Market Trends of Global Platelet Rich Plasma Industry
This section covers the major market trends shaping the Platelet Rich Plasma Market according to our research experts:
The Orthopedics Segment is Expected to Hold the Largest Market Share
The US Food and Drug Administration witnessed a tremendous rise in the number of clinical trials in the past few months regarding the use of plasma-rich proteins in treating the coronavirus. Various manufacturers operating in the plasma therapy market are investing heavily in R&D and clinical trials in the hope of coming up with an antivirus to fight the coronavirus.
According to the article published in the Lancet Journal in 2020, arthritis is the leading cause of disability among adults. Moreover, knee osteoarthritis has a high prevalence among all osteoarthritis. In 2020, there were approximately 654 million people in the world who had knee OA (age 40 and up). Knee osteoarthritis was found to be prevalent in people aged 20 and up at a rate of 203 per 10,000 person-years.
Despite not being considered the standard practice, a growing number of people are opting for PRP injections to treat an expanding list of orthopedic conditions, including osteoarthritis. It is most commonly used for knee osteoarthritis but may be used on other joints as well. While treating osteoarthritis with platelet-rich plasma, a doctor injects PRP directly into the affected joint to reduce pain, improve joint function, and slow, halt, or even repair damage to the cartilage. In such cases, platelet-rich plasma is derived from a sample of the patient's blood.
Thus, platelet-rich plasma therapy is witnessing a significant rise in its popularity and acceptance for treating arthritis since it inhibits inflammation, reduces the rate of progression of osteoarthritis, stimulates the formation of new cartilage, and increases the production of natural lubricating joint fluid, in turn, easing painful joint friction. Moreover, it contains proteins that alter a patient's pain receptors, hence reducing pain sensation. Hence, the factors mentioned above are expected to fuel the growth of the orthopedics segment.
North America Dominates the Market and is Expected to show a Similar Trend over the Forecast Period
The market growth in the United States can be attributed to several factors, including the rise in the prevalence of several disorders, such as arthritis, well-established healthcare infrastructure, better regulatory framework, and government support. As per a survey conducted by the Centers for Disease Control and Prevention (CDC) in 2020, in the United States, one out of every four adults suffered from arthritis, and an estimated 78 million adults are expected to suffer from the disease by 2040.
Moreover, in the region, due to the growing aging population, the prevalence of doctor-diagnosed arthritis is expected to rise significantly over the forecast period. Osteoarthritis is the most prevalent type of arthritis, and it affects about 31 million Americans every year.
PRP is also one of the techniques that are very commonly used in cosmetic procedures. Platelet-rich plasma treatment is the latest anti-aging procedure for enhancing facial shape and adding volume. Hence, all these factors mentioned above are expected to contribute to the growth of the platelet-rich plasma market in the region.
