U.S. Platelet Rich Plasma Market Size, Share & COVID-19 Impact Analysis, By Product (Pure Platelet Rich Plasma {Pure PRP}, Leukocyte-rich Platelet Rich Plasma {L-PRP}, Platelet Rich Fibrin {PRF}, and Others), By Application (Orthopedics, Neurology, Cosmetics, Wound Care, and Others), By End User (Hospital & ASCs, Specialty Clinics, and Others), and Country Forecast, 2023-2030

The U.S. platelet rich plasma market size was worth USD 117.2 million in 2022 and is projected to grow at a CAGR of 17.2% during the forecast period.

Platelet rich plasma therapy is a part of regenerative medicine. This therapy has wide applications but is commonly used to fast-track the healing of injured ligaments, muscles, tendons, and joints. 

The robust application in various conditions, such as sports injuries, cosmetics, and others has increased the demand for platelet rich plasma injections in the U.S.

• According to an article published by Courier-Journal in 2023, approximately 30.0 million children and teens participate in organized sports. Among them, more than 3.5 million injuries are reported yearly in the U.S.

The growing concern and emphasis on aesthetics has significantly contributed to adopting platelet rich plasma therapy in the U.S. Also, increasing research activities and significant strategic initiatives by major key players promotes market growth.

Moreover, the COVID-19 pandemic negatively impacted the U.S. market in 2020. This negative impact was due to reduced usage of platelet rich plasma therapy along with a decline in hospital visits for elective procedures.

LATEST TRENDS

Increasing Application in Cosmetic Rejuvenation Procedures is a Positive Market Trend

In recent years, one of the most prominent trends witnessed in the market is the increasing application of this treatment in cosmetic rejuvenation procedures, including facial rejuvenation.

Similarly, dermatologists or hair replacement experts utilize these injections to treat androgenic alopecia (hair loss) in men and women. Such robust benefits and increasing demand for these treatments strongly contribute to the market's growth in the U.S.

• In December 2020, The American Society of Plastic Surgeons stated that there had been a 25.0% increase in cosmetic PRP use in 2015-2020.

DRIVING FACTORS

Rising Applications of Platelet Rich Plasma in Chronic Disorders Favors the Market Expansion

Platelet rich plasma or PRP promotes healing and stimulates tissue regeneration in the affected area. This treatment has robust applications in orthopedics, neurology, cosmetics, and wound care management. The mounting prevalence of chronic diseases and injuries is projected to drive the demand for these products across the U.S.

Furthermore, the growing incidence of chronic wounds and rising applications of PRP in wound healing is also increasing the demand for these products. For instance, according to the data published by the Health Innovation Program in 2020, it was estimated that 2.0 million people develop a diabetic foot ulcer each year in the U.S.  

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According to statistics published by the Centers for Disease Control and Prevention (CDC) in 2021, approximately 58.5 million people, or 1 in 4 adults (23.7%) are diagnosed with arthritis in the U.S.

RESTRAINING FACTORS

Stringent Regulatory Scenario and Relevant Side-Effects to Impede Growth Prospects

The increasing demand for these products might be hampered by several factors, such as certain complexities regarding manufacturing standards and the clinical use of these products in regenerative medicine. The stringent regulations are one of the major factors which are anticipated to hinder the market's growth.

Additionally, this kind of treatment is associated with certain side effects and high costs. Some of the common complications are blood clotting, allergic reactions, localized infection, and nerve injury. Also, the effect of treatment varies from patient to patient. Some patients also reported that there was no improvement in their condition.

• For instance, an article published by the US Center for Sports Medicine states that not all athletes respond to these injections. In some cases, the injury's original pain and soreness remain or worsen. Thus, such factors limit market growth during the forecast period.

SEGMENTATION

By Product Analysis

Based on product, the market is segmented into pure platelet rich plasma (Pure PRP), leukocyte-rich platelet rich plasma (L-PRP), platelet rich fibrin (PRF), and others.

