity: Untapped growth potential in emerging economies, rising adoption in new applications like hair loss treatment and wound healing.
Threats: Stringent regulatory protocols, reimbursement issues.
Key Takeaways
Europe Platelet Rich Plasma Market Size is expected to witness high growth, exhibiting CAGR of 15.6% over the forecast period, due to increasing incidence of sports injuries and orthopedic ailments. The market size is projected to reach US$ 1,909.2 Million by 2030 from US$ 110.4 Million in 2023.
Regional analysis: North America dominates the Europe Platelet Rich Plasma market currently owing to supportive reimbursement policies and advanced healthcare infrastructure. Asia Pacific is expected to witness fastest growth during the forecast period driven by growing medical tourism industry and rising health expenditure in countries like China and India.
Key players: Key players operating in the Europe Platelet Rich Plasma market are Vivostat A/S, Estar Medical, CosmoFrance Inc., Kelly Harris Aesthetics, Arthrex, Inc., Terumo Corporation, T-Biotechnology Ltd. St., EmCyte Corporation, Johnson & Johnson Private Limited, Zimmer Biomet, PRP Concepts, ADVACARE PHARMA, Isto Biologics, Arthrex, Inc., Stryker, GLOFINN, Medira Ltd, Regen Lab SA, Estar Technologies Ltd. Major players are focused on new product launches and strengthening their distribution networks across high potential regions to gain competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
