PLATELET RICH PLASMA MARKET ANALYSIS

Platelet Rich Plasma Market Size and Trends

The global platelet rich plasma market is estimated to be valued at USD 550.5 Mn in 2024 and is expected to reach USD 1,255.8 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 12.5% from 2024 to 2031.

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The market is driven by the growing popularity of non-invasive cosmetic procedures and increasing use of platelet rich plasma in therapeutic areas like orthopedic, general surgery, and neurosurgery. The rising adoption of platelet rich plasma therapy over drug therapies due to lesser side effects also supports market expansion. However, high cost of PRP procedures and therapies may hamper the market growth to some extent during the forecast period.

Increasing Number of Cosmetic Surgeries

Increasing number of cosmetic surgeries is expected to propel the growth of the global platelet rich plasma market over the forecast period. For instance, in 2021, according to a survey of the International Society of Aesthetic Plastic Surgery (ISAPS), in 2020, approximately 10,129,528 surgical procedures such as eyelid surgery, ear surgery, and liposuction were performed worldwide and 14,400,347 non- surgical procedures such as hair removal, photo rejuvenation, and botulinum toxin were performed.

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The high prevalence of sports injuries has become a major concern globally which is one of the key factors fueling the growth of platelet rich plasma market. Athletes from all age groups are facing various musculoskeletal injuries during training and competitions which prolongs their recovery time. Platelet rich plasma (PRP) therapy has emerged as an effective alternative for treating ligament tears, muscle strains and other sports-related injuries. PRP helps in faster healing of the injured tissue by concentrating platelets from the patient's own blood which secrete growth factors. For instance, according to the National High School Sports-Related Injury Surveillance Study 2021-2022, 1,385,717 cases of sport-related injuries were recorded in high schools in the U.S.