by The Orthobiologics market is estimated to be valued at US$ 6,899.6 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Orthobiologics refer to biological substances that aid in enhancing natural healing process of bones and soft tissues injuries. It includes biologics products such as stem cells, bone graft substitutes, bone morphogenetic proteins, synthetic bone grafts, and visco supplements. These products are widely used for treatment of musculoskeletal injuries occurring from sports, road accidents or other physical activities.
Market Dynamics:
The orthobiologics market is primarily driven by increasing incidence of sports injuries and orthopedic disorders such as osteoarthritis. As per data by Centers for Disease Control and Prevention, around 30 million people annually visit physician offices for sports injuries in the US. Similarly, according to Arthritis Foundation, osteoarthritis affects over 32.5 million adults in the US. Thus, growing prevalence of orthopedic conditions is anticipated to propel market growth during the forecast period. Furthermore, continuous technological advancements in orthobiologics coupled with increasing research into development of new generation products such as tissue-engineered bone grafts to enhance healing is expected to further contribute to market expansion through 2030.
SWOT Analysis
Strength:
– Orthobiologics help improve bone regeneration and healing with less risk of complications compared to traditional surgeries. They provide minimally invasive treatment options.
– The materials used for orthobiologics such as stem cells, bone graft substitutes, and bone growth factors are derived from natural sources making them safer and compatible with the human body.
– Rigorous testing and clinical trials have proven the effectiveness and safety of many orthobiologics for various orthopedic applications.
Weakness:
– High costs associated with manufacturing and production of orthobiologics due to stringent regulatory requirements.
– Lack of long term clinical evidence for longevity and outcomes of many orthobiologics.
Opportunity:
– Rising geriatric population globally prone to orthopedic conditions will drive the demand for orthobiologics. Older patients prefer minimally invasive treatments.
– Increasing adoption of regenerative medicine and tissue engineering approaches will provide growth opportunities.
Threats:
– Stringent regulatory environment delays market entry of new products.
– Reimbursement issues exist in some countries for expensive orthobiologics.
Key Takeaways
The Global Orthobiologics Market Growth is expected to witness high, exhibiting CAGR of 5.9% over the forecast period 2023 to 2030, due to increasing prevalence of musculoskeletal disorders and degenerative orthopedic conditions. Favorable reimbursements for orthobiologics and rising number of sports injuries and accidents will further stimulate market growth.
Regional analysis
North America is expected to dominate the global Orthobiologics market over the forecast period. This is attributed to the rising orthopedic disease burden, availability of advanced treatment options, and favorable reimbursement policies in the region. The Asia Pacific region is expected to exhibit the fastest growth during the forecast period, growing at a CAGR of around 7%, due to growing healthcare expenditure, expanding private sector, and increasing medical tourism in countries like China, India and Singapore.
Key players
Key players operating in the Orthobiologics market are Zimmer Biomet, Bone Biologics Corp., Globus Medical, Smith & Nephew Inc., Stryker, ATEC Spine, Inc., XTANT MEDICAL, Johnson & Johnson Services, Inc., Exactech, Inc., Integra LifeSciences, Medtronic, NuVasive, Inc., Orthofix US LLC., SeaSpine, ChitogenX Inc., Spine Wave, Inc., Molecular Matrix, Inc., Isto Biologics, Baxter, Locate Bio Limited, Cerapedics, Ossifix Orthopedics, and Aziyo .
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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