Platelet Rich Plasma Market: Business Growth, Development Factors, Applications, and Future Prospects
The Europe PRP market is highly fragmented and competitive with the presence of a large number of small and large multinational players across the globe, says a Transparency Market Research (TMR).
Some of the established players operating in the Europe platelet rich plasma market are Arthrex, Inc., Biomet, Inc., and EmCyte Corporation. Altogether, these three players have dominated the Europe PRP market in 2013. The market is witnessing entry of several new players as well. This is expected to intensify market completion in the coming years.
The analyst of TMR, noted Europe platelet rich plasma market at US$42.1 mn in 2013. The market is expected to rise at a CAGR of 8.30% from 2014 to 2022. Rising at this CAGR, the market is predicted to attain a valuation of US$ 87.2 mn by the end of forecast period.
On the basis of countries, the UK dominated the Europe platelet rich plasma market in 2013. The country is expected to continue its dominance during the forecast year as well. This is mainly because of the increasing prevalence of reconstructive and orthopedic procedures in the country. Based on application, the orthopedic surgery segment led the platelet rich plasma market. In the base year, the segment led the market with 38.3% of lion’s share. This is mainly due to the increasing geriatric population and the rising count of sports and orthopedic injuries in the region.
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Growing Adoption of Platelet-Rich Plasma to Drive Market
The global platelet-rich plasma market is expected to garner an impressive CAGR over the forecast period. Rising incidences of sports injuries, growing use of platelet-rich plasma in various therapeutic areas, increasing number of androgenic alopecia patients, and rise in the prevalence of arthritis are the key factors attributed to offer a significant push to the platelet-rich plasma market.
The use of platelet rich plasma therapy is tremendously increased after 2009 owing to the promising solution offer by them to the patients. The intense research and development by the key players has increased the application scope of therapeutic. Moreover, platelet rich plasma has minimum side effects on the patient. This is anticipated to increase the adoption for the platelet rich plasma therapies thereby fueling the Europe platelet rich plasma market.
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In addition, the rising inclination of people towards platelet rich plasma therapies to treat several sports injuries is another strong factor expected to offer a significant boost to the Europe platelet rich plasma market. Along with this, platelet rich plasmas is also used is wide range of cosmetic surgeries and hair regain therapies. This is expected to fuel the Europe platelet rich plasma market in the coming years.
Increasing Incidence of Treatment failure to Impede Growth
Despite of several drivers, growth of the Europe platelet rich plasma market is hindered by several factors. One of the most prominent restraints of the market is soaring costs of therapies and devices of platelet rich plasma therapeutics. Along with this, that immunity system of human body rejects injection of plasma thereby causing a treatment failure. This is expected to dampen the prospects of the Europe platelet rich plasma market during the forecast period.
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Nevertheless, factors such as launch of several advanced devices for platelet rich plasmas and the increasing awareness about platelet rich plasma therapy may offer lucrative opportunities to the growth of the Europe platelet rich plasma market.
