The global platelet-rich plasma market is expected to register a CAGR of approximately 14%
NEW YORK, Sept. 11, 2019 /PRNewswire/ --
Market Overview
The global platelet-rich plasma market is expected to register a CAGR of approximately 14% over the forecast period. The key factors that are augmenting the growth of the market include rising incidences of sports injuries, increasing number of androgenic alopecia patients, growing use of platelet-rich plasma in various therapeutic areas, and rise in the prevalence of arthritis.
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Osteoarthritis (OA) is the most common form of chronic disorder of the joints, and it has some detrimental effects on the quality of life of the patients. Progressive cartilage destruction, osteophyte formation, and subchondral sclerosis are characteristic to osteoarthritis. Platelet-rich plasma (PRP) is an autologous concentration of a high number of platelets in a small volume of plasma. PRP is prepared to centrifuge blood. In knee OA, PRP injections target to promote cartilage repair in order to relieve symptoms of osteoarthritis, hence delaying the need for joint replacement surgery.
The rising prevalence of the arthritis is augmenting the demand of the blood products, which is ultimately helping the growth of the platelet-rich plasma market.
Scope of the Report
As per the scope of the report, platelet-rich plasma (PRP) prolotherapy, like dextrose prolotherapy, is a method of injection designed to stimulate healing. Platelet-rich plasma is defined as autologous blood with concentrations of platelets above baseline levels, which contains at least seven growth factors.
Key Market Trends
Pure PRP Segment by Type is Expected to Hold the Largest Market Share
The pure PRP segment of the global platelet rich plasma market is believed to have the largest market share.
The prime factor responsible for the growth of this segment is the significance of this type of platelet plasma for the person. Pure PRP has an edge over traditional PRP, as it requires a two-step concentration process that helps in eliminating unwanted red blood cells (RBCs) and neutrophils. RBCs (that have no therapeutic effects for regeneration) can create a more viscous solution that can be more painful when injected. Neutrophils, a type of white blood cell, have inflammatory components that may increase pain and inflammation post-treatment.
Pure PRP helps the stem cells and regenerative cells in the repair and in rebuilding the damaged tissue. This ultimately speeds up the healing process and reduces pain. In addition, it promotes increased strength and improves the overall function. Therefore, owing to the contribution of pure PRP in the healing process and the rising use of it as a blood product, the segment is expected to dominate the market in the coming future.
North America Dominates the Market and is Expected to Continue the Same Trend for Next Few Years
North America currently dominates the platelet-rich plasma market and is expected to continue its stronghold for a few more years. The United States is a major market, and this is mainly due to the US government's initiatives to develop blood products. In addition, the emergence and adoption of novel technologies are going to help the market in a positive manner.
Competitive Landscape
Companies, such as Biotest AG, China Biologic Products Inc., CSL Ltd, Octapharma AG, and LFB SA, are some of the key players operating in the global platelet-rich plasma market. With the advancement in technology, new players are expected to come in the market.
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