Albany, NY, March 23, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by U.S. based market research company, Transparency Market Research "Platelet Rich Plasma Market - Global Industry Analysis, Size, Share, Growth, Trends & Forecast 2014 - 2020" the global platelet rich plasma market was valued at USD 0.16 billion in 2013 and is estimated to reach a market value of USD 0.35 billion in 2020 growing at a CAGR of 11.9% from 2014 to 2020.
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Increasing number of patients suffering from orthopedic injuries, rising number of cosmetic surgeries, growing awareness about advantages and applications of PRP products and introduction of new devices and application areas are considered as the important factors driving the growth of this market. PRP products are used for improving the rate of injury healing process in sports and orthopedic diseases and as dermal fillers in cosmetic industries. Moreover, growing geriatric population is another important factor propelling the PRP market growth during the forecast period from 2014 to 2020.
In 2013, P-PRP segment is the largest type of PRP utilized globally and held more than 60% of market share in the global PRP market. Rich content of platelets and growth factors and conventional type of PRP are the key factors that contributed in the dominance of P-PRP segment. However, L-PRF is anticipated to be the fastest growing segment during the forecast period from 2014 to 2020. Large number of stem cells and leukocytes and rapid healing of injuries are the factors expected to boost growth of this market segment.
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Orthopedic surgery was the largest application segment in 2013, accounting for more than 30% of the global PRP market. The dominance of this application segment was due to large number of orthopedic and sports injuries, growing geriatric population and high efficiency of PRP in treating orthopedic injuries. Multiple applications of PRP in cosmetic surgeries and its cost-effectiveness are the prominent factors catalyzing growth of this market in cosmetic surgery.
Autologus PRP accounted for the largest share of the global PRP market in 2013. However, the autologus PRP segment is anticipated to lose market share during the forecast period due to increasing emphasis on allogenic blood derived PRP products. Thus, allogenic PRP segment is expected to witness the highest growth rate during the forecast period from 2014 to 2020 due to reduced time of wound healing and high concentration of growth factors.
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Geographically, in 2013 North America dominated the global PRP market and held more than 50% of the market share. Factors such as increasing number of cosmetic and orthopedic surgeries, key players domiciled in the region and strong awareness about PRP therapy and devices are supporting the dominance of the region. However, Asia-Pacific is estimated to witness strong growth and emerge as the most promising and fastest growing market during the forecast period from 2014 to 2020. The growth is expected to be driven by factors such as rapidly growing medical tourism, wide presence of local players, high geriatric population and growing awareness about PRP therapy.
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The Global Platelet Rich Plasma Market is dominated by selective players such as Harvest Technologies Corp., Biomet, Inc., Arthrex, Inc., Arteriocyte Medical Systems Inc. and Others. Harvest Technologies Corp. w Arthrex, Inc. and Biomet, Inc. are the key players that dominated the global PRP market. Efficient PRP products and wide distribution networks are some of the key strategies adopted by these market players. Other important market players include Dr. PRP America LLC, EmCyte Corporation, Regen Lab SA, Exactech, Inc. and Cesca Therapeutics, Inc.
Other Reports By Transparency Market Research :
- Stem Cells Market : http://www.transparencymarketresearch.com/stem-cells-market.html
- Cell Culture Market : http://www.transparencymarketresearch.com/cell-culture-market.html
The Global Platelet Rich Plasma (PRP) Market is segmented as follows:
Global Platelet Rich Plasma (PRP) Market, by Types
- Pure-Platelet Rich Plasma (P-PRP)
- Leukocyte-Platelet Rich Plasma (L-PRP)
- Leukocyte-Platelet Rich Fibrin (L-PRF)
Global Platelet Rich Plasma (PRP) Market, by Origin
Global Platelet Rich Plasma (PRP) Market, by Applications
- Orthopedic Surgery
- Cosmetic Surgery
- General Surgery
- Other Surgeries (Oral and Maxillofacial, Cardiothoracic, Periodontal and Urological)
Global Platelet Rich Plasma (PRP) Market, by Geography
- North America
- Rest of the World (RoW)
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Source:Transparency Market Research