PRP treatment is on the rise all over the world. This interesting article from Market Reporter gives a great overview as to why more and more patients choose PRP instead of surgery. The global platelet rich plasma & stem cell alopecia treatment market is expected to reach a value of approximately US$ 450.5 Mn by the end of 2026, expanding at a high single digit CAGR during the forecast period.
Factors such as increase in demand for accurate and prompt treatment of alopecia and advancements in platelet rich plasma and stem cell therapies that have revolutionized the diagnostic science are likely to boost the market.
Moreover, a rise in awareness about platelet rich PRP treatment and stem cell therapies is expected to drive the global market during the forecast period. Increased awareness has driven demand for platelet rich plasma therapy & stem cell therapy in the past few years in North America and Europe. Additionally, private players are actively promoting the advantages of treatment of alopecia with stem cell therapy across the globe.
A rise in the incidence rates of autoimmune hair loss disorders such as alopecia is estimated to boost the PRP treatment & stem cell alopecia market. According to the Journal of Clinical, Cosmetic, and Investigational Dermatology, 2015, the lifetime incidence rate of alopecia areata is approximately 2% worldwide. This is expected to propel the market.
The global PRP treatment & stem cell alopecia therapy market has been segmented based on treatment, indication, end-user, and region. In terms of treatment, the global market has been classified into platelet rich plasma therapies and stem cell therapy.
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The PRP treatment segment held a major market share and is expected to expand at a significant CAGR, owing to the effectiveness of the therapies in the treatment of many types of alopecia. Platelet rich plasma therapies have revolutionized alopecia treatment by reducing costs, treatment duration, and recovery time for patients.
About 45% men and 35% women develop androgenic alopecia by 60, which is the highest among all the types of alopecia. A study published in the International Journal of Women’s Dermatology in 2019 revealed that the use of PRP to treat androgenic alopecia is promising due to its autologous nature, minimal invasiveness, lack of major side effects, and low cost compared to hair restoration surgery.
In terms of end-user, the global market has been categorized into hospitals, dermatology clinics, and others. The dermatology clinics segment held a major share of the market, followed by the hospital segment, in 2017. This is due to an increase in preference among patients for dermatology clinics where they can avail combined treatment for hair, skin, and nails. Moreover, an increase in incidence of alopecia, rise in access to dermatologists, and surge in awareness about services provided by dermatology clinics are factors attributable to the high market share of the segment. Certain hospitals have diagnostic facilities, including hair & scalp computerized analysis, in-house laboratory, and a number of different treatment options. This is likely to boost the global market, especially in developing regions.
According to the National Institute of Health in 2015, 95% of women suffer from androgenetic alopecia in the U.S.. This has led the country to dominate the platelet rich plasma & stem cell alopecia treatment market in North America. The U.S. is anticipated to maintain its leading position in the market in the region during the forecast period. Additionally, increased application of PRP for the treatment of alopecia has been observed in the past few years. This is likely to fuel the market in the region. The market in Asia Pacific is projected to expand at a significantly high CAGR during the forecast period, owing to the emergence of strong local manufacturers offering various technological advancements for platelet rich plasma & stem cell alopecia treatment at lower prices and increase in awareness among people about these treatment methods. Furthermore, an increase in health care expenditure and investments by key players in emerging regions such as China and India are estimated to fuel the market in the region.