by Platelet rich plasma (PRP) is obtained from centrifugation of whole blood which contains a higher concentration ofplatelets compared to whole blood.PRP helps in faster recovery from injuries and other skin conditions by releasing growth factors. It is widely used in cosmetic applications such as hair loss treatment and skin rejuvenation due to its ability to accelerate wound healing and stimulate tissue regeneration. The global Platelet Rich Plasma Market is estimated to be valued at US$ 2.28 Bn in 2023 and is expected to exhibit a CAGR of 15.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of PRP in cosmetic applications is one of the major factors driving the growth of the platelet rich plasma market. PRP helps in hair regrowth and reduces wrinkles and acne scars by stimulating collagen production. Moreover, PRP treatment causes minimal side effects and allows faster recovery compared to other cosmetic procedures. Owing to these advantages, PRP is widely used in anti-aging treatments and hair regrowth therapies. Rising cosmetic consciousness among consumers is further contributing to the growth of the platelet rich plasma market.
SWOT Analysis
Strength: The platelet rich plasma market experiences increased demand for treatment of orthopedic diseases and cosmetic procedures. It provides an effective alternative to surgical procedures.
Weakness: High costs associated with platelet rich plasma procedures limits its adoption. Variations exist in composition and formulations of platelet rich plasma products.
Opportunity: Scope for platelet rich plasma exists in treatment of various chronic diseases and non-healing wounds. Ongoing clinical trials evaluate efficacy for new applications.
Threats: Stringent regulatory guidelines for approval of platelet rich plasma products delays market revenues. Reimbursement policies remain inconsistent across regions.
Key Takeaways
The Global Platelet Rich Plasma Market Demand is expected to witness high growth.
Regional analysis comprises- North America dominates the market currently due to sizeable patient population and regulatory approvals for therapeutic use. Asia Pacific shows fastest growth owing to increasing medical tourism and government support for advanced treatment technologies.
Key players operating in the platelet rich plasma market are Menlo Systems GmbH, Luna Innovations, TOPTICA Photonics AG, Advantest Corporation, Bakman Technologies LLC, Teravil Ltd, Terasense Group Inc., Gentec Electro-optics Inc., HÃœBNER GmbH & Co. KG, Microtech Instruments, Inc., TeraView Limited and Batop GmbH. The market players focus on new product launches, geographical expansion and building strategic collaborations for technologies enabling platelet rich plasma extraction and application.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
