Albany, NY -- (SBWIRE) -- 10/10/2017 -- With a larger pool of players operating domestically and a smaller bunch of international participants, the global platelet-rich plasma (PRP) market demonstrates a semi-consolidated landscape. The top five players, namely, Harvest Technologies, Arthrex Inc., Zimmer Biomet, DePuy Synthes, and Stryker Corp. accounted for more than 80% of this market in 2015. Most of these are headquartered in North America. However, their focus is likely to shift towards emerging economies across Asia Pacific in the coming years, as this region is expected to offer lucrative opportunities on account of untapped potential.
As per the research study, the global market for PRP, which was valued at US$160.0 mn in 2015, is likely to expand at a CAGR of 12.50% during the period from 2016 to 2024 and report an opportunity worth US$451.9 mn by the end of the forecast period. The P-PRP segment, which occupied more than 60% of the overall market in 2015, is expected to remain leading throughout the forecast period.
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Wide Presence of Leading Players to Ensure North America's Dominance
The research report has also evaluated the global market for PRP on the basis of its geographical spread. It has identified North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America as the key regional markets for PRP across the world. Supported by the increasing count of orthopedic and cosmetic surgeries, North America led the global market with a majority share in 2015. Further, the wide presence of leading market players and the high awareness level among consumers about PRP therapy and devices are likely to ensure the leadership of this regional market throughout the forecast period.
Asia Pacific is also expected to witness a healthy rise in the adoption of PRP therapies in the near future. The swiftly growing medical tourism industry, presence of well-established local players, increased base of the geriatric population, and the rising awareness regarding PRP among people are projected to boost the Asia Pacific PRP market over the forthcoming years, states the research report.
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Increasing Count of Orthopedic Patients to Fuel Demand
"The significant increase in the count of orthopedic patients, worldwide, is the prime factor behind the tremendous progress of the global PRP market," says a TMR analyst. As PRP therapy curtails the healing time of orthopedic or sports injuries from 4-6 months to 3-5 weeks with surgery, its demand for the treatment of orthopedic surgeries has increased remarkably and this is likely to remain so over the next few years.
The rise in cosmetic surgical procedures is another important factor that is likely to shape the future of the global PRP market. The high cost of PRP products and therapy is expected to hamper the growth of this market to some extent during the forecast period, notes the research study.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Platelet Rich Plasma (PRP) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
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