Platelet Rich Plasma (PRP) Market is Witnessing Considerable Growth
Platelet rich plasma (PRP) market has witnessed appreciable growth due to a growing number of devices being FDA approved in recent years; however the therapeutics market is anticipated to have an uncertain future, even as non-approved therapeutic applications flourish. Although various platelet rich plasma isolation devices have received 510(k) clearance, platelet rich plasma has not been approved for direct injection or implant without prior mixing with the bone graft materials. Following types of plate rich plasma (PRP) preparations are currently available in the market:
- Leukocyte-poor or pure PRP
- Leukocyte PRP
- Pure platelet-rich fibrin clot
- Leukocyte platelet-rich fibrin clot
In spite of non-regulatory approval, PRP has been widely used in sports medicine. Although not clinical proven, it is believed that high concentration of growth factors in PRP boosts bone and soft-tissue repair. Therapeutic applications of PRP include chronic tendon injuries, ligament and muscle injuries, tissue healing in chronic injuries, and arthritis. PRP is also emerging as a popular treatment alternative for hair loss treatment. Various studies have reported success of PRP in restoring hair growth. Currently, PRP therapeutic applications in bone regeneration and sports medicine generate maximum revenue. Veterinary application of PRP is also gaining traction, boosting future market growth. With promising results on Equine, the therapy is now been applied to canine.
North America dominates the global platelet rich plasma market, owing to widespread application in orthopedic, sports medicine, and cosmetic treatment. Device market in the U.S. is highly competitive with over 8 players marketing extraction devices with FDA clearance. Asia is expected to emerge as the most prominent destination for PRP market. Major factors contributing to the market growth are trend for medical tourism, growing popularity of stem cell and regenerative therapy (PRP is perceived as a part of stem cell therapy by customers), and adoption of newer products in cosmetic treatment. Lack of skilled physicians and complications arising from unapproved use of PRP therapies are major threats to the platelet rich plasma market globally.
Currently numerous brand of PRP extraction devices with FDA clearance are available in the market. These devices vary greatly in terms of process time, yield and cost. DePuy Synthes PEAK Platelet Rich Plasma System and Dr PRP Rmedica are claimed to isolates over 90% of the platelets and growth factors. The preparation is intended for use with autograft and/or allograft bone prior to application in bone recovery. PEAK Platelet Rich Plasma System had received FDA clearance in 2014. Leading players in the platelet rich plasma market include Harvest Technologies, Biomet, Arthrex, Arteriocyte Medical System, Dr. PRP America, EmCyte, Regen Lab, Exactech and Cesca Therapeutics.