Platelet Rich Plasma (PRP) Market Expected to Reach/Value US$ 59 Mn/bn by 2016
Platelet rich plasma (PRP) is a blood plasma derived product, which typically consist of enriched platelets along with several growth factors, which ensure quick healing of bone as well as other soft tissues. Over last few years, preference as well as demand for platelet rich plasma based therapies have increased significantly. Injuries such as rotator cuff, hamstring, tendon injuries, tennis elbow necessitates PRP based therapy; and an increasing number of such injuries have been reported. In addition, number of orthopaedic surgeries, sports injuries and cosmetic surgeries also surged up, translating into the need for PRP based therapy viz.a.viz platelet rich plasma. Furthermore, use of PRP have also been established for diseases, where it was not used previously. Erectile dysfunction and facelift surgeries are some of few newly discovered area where PRPs can be used and potentially boost Platelet rich Plasma market growth during the forecast period. However, high cost of medical devices and PRP therapy are some of the factors restricting the market growth to some extent.
PRP products are widely used in cosmetic surgeries to improve facial aesthetics, enhance the rate of injury healing and modify facial structure (vampire facelift treatment). In addition, cosmetic surgeries performed with the use of PRP products modify the facial aesthetics in a short period of time due to reduction in the healing time. Thus, cosmetic surgery application segment is likely to witness the impressive growth rate of over 14% during the forecast period from 2016 to 2026. Demand for PRP from cosmetic surgery application is estimated to surpass US$ 59 Mn by 2016, up from US$ 52.4 Mn in 2015, registering a Y-o-Y growth of 13.6% in 2016.
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Platelet Rich Plasma Market by Application Outlook:
Cosmetic surgery is among the leading application segments of platelet rich plasma products. The application of PRP in cosmetic surgeries began in early 2000s with the purpose of meeting requirements for improving facial aesthetics. With the introduction of innovative cosmetology and PRP products, PRP therapy is being widely-adopted in various cosmetic surgeries. PRP products are widely used in cosmetic surgeries to improve facial aesthetics, enhance the rate of injury healing and modify facial structure (vampire facelift treatment). PRP products are also used as a substitute for dermal fillers such as hyaluronic acid. Hyaluronic acid is short-term dermal filler and hence, is being rapidly replaced by PRP products. PRP products show their results for a prolonged period (minimum for 18 months). The vampire facelift treatment using PRP products is an emerging application type in cosmetic surgery. It is a minimally-invasive and short-duration cosmetic surgery, which includes injections of PRP in the neck, hands, and the face to enhance aesthetic look. The cost of this treatment ranges approximately between US$ 600 and US$ 1,800, depending on the number of injections. Considering various benefits offered by PRP in cosmetic industry, it is extensively used in cosmetic surgery practices and this use is expected to increase in the near future. According to the statistics provided by the International Society of Plastic and Aesthetic Surgeons (ISAPS), 11 Mn non-invasive cosmetic procedures were performed worldwide in 2013, including approximately 3.0 Mn dermal filler procedures. This extensive number of cosmetic surgeries performed is considered as one of the most prominent factor propelling the growth of the global PRP market during the forecast period from 2015 to 2020.
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Key Players:
Prominent players having presence in the global PRP market include Harvest Technologies Corp., Biomet, Inc., Arthrex, Inc. and Arteriocyte Medical Systems, Inc. Other players include Dr. PRP America, Cesca Therapeutics, Inc. and Regen Lab SA amongst others.