Platelet Rich Plasma (PRP) Market to expand at a CAGR of 12.0% through 2016–2026
The global platelet rich plasma (PRP) market is projected to witness a year-over-year growth rate of 11.8% in 2016 over 2015 to reach US$ 224.0 Mn in revenues.
Increase in the number of patients suffering from orthopaedic injuries and widening application area of PRP in different surgeries is likely to catalyse the market the growth. Use of PRP therapy in treating sports injuries is also anticipated to boost the growth of the market. By type, pure PRP is likely to dominate product segment in 2016 with the revenue share of about 65%.
In terms of geography, North America, being the advanced market, characterized by early adopters of PRP based therapies. The market in North America is estimated to increase by 11.4% in 2016 to reach very close to US$ 120 Mn. Growth of the market in this region is supported by increasing number of cosmetic and orthopaedic surgeries. Moreover, the region is home to some of the most prominent players operating in the PRP market and hence awareness among patients is also high. Awareness among healthcare community as well as patients is also anticipated to fuel the growth of in North American market.