The Pure PRP segment held the largest market share in 2022. The significant growth rate of the segment is majorly due to the surge in usage of these products in the healing process, tissue repair, and regeneration. Also, strong R&D initiatives and the launch of new products by key players are expected to boost the market growth.

• For instance, in July 2020, EmCyte Corporation received FDA approval for “PureBMC,” a platelet or cell concentrating system. The growing interest of manufacturers to launch new products is expected to boost the U.S. platelet rich plasma market growth.

By Application Analysis

The market is segmented based on application into orthopedics, neurology, cosmetics, wound care, and others.

The wound care segment held a larger market share in 2022.  The use of PRP injections in the treatment of wound and injury conditions has become more prevalent. The high concentration of platelets and growth factors can help in wound healing. The rising cases of wounds and injuries and its robust application in this area are expected to propel the segment’s growth.

• For instance, according to a research conducted by the Mayo Evidence-based Practice Center (EPC) in 2020, the autologous platelet rich plasma therapybased on moderate strength of evidence (SOE) increased complete wound closure or healing. In contrast, low SOE shortened healing time and reduced wound size in lower extremity diabetic ulcer patients.

By End User Analysis

Based on the end user, the market is segmented into hospital & ASCs, specialty clinics, and others.

The hospital & ASCs segment held a larger market share in 2022. The segment's growth is attributed to the fact that patients suffering from chronic and acute wounds prefer hospitals and clinics for treatment. Also, adequate reimbursement policies are awarded by these settings.  The presence of skilled healthcare professionals and advanced treatment options are major factors driving the segment’s growth.

• For instance, in 2022, according to an article published by Healio, a study titled Diabetes Research and Clinical Practice reported that during episodes-of-care for diabetic foot ulcers, nearly three times more likely to be hospitalized in the U.S.

A higher prevalence of difficult-to-heal ulcers and adequate reimbursement policies provided by hospitals have been pivotal in a higher share of the hospital & ASCs segment.

KEY INDUSTRY PLAYERS

The competitive landscape of the market is fragmented. It comprises of numerous established and emerging companies in the U.S. Some of the dominant players include Zimmer Biomet, Arthrex, Inc., and Stryker, with significant U.S. platelet rich plasma market share in 2022. Robust product portfolio, manufacturing capacities, and a strong foothold in the U.S., these players have contributed to their dominance in the market.

Some of the other companies with a considerable presence in the market include Isto Biologics, ThermoGenesis Holdings, Inc., Exactech, Inc., and others. The rising strategic activities such as product launches and partnerships by these market players are expected to enable companies to enhance their U.S. presence.

LIST OF KEY COMPANIES PROFILED:

• Arthrex, Inc. (U.S.)
• Zimmer Biomet (U.S.)
• Isto Biologics (U.S.)
• ThermoGenesis Holdings, Inc. (U.S.)
• Exactech, Inc. (U.S.)
• EmCyte Corporation (U.S.)
• Stryker (U.S.)
• Medical Devices Business Services, Inc. (Johnson & Johnson Services, Inc.) (U.S.)
• Terumo Corporation (Japan)

KEY INDUSTRY DEVELOPMENTS: 

• June 2023- Isto Biologics launched Precise, a brand-new technology that delivers a final platelet rich plasma product with precision cellular fractions upon concentration. This product allows physicians and surgeons to customize their PRP to fit patient needs.
• July 2021- Arthrex, Inc. entered into a strategic agreement with Celularity to distribute and commercialize Celularity’s placental-derived biomaterial products for orthopedic surgery and sports medicine in the U.S.
• July 2021- Exactech, Inc. partnered with RTI Surgical to supply and develop biologic products, such as bone substitutes.

REPORT COVERAGE

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The market report provides a comprehensive market analysis. It highlights the key aspects, such as the prevalence of key chronic diseases, regulatory scenarios, advancements, and industry development in the market. Moreover, it includes the U.S. platelet rich plasma market trends, key players, and the impact of COVID-19 on the market. The report comprises market dynamics and other factors promoting the market's growth.

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